ACCOUNTING FOR ENVIRONMENTAL FACTORS IN INVESTMENT ACTIVITIES OF AN OIL AND GAS COMPANY (THE CASE OF PAO «TATNEFT»)

Abstract

The article examines the problem of accounting for environmental factors in the investment activity of an oil and gas company under increasing climate regulation, ESG requirements and investor demand for non-financial disclosure. Based on the case of PJSC Tatneft, the paper systematizes the main environmental risks of investment projects and proposes a methodological framework for integrating them into financial appraisal. It is argued that environmental factors should be considered not only as mandatory compliance costs, but also as parameters affecting the cost of capital, cash flow resilience, access to finance and corporate reputation. The study proposes several measures for improving investment policy: introducing a carbon section into the investment project passport, applying an internal carbon price, accounting for carbon units, linking project managers’ KPIs to environmental performance and establishing a reclamation fund. The methodology is tested using the KNS-141 climate project of NGDU Leninogorskneft, where the impact of monetizing carbon units on NPV, IRR and payback period is assessed. The practical value of the research lies in the applicability of the proposed approach to the preliminary screening and comparative evaluation of investment initiatives in the oil and gas sector.