Thailand’s oil giant, whose sales account for about 10% of the nation’s economic output, is suddenly spending billions of dollars on electric vehicle and renewable energy companies and tilting its traditional businesses toward chemicals and plastics.

PTT Pcl announced investments of almost $10 billion since May to build an EV business and snap up petrochemical assets in Europe and renewable-energy projects in Asia. And the group isn’t done yet.

"The company must transform its strategy and vision for sustainable growth with an increased environmental awareness,” said Arawadee Photisaro, PTT’s senior executive vice president for corporate strategy. "Climate change will force more urgent policies and measures for the reduction of greenhouse gas emissions, which will hurt demand for fossil fuels.”