ESG Financial Investments and their application in Oil & Gas Companies as regulatory responses: Comparative Study of Europe and South America (2023 – 2024)

Abstract

This thesis presents a comparative analysis of Environmental, Social, and Governance (ESG) financial investments made by four major Oil & Gas companies—Shell and TotalEnergies in Europe, and Petrobras and Vista Energy in South America—during the period 2023–2024, with a specific focus on the Environmental (E) dimension of ESG. The study examines how differences in regulation, market development, and access to sustainable finance influence the type, volume, allocation, credibility, and overall ambition of environmental investments across regions. Using a mixed-methods approach, the research combines quantitative financial ratio analysis (such as ESG investment intensity, investment growth, EBITDA allocation, and greenwashing indicators) with a qualitative assessment based on an adapted version of the Eurosif (2024) framework, which classifies corporate environmental projects according to their ambition level and measurable impact.