SUMMING UP THE RESULTS OF THE SECOND ENVIRONMENTAL TRANSPARENCY RATING OF KAZAKHSTAN OIL AND GAS COMPANIES
Fares Kilzie, head of CREON Group, is convinced that environmental friendliness is becoming a decisive factor in the global economy in the 21st century. “Investors are already forming a business request considering the sustainability factors. As an investment company, we see a bright future in the field of greening the sector and strong growth of responsible investment,” he concluded.
There is every reason to believe that this rating will become a significant incentive for increasing corporate transparency in terms of disclosing environmentally significant information and developing interaction with stakeholders: civil society and local communities. Thus, this project will facilitate the actual implementation of the Aarhus Convention provisions in the Republic of Kazakhstan.
“It is the voluntary mechanisms of environmental responsibility that drive social and environmental innovations, transparency and create market competitive advantages for businesses both in shaping consumer preferences and in risk assessment by financial institutions. The five-year experience of applying the rating approach in Russia allows us to demonstrate both a significant increase in transparency of the major oil and gas companies and, in some cases, a significant reduction in environmental impact,” says Yevgeny Schwartz, Director for Environmental Policy at WWF Russia.
Viktor Chetverikov, President of the National Rating Agency, noted that “we see a growing global interest in non-credit ratings, the demand for them is obvious. The fact that we have such an important rating for Kazakhstan companies will contribute to the growth of environmental corporate social responsibility. The rating organizers and partners are implementing a very important initiative, and we are proud to be a part of this movement.”
So, the implementation of the Environmental Transparency Rating of Kazakhstan Oil and Gas Companies will help improve the quality of environmental risk management in the production, transportation and processing of hydrocarbons, as well as reduce the negative impact on the environment.
The Rating is calculated based on the original methodology developed by WWF and tested in Russia in 2014-2018. The rating is available for download at the WWF Russia website.
Photo in the caption and in the announcement: © WWF-Canon / Hartmut JUNGIUS.