The Company participates in a number or international initiatives and ratings dedicated to various aspects of sustainable development, including climate change.
In 2023, during the 28th Conference of the Parties to the UN Framework Convention on Climate Change (COP28), LUKOIL joined the Oil & Gas Decarbonization Charter and became the only Russian company among the 50 participants of the Charter, that together account for about 40% of global oil production.
The Charter's goals include significant reduction of greenhouse gas emissions from the oil and gas industry, including as a result of electrification of hydrocarbon extraction operations, as well as increased investment in renewable energy projects and decarbonization technologies.
The "Zero Routine Gas Flaring by 2030" initiative launched by the World Bank in 2015 brings together governments, oil companies and NGOs to increase the utilization of associated petroleum gas.
Companies joining the initiative commit to publicly report their gas flaring and progress towards achieving zero flaring by 2030 on an annual basis.
LUKOIL joined the initiative in 2017 and since then has been fulfilling its disclosure obligations every year. Respective data is available in the Sustainability Report and on the initiative's website.
CDP is a non-profit organization designed to improve the quality of non-financial reporting by companies, investors, cities, regions and states. Currently, over 23,000 companies all over the world use CDP tools for their disclosures.
Every year CDP reviews the quality of sustainability management by focus areas: Climate Change, Water Security, Forests, Plastics, inviting companies to fill in the relevant questionnaires.
The "Climate Change" questionnaire contains questions related to the implementation of the climate strategy, including the development of science-based goals to reduce GHG emissions, a system to manage various climate aspects, appraisal of climate change risks and opportunities, volumes of operated and non-operated GHG emissions and many other topics. LUKOIL has been participating in CDP's annual climate questionnaire since 2014. Completed questionnaires for each appraisal period are available on CDP's website.
- CDP Questionnaire LUKOIL 2024
Task Force on Climate-related Financial Disclosures — TCFD — the international initiative aimed at improving organizations' reporting on climate risks and opportunities management. In 2017, TCFD has published Recommendations of the Task Force on Climate-related Financial Disclosures. LUKOIL Group has publicly stated its support for TCFD Recommendations and is working on their implementation.
TCFD disclosures can be found in the following Company publications:
2023 Annual report of PJSC LUKOIL
2023 Sustainability report of PJSC LUKOIL
CDP "Climate change" 2023 questionnaire
- TCFD Index
In 2024, LUKOIL became a leader in the RAEX rating agency's ranking "Top 10 Russian Companies Leading in the Implementation of Renewable Energy Sources", receiving the highest score of 100 points and becoming the best among companies in the "Integrated Oil and Gas Companies" sector.
The ranking was compiled by RAEX experts based on the assessment of 160 Russian companies. The ranking took into account, among other things, the availability of relevant programs and policies, the implementation of initiatives in the field of alternative energy, as well as the dynamics of performance indicators in the field of renewable energy sources.
RAEX experts noted that LUKOIL is introducing green energy into its operations as a key component of its climate strategy, and has also successfully implemented a number of renewable energy projects.
