Petrol d.d., Ljubljana receives an ESG rating
Petrol d.d. Ljubljana is one of the first Slovenian companies listed on the stock exchange to obtain an ESG rating. Based on an in-depth analysis, S&P Global Ratings assigned Petrol d.d., Ljubljana an ESG Evaluation of 56 with adequate preparedness in June 2023. The score is above the global oil and gas sector average score of 54 (Source: Sustainable Finance Newsletter, August 2023). This is an important step forward in Petrol’s commitment to the environmental, social and governance accountability.
"The obtained ESG evaluation score reflects our commitment to meeting the environmental, social and governance standards. Despite being a part of the hydrocarbon value chain, we are committed to reducing our carbon footprint and increasing investments in renewable energy and other energy transition projects. In the context of a comprehensive risk management system, we also manage exposure to environmental and social risks. Likewise, we endeavour to increase diversity in the management team and the entire organisation since we believe that diverse teams are key to making and keeping our operations innovative and resilient," said Nada Drobne Popović, President of the Management Board.
The received ESG evaluation score is an important step in meeting the strategy of the Petrol Group which endeavours to further improve its achievements in this field. To this end, Petrol d.d., Ljubljana established an internal Sustainable Development Committee in 2022 which promotes a sustainability mindset and a sustainable behaviour across the Petrol Group.
The Petrol Group’s sustainable development is based on three pillars: a low-carbon energy company, partnership with the employees and social environment and circular economy. By being a strategic partner in the energy transition, offering an excellent customer experience, the Petrol Group not only reduces its own carbon footprint but also utilises a big market and environmental potential in the transition to a more sustainable and low-carbon energy economy. To achieve the latter, the Petrol Group’s strategic targets are a 40% reduction of energy balance obligations and 35% of investments in the green transition. The Petrol Group is increasing its investments in renewables, reduce its carbon footprint through the utilisation of wind, solar and hydro power, co-creating energy-efficient cities and companies, developing a range of alternative fuels and sustainable mobility services offered in the region, expanding its network of EV-charging stations, strengthening its relationship with customers by offering a wide range of services and at the same time investing in the development and modernisation of its point of sale network, thereby maintaining stability and profitability of its traditional part of operations – the supply of petroleum products.
In its report, S&P Global Ratings pointed out that Petrol d.d., Ljubljana’s adequate preparedness reflects its agility in adapting and responding to a volatile business environment, also during the pandemic and the energy crisis. According to S&P Global Ratings, Petrol d.d., Ljubljana endeavours to build a more resilient business portfolio by offering clean energy and performing other activities focused on the energy transition.
Petrol d.d., Ljubljana’s plan for the future is to focus even more on reporting on the achievements in the field of sustainability, thereby further raising our stakeholders’ awareness about the importance of sustainable development.