OMV Petrom is a signatory to the United Nations (UN) Global Compact since 2013, is fully committed to the UN Guiding Principles on Business and Human Rights, and actively contributes to UN Sustainable Development Goals (SDGs). The information disclosed in this Report is correlated with the relevant SDGs to emphasize our contribution.
OMV Petrom recognizes that mitigating climate change is one of the most important global objectives and acknowledges the goals set forth by the Paris Climate Change Agreement and the EU climate targets for 2030. Moreover, we endorsed the World Bank’s initiative “Zero routine flaring by 2030” and consequently aim to end routine flaring and venting in our operations by 2030 at the latest.
OMV Petrom is ranked in the top 3% of the Oil & Gas Producers Industry in Sustainalytics’ ESG Risk Ratings as of October 2021, achieving a score of 22.4 (Medium risk). OMV Petrom’s management of sustainability is rated as strong.
Based on OMV Group response, the CDP score is A- .
In 2020, OMV Petrom also became the first Romanian company to support the Recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). This voluntary engagement demonstrates our commitment to giving more visibility to our climate related initiatives, to evaluating, disclosing and taking action on climate-related risks and opportunities. In line with these recommendations, we continue to improve our disclosures related to governance, strategy, risk management, and metrics and targets. The TCFD Index is presented in an annex to this report.
To further increase transparency towards the investors’ community and strengthen our commitment to sustainability, in 2021 our ISS ESG score was C+
We will continue to present our performance on all material ESG topics and progress achieved in our aim to improve our sustainability performance.
Our company supports the Paris Climate Change Agreement and contributes to UN’s 2030 Agenda for Sustainable Development.