Climate strategy and its policy implications on the path to net-zero emissions by 2050: A systematic literature review of the petroleum companies

This study aims to review the literature on the impact of climate strategy on the environmental and financial performance in addition of its policy implication of petroleum companies. To do so, a systematic literate review (SLR) was carried out on data from 2015 to 2022. Among 500 relevant articles, 41 were subjected to deep analysis using a Prisma model. The results revealed that, first, approximately 74% of the deeply-investigated literature was on macroeconomics while about only 26% was on microeconomics. Second, the majority of studies reported that eco innovation and RE have statistically significant positive impacts on the environment, but few suggested that the impact of eco innovation on the environment is harmful due to eco innovation negative shocks during the contraction economic cycle and specific characteristic of a country. Third, results showed that RE technologies are more labour-intensive than fossil fuels industry. Finally, the results indicate that the implications of increasing RE on economic growth are inclusive, especially in petrostate countries. This study contains valuable implications and suggestions for academics and policymakers.