Rosneft initiatives to achieve carbon neutrality are recognized as the best in Russia
Rosneft Oil Company improved its performance in the Net Zero Company Benchmark for global companies with the best result among Russian participants. Rosneft improved its position thanks to the disclosure of the goals of the strategy "Rosneft-2030: Reliable Energy and Global Energy Transition" approved by the Board of Directors in December 2021.
The organizer of the benchmarking is Climate Action 100+, the largest global climate initiative of institutional investors. Climate Action 100+ brings together 700 investment funds managing a total of $68 trillion in assets. Starting from 2021, the Net Zero Company Benchmark has been preseneting the results of benchmarking the climate goals and performance of major international companies in energy, industry, transportation, and consumer goods and services.
There are 166 companies represented in the 2022 benchmark, of which circa 23% are oil and gas companies and the largest share, circa 31%, are from a variety of industries, including cement, chemicals, mining, pulp and paper and other industries.
The Company was the first in the Russian oil and gas industry to set a strategic goal of achieving carbon neutrality by 2050 (Scopes 1 and 2).
The Rosneft-2030 Strategy also formulates short- and medium-term goals of the climate agenda: reduction of absolute greenhouse gas emissions by 5% by 2025; reduction of methane emissions to below 0.2%, zero routine flaring of associated gas, reduction of specific greenhouse gas emissions in the Upstream segment to below 20 kg СО2/boe by 2030; reduction of absolute greenhouse gas emissions by more than 25% by 2035. It should be noted that more than 43% of oil and gas companies - participants of the benchmarking do not have goals to achieve carbon neutrality, and more than 38% of oil and gas participants of Net Zero Company Benchmark have no short-term goals.
In September 2021, Rosneft Oil Company became the only Russian oil and gas corporation to receive the status of sustainability leader and to be included in the Global Compact LEAD initiative for its continued commitment to the United Nations Global Compact and its Ten Principles of Responsible Business. The Company's inclusion was announced on the sidelines of the 76th session of the UN General Assembly.
Reference:
Climate Action 100+ is the largest global investor engagement initiative on climate change. It aims to ensure that the goals and activities of large companies are aligned with those of the Paris Agreement. Climate Action 100+ was formed in 2017. The initiative is coordinated by five climate investor organizations: Asia Investor Group on Climate Change (AIGCC), Ceres, Investor Group on Climate Change (IGCC), Institutional Investors Group on Climate Change (IIGCC), Principles for Responsible Investment (PRI).
Department of Information and Advertising
Rosneft Oil Company
April 8, 2022
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