Tuesday, November 24, 2020
Home Climate OMV Petrom first Romanian company to support TCFD recommendations

OMV Petrom first Romanian company to support TCFD recommendations

Leading energy company in Southeastern Europe OMV Petrom is the first Romanian company to support the recommendations issued by the Task Force on Climate-related Financial Disclosures (TCFD) on climate change risks and opportunities.

In 2015, the Financial Stability Board (FSB) established the industry-led Task Force on Climate-related Financial Disclosures (TCFD). The TCFD recommendations are designed to aid companies in reporting consistent, useful, forward-looking information on the material financial impacts of climate-related risks and opportunities, for use by lenders, insurers, investors and other stakeholders.

OMV Petrom is joining a group of over 1,300 organisations worldwide that have affirmed their support for the TCFD since its voluntary recommendations were released in 2017.

“OMV Petrom has long been dedicated to sustainable business practices,” said Christina Verchere, CEO OMV Petrom. “As an energy company, we are committed to contributing to Romania’s transition to a low-carbon economy. We believe that applying TCFD guidelines of disclosure can greatly enhance transparency and allow our stakeholders to better understand the company’s efforts with regards to climate change. We are hopeful that many other Romanian companies will join us in becoming TCFD supporters, thus contributing to the country’s sustainable economy.”

OMV Petrom’s Sustainability Strategy 2025 sets out clear targets on safety, carbon efficiency, diversity, innovation, business principles and social responsibility. Through sustained investments, the company has reduced the carbon emissions of its operations by 22 per cent in 2019 compared to 2010. 

Going forward, OMV Petrom will deepen its analysis and disclosure on climate change risks and mitigations.

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