Sustainability Report 2020

Sustainability at OMV Petrom

OMV Petrom aims to provide a secure supply of affordable energy for the sustainable development of society and the economy, while respecting the environment. OMV Petrom has a long tradition of sustainable and responsible behavior in delivering energy with the purpose of improving people’s lives.

How we manage sustainability

Being the largest energy company in Southeastern Europe, OMV Petrom faces major challenges – from energy affordability, climate change, presence in communities and responsible products’ provision for our consumers. The Green Deal, the most ambitious plan established by the European Union to fight climate change, comes with both challenges and opportunities. As an energy company, we aim to be part of the solution, enabling the transition towards a low-carbon economy. We believe gas is one of the answers to this challenge.

Conducting business sustainably is crucial for OMV Petrom in creating and protecting value in the long term, building trusting partnerships, and attracting customers as well as the best suppliers, investors, and employees. 

The Sustainability Strategy 2025 is an integral part of the business strategy and represents the sustainable component of OMV Petrom’s ambitions.

 

The Sustainability Strategy defines objectives and targets, embedded into the business strategy of OMV Petrom, in five focus areas: Health, Safety, Security, and Environment (HSSE); Carbon Efficiency; Innovation; Employees; Business Principles and Social Responsibility.

 

Our strategy includes 15 targets that are aligned with the production, sales, and product portfolio plans set by the business strategy and are developed to provide a secure and sustainable supply of affordable energy to society.

Climate Change Aspects

OMV Petrom clearly recognizes that climate change is one of the most important global challenges today and fully supports the goals set forth by the UN Paris Climate Change Agreement and the EU 2030 climate targets. OMV Petrom takes climate action in its operations, product and service portfolio, innovations and R&D activities, and social investments.

 

OMV Petrom’s commitment to climate change mitigation and responsible resource management is reflected by the public endorsements, as well as by the targets set in the Sustainability Strategy 2025 to reduce emissions in its operations. We focus on the role of natural gas as a transition fuel and solution to meet the EU 2030 Climate targets, and a lever to reduce the CO  emissions of our portfolio.

 

To address future climate-change challenges, we have set up a distinct team in the Strategy and Corporate Development department, which reports directly to the CEO. The “New Energy Solutions” (NES) team will develop and align views on new energy solutions, on aspects related to climate change and energy transition, on initiatives and partnerships that OMV Petrom will pursue in order to mitigate climate change risk.

 

In order to ensure Executive Board’s oversight of climate- related risks and opportunities, two Task Forces were set up to regularly provide an overview on energy transition and climate change, namely New Energy Solution Task Force and Environment Task Force. They convene (at least) four times per year and have as permanent members all EB members.

 

Climate action will be a key aspect of the strategy update in 2021, with new targets to be set to address our carbon footprint.