PTT Public Company Limited
PUTRY
2
exclusion reasons
2 themes
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
PTT Public Company Limited is Thailand's national integrated oil and gas company, deriving the vast majority of its revenue from fossil fuel exploration, production, refining, and petrochemicals. Its core business is fundamentally carbon-intensive. The company’s reported Scope 1, 2, and 3 emissions reflect this, encompassing the full lifecycle of fossil fuels from extraction to end-use combustion.
While PTT reports applying a shadow carbon price of $20 per tonne of CO2 in investment decisions and has set a target to reduce GHG emissions intensity by at least 30% from a 2020 base year, these measures are assessed against the scale of its ongoing fossil fuel operations. The company's continued expansion in upstream oil and gas, refining, and petrochemicals—sectors inherently linked to significant greenhouse gas emissions—places its decarbonization efforts in the context of a business model that remains heavily reliant on fossil fuels. Its inclusion in the Climate Transition Pathway initiative for assessment indicates its emissions profile and transition plan are under scrutiny relative to sector peers.
PTT Public Company Limited, Thailand's state-owned national oil and gas company, operates the Yadana and Yetagun natural gas projects in Myanmar. These offshore fields in the Andaman Sea are operated by PTT Exploration and Production Public Company Limited (PTTEP), a majority-owned subsidiary. The projects generate significant revenue for Myanmar's military junta, which seized power in a February 2021 coup and has since been accused of widespread and severe human rights violations. The gas is piped to Thailand, where it contributes to the national energy supply. The Council on Ethics for the Norwegian Government Pension Fund Global has cited PTT's operations as providing material support to the military regime in an occupied context, leading to the fund's exclusion of the company.
Research Sources
2 organizations
Related Exclusions
Wondering what we do invest in?
The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.