Rational Approach Project
The Rational Approach project is a global campaign to support the ‘green economy’. A flagship within this project, the Transparency Rating of Environmental Responsibility of Oil & Gas Companies in Eurasia, is being run jointly with our partner, World Wildlife Fund (WWF).
The Mission of the Project
CREON Group fully supports the principles of the ‘green economy’ and is committed to the mission of linking the development of the global energy industry to lower negative impact on the environment. We strongly believe in future environmentalization of oil and gas sector, and we encourage investment in environmentally sustainable projects like processing of associated petroleum gas (APG) or application of liquefied natural gas (LNG) as a marine fuel alternative ho heavy oils in the Arctic. The review of the financial models repeatedly asserts that such projects in ‘green economy’ are attractive and feasible. We lend our full support to our partners in WWF now and in future, and we encourage the global energy community to jointly invest for the best interests of the sustainable development.
Openness and transparency
Help consumers and investors in making decisions to take into account the environmental responsibility of oil and gas companies
Transparency Rating of Environmental Responsibility of Oil & Gas Companies in Russia, launched in 2014
Oil and gas industry in Russia is not only one of the main drivers of the country’s economic development, but also the main source of environmental risk generation and negative impacts. For this very reason back in 2014, WWF Russia with support from CREON Group developed the Methodology for Transparency Rating of Environmental Responsibility of Oil & Gas Companies in Russia. Since then, this Methodology has become the basis for the annual assessment of the largest oil and gas companies operating in Russia. The records have proved that the environmental ratings can serve as a successful tool to promote the public interest in the sphere of environmental responsibility of oil and gas companies. The Rating is supported by CREON Group, GEF/UNDP project, Ministry of Energy of Russia, Ministry of Natural Resources and Environment of Russia.
Transparency Rating of Environmental Responsibility of Oil & Gas Companies of the Republic of Kazakhstan, launched in 2017
In 2017, Creon Capital and WWF Russia in partnership with UNEP and on the basis of similar experience in Russia, implemented the rating calculation project in Kazakhstan, and the results of this pilot project have proved to be successful. The project in Kazakhstan was supported by UNEP-CA ant the Ministry of Energy of the Republic of Kazakhstan. Further annual calculation of the Rating has been approved.
Global Environmental Transparency Rating of Oil & Gas Companies, launch in 2019
Capitalizing on the experience gained in Russia and Kazakhstan, the new Global Rating was announced in 2018. The Global Rating’s objective is to evaluate the present transparency level of environmental indicators in the world’s largest oil and gas companies based on the information available in the public domain. The corresponding declaration between WWF-Russia and the independent fund management company CREON Capital was signed at the International Economic Forum in Saint Petersburg in May. The new initiative will raise the environmental awareness of various parties interacting with the oil and gas industry including consumers, financial and insurance companies, and will help influence corporate policies. Thus the Global Rating will highlight the activities of oil and gas companies in hydrocarbon-producing countries, and will also support them in diversification of energy sources in the developing markets on the way to switching to non-fossil feedstock.
Basic Principles of the Rating
- The rating is based on the criteria specified in the Environmental Standards for Operations of Oil and Gas Companies developed by Russian Non-governmental Nature Conservation Organizations.
- The rating methodology is open to the public. Face-to-face and distant consultations dedicated to improving rating methodology are held annually with all interested parties.
- The rating is calculated considering all oil and gas development segments: production, processing and transportation.
- The rating is based on the data available in public domain.
- The rating calculation is performed by a professional rating agency, which is chosen on tender basis.
- List of the companies for the rating is defined by the volume of production, refinery and transportation of oil, gas condensate and oil products.
- The rating is performed on the annual basis. This allows for estimation of the oil & gas companies environmental indicators dynamics.
Events of the Rational Approach project
17 December 2020
In pursuit of the rating: why the oil business is forced to be environmentally transparent
30 November 2020
The Environmental Transparency Rating of Eurasian oil and gas companies-2020 will be presented on December 4
6 August 2020
The 7th Environmental Transparency Rating Of Oil And Gas Companies: Focus On Public Control