The Company participates in a number or international initiatives and ratings dedicated to various aspects of sustainable development, including climate change.
WORLD BENCHMARKING ALLIANCE
World Benchmarking Alliance represents non-profit organizations and financial institutions, in force since September 2018 to contribute to the global achievement of the UN Sustainable Development Goals (UN SDGs). The Alliance produces a series of public benchmarks on a regular basis to assess the contribution of the world's largest companies to the UN SDGs.
In 2023, LUKOIL entered the Top 30 of the Oil and Gas Benchmark by the World Benchmarking Alliance, which assesses the efforts of the world’s 100 most influential oil and gas companies to ensure that their climate policies are in line with the Paris Agreement goals of preventing global warming by more than 1.5° Celsius.
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. As of 2023, around 20,000 companies all over the world use CDP tools for their disclosures.
Every year CDP reviews the quality of sustainability management for various aspects offering companies to disclose through questionnaires on such topics as Climate Change, Water Security and Forests.
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 2023
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:
2022 Annual report of PJSC LUKOIL
2022 Sustainability report of PJSC LUKOIL
CDP "Climate change" 2023 questionnaire
- TCFD Index
The Rating Agency RAEX has been compiling an ESG ranking of Russian companies since 2018.
In 2021, LUKOIL was assigned class A, which indicates a high level of ESG risks and opportunities management. The Company's social practices management were rated particularly high.
In 2022, the Company improved its position in the Russian indices. MOEX – RSPP Responsibility and Transparency Index (Group A) and MOEX – RSPP Sustainable Development Vector Index (Group A).
Below you can find the Company's positions in international sustainability ratings.