PKN ORLEN’s ESG rating improvement
PKN ORLEN delivers prime quality products and services, while striving to achieve maximum environmental neutrality, energy efficiency and superior safety standards. The Company’s growing ESG competence (spanning Environmental, Social Responsibility and Governance aspects) is reflected in its improved ESG Risk Rating score from Sustainalytics. PKN ORLEN is ranked fifth among 86 Oil & Gas Refining and Marketing companies (in the Refiners & Pipelines industry) and has been promoted to the ‘Medium Risk’ category (in 2019 the company was assessed as being “High Risk”) of experiencing material financial impact due to ESG factors.
‘Recently, we have significantly ramped up our efforts to improve the Group’s sustainability performance. Early this year, we set up the Sustainable Business Development Department as a separate unit dedicated exclusively to these aspects. Two weeks ago, as the first fuel producer in Central Europe, we made a commitment to achieve zero net emissions by 2050. We also unveiled a carbon neutrality road map, assuming a 20% reduction in CO2 emissions from our refinery and petrochemical business and a 33% reduction in CO2 emissions per MWh of power generated by 2030. In this way, we highlighted that sustainable development of our Group is and will continue to be a mainstay of our long-term plans,’ says Daniel Obajtek, President of the PKN ORLEN Management Board.
In September 2020, PKN ORLEN received an ESG Risk Rating of 28.1, representing a year-on-year improvement of 7.3 points, on a 100-point scale, where a lower score is better. The ESG Risk Ratings measure a company’s exposure to industry-specific material ESG risks and how well a company is managing those risks. Learn more about Sustainalytics’ ESG Risk Ratings - https://www.sustainalytics.com/esg-ratings/
Sustainalytics, a Morningstar company, is a leading independent ESG research, ratings and data firm that supports investors around the world with the development and implementation of responsible investment strategies.