BAKU, Azerbaijan, October 26. Sustainable Fitch, one of the leading international rating agencies, has affirmed the ESG Rating of SOCAR at ‘3’, while raising the Company’s ESG Entity Score from 41 to 43.
According to SOCAR, the assessment by Sustainable Fitch recognised SOCAR’s achievements in strengthening its environmental, social and governance (ESG) management system and broadening its ESG disclosures. These achievements are grounded in leading international standards and practices and reflect the expectations of international investors and financial institutions for transparency, comparability and high-quality reporting.
Sustainable Fitch also highlighted SOCAR’s progress in reducing greenhouse gas emissions and developing a systematic approach to managing its environmental impact. Despite the environmental challenges inherent to the oil and gas sector, the assessment results indicate that SOCAR has been strengthening its efforts in decarbonization and environmental responsibility.
In the social pillar, Sustainable Fitch acknowledged SOCAR’s corporate approaches, grounded in internationally recognised standards, to managing human rights and labour relations, as well as its initiatives to support local communities. At the same time, the assessment identified limited disclosure of information on third parties, including contractors, as one of the areas for improvement.
In the governance pillar, Sustainable Fitch took into account the availability of independent auditor’s statements, the Company’s two-tier governance structure, and its risk management system, which covers all of the Company’s operations and is based on the principles of the ISO 31000 international standard.
The assessment results reflect SOCAR’s achievements in advancing its ESG management and enhancing the transparency of its corporate reporting. Enhancing its sustainability management practices, monitoring key performance indicators, and improving disclosure remain important priorities for the Company.
