Rational Approach - ‎2016‎

Rational Approach – ‎2016‎

CREON Group and WWF Russia with participation of the National Rating Agency and UNDP / GEF – Ministry of Natural Resources of Russia Project have presented the Results of the third edition of the Environmental Responsibility Rating of Oil & Gas Companies in Russia.

The ceremony announcing the results of the Environmental Responsibility Rating of Oil & Gas Companies in Russia (within the Rational Approach project) was held at Hotel Baltschug Kempinski Moscow on December 9. The project is jointly run by CREON Group and WWF Russia with support from the Ministry of Energy of Russia, with participation of the National Rating Agency and the UNDP/GEF – Ministry of Natural Resources of Russia Project. CREON Capital S.a.r.l. and AIG were the Partners of the 2016 Rating.

The event was held ahead of 2017, announced as the Year of Ecology in Russia to focus public attention on environmental issues in the country, on preservation of biological diversity and on provision of ecological safety. Taking this into consideration, the environmental events, including the Rating of Environmental Responsibility of Oil & Gas Companies, are gaining particular significance and are supported at the government level.

Fares Kilzie, Head of CREON Group, opening the Announcement ceremony, emphasized that “for three years now, our efforts have been aimed at promoting Russian initiatives at the international level. Russia desperately needs foreign investment for new petrochemical and gas chemical projects. The international financial community pays special attention to the principles of “green” economy, which prompted us and our partner WWF Russia to launch the rating of environmental responsibility of oil & gas companies. In mid-2016, I initiated the establishment of CREON Energy Fund for private equity investment focused on projects in the chemical sector of the Russian Federation. I assume that our fund will accumulate over 100 million euros of investment in the environmental projects of “green” economy and alternative energy by the end of 2017″.

“The methodology of the environmental responsibility rating of oil & gas companies developed by WWF Russia has proved to be very effective. This methodology, as well as the impeccable work of our partners CREON and NRA who implemented the rating, have secured wide recognition to the project. Such research positively motivates oil companies to adhere to best environmental practices, and also promotes dialogue between business and society on environmental issues, stressed Alexey Knizhnikov, Head of Program on Environmental Policy in Fuel & Energy Complex at WWF Russia. WWF Russia has now started developing the similar rating for mining companies».

The Rating consists of three sections: environmental management, environmental impact and disclosure / transparency. This year, certain changes were introduced in the Rating methodology. The criterion that stimulates companies to establish and develop programs for biodiversity preservation in the areas of operation will now be accounted for in the final rating results. The criterion covering greenhouse emissions dynamics has become quantifiable value and, thus, has been transferred from Section 1 (Environmental Management) to Section 2 (Environmental Impact). The criterion that evaluates the level of public disclosure of incidents with considerable social and environmental impact and of pending environmental conflicts has been expanded. Also, a new framework criterion was introduced: the indicator of whether “green office” principles are incorporated in environmental policies of rated companies.

Sakhalin Energy was recognized as the Rating leader this year, followed by Gazprom in the second place and Surgutneftegaz in the third place. Sakhalin Energy substantially improved its position in top-three, becoming the winner in all sections of the Rating.

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