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Participants of the Rational Approach project discussed the criteria of the rating methodology
Fares Kilzie: “Europe’s ‘Green Deal’ must become a Eurasian Green Deal”
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Leaders change in the Environmental Transparency Rating of Oil and Gas Companies
Interview
Fares Kilzie
Oil and gas companies must become sustainable
Over the past few years, the efforts of the CREON group have been aimed at promoting Russian initiatives on the international level. The country is in dire need of foreign investments for new petrochemical projects.
Interview
Fares Kilzie
Oil and gas companies must become sustainable
Over the past few years, the efforts of the CREON group have been aimed at promoting Russian initiatives on the international level. The country is in dire need of foreign investments for new petrochemical projects.
The strategic mission of the “Rational Approach” project is
- to draw attention to the environmental issues of the oil and gas industry
- to encourage the oil and gas industry to use hydrocarbon resources more efficiently
- to protect the environment and
- to conduct more responsible business according to international sustainability standards.
The rating is a neutral tool to objectively assess corporate risks associated with the environment, quality and maturity of company management. Furthermore, it is a tool to supervise the dynamic forces of the oil and gas sector in the following areas:
- level of environmental impact per unit of manufactured products
- transparency and accessibility of environmentally significant information
- quality of environmental management
- frequency of violations of environmental legislation
- efficiency of using natural ressources
Sustainability is a fundamental trend for the global economy. The protection of the environment and species, the fight against climate change and the decarbonization of existing industries are key challenges and the main vector for the entire mankind.
That is why in 2014 “The Rational Approach Project” with its rating of environmental transparency of oil and gas companies was created. The project was initiated in support of the concept of “green economy” and aims to maximize the convergence of the interests of ecology, business and society.
“Rational Approach” is not only a civil initiative of like-minded people united by their concern for the protection of the environment, but also a platform for exchanging experience and innovative best-practice-solutions in the field of ecology of mining and processing. All these steps will contribute to the transformation of oil and gas production in Russia and the post-Soviet area in order to achieve a common goal with other countries: a clean and comfortable living environment for our children, grandchildren and great-grandchildren.
The main purpose of the “Rational Approach Project” is to shape a feedback mechanism between the oil and gas industry and society. The rating as a non-governmental tool for comparative assessment to examine the impact of oil and gas companies on the environment, their information transparency when covering accidents, oil spills and liquidation of consequences, as well as compliance with international sustainable development requirements according to international CSR and ESG standards (Environment, Social and Governance).
The rating is calculated in accordance with the Russian “Joint Environmental Requirements of Public Environmental Organizations for Oil and Gas Companies”, which meet the international standards for non-financial reporting GRI and environmental management ISO 14001.
In the process of working on the rating, no pressure is exerted on either side, all materials are provided by companies in different volumes exclusively voluntarily.
Leading Russian advisory and investment group working in oil & gas, petrochemical and related industries in Russia and the CIS.
CREON Group mission is to promote the dynamic development of Russian and the CIS countries petrochemical industry and to assist oil & gas and petrochemical companies in improving the business performance.
One of the largest national nature conservation organizations, WWF Russia is a part of international WWF network that unites around 5 million supporters and operates in over than 100 countries of the world.
WWF mission is to prevent the growing degradation of the natural planet environment and to achieve harmony between man and nature. The main goals of the organization are to conserve biodiversity and decrease ecological footprint.
The managing company and unlimited partner of Direct Investment Fund (total volume over 100 million euro) CREON Energy Fund SICAV-SIF, established in 2016 and focused on investments in projects of chemical sector at the primary stage, growing and developed companies in Russia and CIS countries, as well as in ecological projects of green economy and alternative energy.
The Analytical Credit Rating Agency (ACRA) was founded on November 20, 2015 and was the first credit rating agency to be registered by the Central Bank of the Russian Federation in accordance with new legislation. The Agency assigns credit ratings on the national and international scale to all key categories of issuers and issues. ACRA also provides a wide range of sustainable development services, including ESG assessments, and valuation of green, social and sustainable development bonds and loans. VEB.RF and the International Capital Market Association (ICMA) have recognized ACRA as an independent verifier of green bonds.
Un Environment is the leading global environmental authority that sets the global environmental agenda, promotes the coherent implementation of the environmental dimension of sustainable development within the United Nations system, and serves as an authoritative advocate for the global environment.
Our mission is to provide leadership and encourage partnership in caring for the environment by inspiring, informing, and enabling nations and peoples to improve their quality of life without compromising that of future generations.
Sakhalin Energy ranks first in 2019 Environmental Transparency Rating of Russian Oil and Gas Companies
Sakhalin Energy took the 1st place, Zarubezhneft – the 2nd place and Exxon Neftegas Limited the 3rd place. Commemorative diplomas were awarded to companies in five nominations: Lukoil – for achievements in transparency, Rosneft – for the most constructive dialogue on accidents and controversial situations, Surgutneftegaz – for leadership in reducing environmental impacts, Gazprom Neft – for the most dynamic increase in the oil recovery factor, and Tatneft – for the most active movement towards the pole position.
