Russian oil & gas is one of the most environmentally unfriendly industries in the country, but currently and in the nearest future, this industry is the basis of the Russian economy, and therefore the society needs to undertake efforts aimed at raising corporate environmental responsibility. In order to reduce the industry’s impact on the environment, it is necessary to acknowledge the input of those companies that are producing less environmental damage and are eager to act responsibly. For taking decision, an end-consumer or a financial institution must be provided with the unbiased information concerning the environmental responsibility of the company.
Until now, Russia has lacked a rating that would reveal data on the level of social and environmental responsibility of companies and the scale of their activities’ impact on the environment. The pilot environmental rating of Russian oil & gas companies in 2014 is an initiative by WWF-Russia and CREON. The Rating will allow end-consumers and financial institutions to give preference to the companies’ products and to evaluate various corporate risks (including reputation) on the basis of unbiased comparison and evaluation of environmental and social responsibility of the companies and their management.