Ukrnafta starts cooperation with EBRD Corporate Climate Governance Fund
JSC Ukrnafta is strengthening its strategic partnership with the European Bank for Reconstruction and Development (EBRD) by starting cooperation with the bank’s Corporate Climate Governance Fund (CCGF), the company said in a press release on Friday.
"The project aims to strengthen sustainable corporate governance practices, enhance long-term resilience and operational transparency of the company," the document states.
Ukrnafta said the company is laying the groundwork for long-term transformation of its business model in line with European climate policies and global energy trends, while developing a systematic approach to managing climate risks and opportunities.
"This will promote transparency in disclosure in accordance with European requirements, strengthen the company’s competitiveness and reinforce its position as a modern energy company integrated into global capital markets and the future low-carbon energy sector," the company emphasized.
Ukrnafta will conduct its first double materiality assessment of climate risks — a key element of modern nonfinancial reporting standards that combines assessment of financial risks to the company and climate impact.
This involves simultaneously assessing the impact of climate change on the company (external impact) and the impact of company operations on climate (internal impact). Assessment results will form the basis for developing a climate strategy, which is critically important in the context of the European Green Deal and global energy transition trends, ensuring growth in company value and its investment attractiveness in the long term.
In parallel, Ukrnafta will work toward full compliance with ESRS/CSRD nonfinancial disclosure standards and other EU regulations in the context of harmonizing Ukrainian legislation with European law.