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Green Promises, Dirty Practices: A Political Ecology of Sustainability, Capitalism, and Greenwashing in PTT’s ESG Strategy

Inkaew, Sasiya LU (2025) HEKM51 20251
Department of Human Geography
Human Ecology
Abstract
The ESG (Environmental, Social, and Governance) framework has been extensively explored and used in the business sector in the past decade. However, rather than bringing about genuine change, the framework has been questioned for perhaps using ESG to legitimize the capitalist system. The purpose of this thesis is to examine how PTT Public Company Limited, Thailand's biggest energy company, uses sustainability rhetoric and the ESG framework to establish a green image and legitimacy for the business in an environment where capitalism rules the economy and the state meddles in PTT's affairs by owning the majority of the company's shares. Do PTT's activities actually advance sustainability, or are they only greenwashing? By examining ESG... (More)
The ESG (Environmental, Social, and Governance) framework has been extensively explored and used in the business sector in the past decade. However, rather than bringing about genuine change, the framework has been questioned for perhaps using ESG to legitimize the capitalist system. The purpose of this thesis is to examine how PTT Public Company Limited, Thailand's biggest energy company, uses sustainability rhetoric and the ESG framework to establish a green image and legitimacy for the business in an environment where capitalism rules the economy and the state meddles in PTT's affairs by owning the majority of the company's shares. Do PTT's activities actually advance sustainability, or are they only greenwashing? By examining ESG reports, company sustainability reports, sustainability rankings, news media from Thailand and overseas, and criticisms from civil society since the 2000s, this study applies the conceptual frameworks from political ecology, eco-Marxism, green capitalism, stakeholder theory, and greenwashing through Critical Discourse Analysis (CDA). The findings of the study demonstrate that, in spite of PTT's numerous sustainability initiatives and policies, the company's fundamental operations continue to rely on fossil fuels, exploit natural resources, and have complicated relationships with the government, all of which have a negative influence on the environment and society. Therefore, rather than bringing about genuinely meaningful structural reforms, PTT's use of the ESG framework is a rhetorical device that supports businesses that continue to act for their own gain. According to this theory, decentralization, public accountability, and a direct criticism of the capitalist system are necessary for sustainability and in order to be really sustainable. (Less)
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author
Inkaew, Sasiya LU
supervisor
organization
course
HEKM51 20251
year
type
H2 - Master's Degree (Two Years)
subject
keywords
Sustainability, Political Ecology, Green Capitalism, Eco-Marxism, Stakeholders Theory, Greenwashing, PTT Public Company Limited
language
English
id
9188577
date added to LUP
2025-07-31 11:25:12
date last changed
2025-07-31 11:25:12
@misc{9188577,
  abstract     = {{The ESG (Environmental, Social, and Governance) framework has been extensively explored and used in the business sector in the past decade. However, rather than bringing about genuine change, the framework has been questioned for perhaps using ESG to legitimize the capitalist system. The purpose of this thesis is to examine how PTT Public Company Limited, Thailand's biggest energy company, uses sustainability rhetoric and the ESG framework to establish a green image and legitimacy for the business in an environment where capitalism rules the economy and the state meddles in PTT's affairs by owning the majority of the company's shares. Do PTT's activities actually advance sustainability, or are they only greenwashing? By examining ESG reports, company sustainability reports, sustainability rankings, news media from Thailand and overseas, and criticisms from civil society since the 2000s, this study applies the conceptual frameworks from political ecology, eco-Marxism, green capitalism, stakeholder theory, and greenwashing through Critical Discourse Analysis (CDA). The findings of the study demonstrate that, in spite of PTT's numerous sustainability initiatives and policies, the company's fundamental operations continue to rely on fossil fuels, exploit natural resources, and have complicated relationships with the government, all of which have a negative influence on the environment and society. Therefore, rather than bringing about genuinely meaningful structural reforms, PTT's use of the ESG framework is a rhetorical device that supports businesses that continue to act for their own gain. According to this theory, decentralization, public accountability, and a direct criticism of the capitalist system are necessary for sustainability and in order to be really sustainable.}},
  author       = {{Inkaew, Sasiya}},
  language     = {{eng}},
  note         = {{Student Paper}},
  title        = {{Green Promises, Dirty Practices: A Political Ecology of Sustainability, Capitalism, and Greenwashing in PTT’s ESG Strategy}},
  year         = {{2025}},
}