ONGC secures 'B-' rating in 2024 CDP Climate Score

New Delhi: Oil and Natural Gas Corporation Limited (ONGC) has achieved a "B- rating" in the 2024 CDP Climate Score, marking a significant step in its commitment to environmental, social, and governance (ESG) transparency. This recognition is the results of ONGC’s dedication to integrating sustainability into its core operations while aligning with global best practices to drive a low-carbon future.

PSU Watch is now on Whatsapp Channels. Click here to join

According to an official statement, this achivement has placed ONGC among over 24,800 organisations worldwide, leveraging data-driven insights to facilitate responsible decision-making and sustainable business practices. As climate responsibility becomes increasingly integral to corporate strategy, such disclosures help organizations transition from mere reporting to meaningful climate action.

CDP scores are essential for guiding companies through regulatory frameworks, managing climate risks, and identifying sustainable growth opportunities. Enhanced environmental transparency not only fosters business efficiency and innovation but also strengthens investor confidence and market resilience. Historical data suggests that companies demonstrating strong ESG commitments often outperform their peers, highlighting the strategic advantage of sustainability-driven operations.

"As India’s largest energy company, ONGC remains committed to refining its climate-related disclosures to assess the economic impacts of climate risks and extreme weather events. The organisation is actively exploreing sustainable business models and innovative strategies to minimize its environmental footprint, further supporting India’s transition to a greener energy ecosystem," it added.

The disclosed climate data will be shared with key stakeholders, including CDP Capital Market Signatories, regulatory bodies, and strategic partners. Additionally, critical climate-related data will be made accessible through the Net-Zero Data Public Utility (NZDPU) to promote industry-wide climate action and collaboration.

Looking ahead, CDP aims to enhance its disclosure framework in 2025, ensuring stability and continuity in reporting practices. By maintaining consistency in the questionnaire and scoring methodology, CDP will enable organisations like ONGC to build upon existing sustainability frameworks and develop robust transition plans.

CDP, formerly known as the Carbon Disclosure Project, is a globally recognized non-profit organization managing the world’s only independent environmental disclosure system. With a presence in key markets such as the United Kingdom, Japan, India, China, Germany, Brazil, and the United States, CDP plays a vital role in advancing corporate sustainability through data-driven insights.

By embracing transparency and sustainability, ONGC continues to reinforce its position as a responsible energy leader. The company remains steadfast in balancing energy security with environmental responsibility, ensuring long-term resilience and sustainable growth in India’s energy sector.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)