The Paris Agreement on climate change (2015) emphasizes among other priorities the importance of environmental innovation, including technical, technological, organizational, which have significant potential for minimizing the negative impact of the industry on the environment. The task of technological as well as organizational modernization is relevant to different sectors of the national economy. Especially it’s important for Russian oil and gas companies. The authors analyze the new tools of environmental management, which are introduced in ISO 140001:2015 standard and elaborate some improvement recommendations for the oil and gas enterprises in context of Russian conditions. Besides, the authors analyze how to harmonize these requirements with the upcoming transition of oil and gas companies to the best available technologies, which are essentially the form of improving technical and technological innovation. To ensure the successful implementation of such innovation it is necessary to use, in addition to the environmental management standards, the mix of environmental policy instruments, including the so-called green finance
Keywords: green innovations, best available technology principle, sustainable development, risk management, environmental management system, ISO 14001:2015; alternative energy
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