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29 May 2020

Experts discussed methods to modify the Environmental Transparency Rating of oil and gas companies

On May 29, experts of WWF-Russia, CREON Group, National Rating Agency and representatives of industry discussed the ways to improve methodology of the environmental transparency rating of Eurasian oil and gas companies. Due to COVID-19, the discussion was organized online for the first time.

“By conducting this may discussions in a new format and in a new reality for the whole world, we expected lacking interest in the topic,” says Alexey Knizhnikov, head of the WWF-Russia program on environmental business responsibility. However, the willingness to participate in the rating is still very high”.

After the pandemic, interest in environmental responsibility will multiply both business and society, says Fares Kilzie, head of CREON Group: “The rating will become even more demanding as a neutral instrument of self-control, which defines the transparency and environmental responsibility of oil and gas companies to both society and investors”, says Kilzie.

Award Ceremony of the Rational Approach Project, 2019

As highlighted by Alexei Knizhnikov, all ranking studies are based on non-financial data available in open sources, “therefore, companies that want to be high ranked, have to provide up to date and comprehensive information”.

The Rational Approach Project with its Transparency Rating of Environmental Responsibility started in 2014. Their aims are to promote sustainability in the Eurasian energy sector, to motivate oil and gas companies to implement the best available technologies and to evolve a dialogue on environmental issues between business and society.

Experts concluded that the economic consequences of pandemic can only be overcome by making long-term decisions and focusing on sustainable development goals. Disclosure of environmentally significant information on the activities of oil, gas and petrochemical companies helps to reduce their environmental impact.