Ukraine’s oil and gas company Naftogaz has joined the United Nations Global Compact (UN Global Compact) as a participant. This new commitment will see the company align with the 10 principles of the UN Global Compact, work towards achieving the Sustainable Development Goals and report on their execution.
In addition to its core business, combating climate change and improving the environment is an undisputed priority for any modern energy business in today’s world.
“Naftogaz Group is developing a green business model and this is not only due to the global trend towards a steady reduction in the use of fossil fuels, but also by its own ambitious plans to implement low-carbon projects, in particular in the field of renewable and bio-energy, energy efficiency, and the hydrogen economy,” said Oleksiy Ryabchyn, Advisor to the Naftogaz CEO. “Environmental and climate requirements regarding the operations of companies will increase each year. It is therefore important right now to start projects aimed at reducing emissions at all stages – from oil and gas production to their processing, storage and supply. Without appropriate ESG strategies, it is impossible to obtain investment and financing even for Naftogaz’s core activities.”
UN Global Compact Ukraine Chief Executive Director Tatiana Sakharuk also stressed the importance of Naftogaz joining the sustainable business community.
“We are very pleased to have Naftogaz Group among our participants,” she said. “Large business has a significant impact on the regions where it operates, on the environment, on its employees, consumers and partners. When companies like Naftogaz take responsibility for the impact of their activities on the world we live in, we are moving closer to achieving our Sustainable Development Goals.”