The USAID Energy Security Project (ESP) started Environmental, Social, and Governance (ESG) consulting services for Ukrnafta. The initiative aims to analyze Ukrnafta’s operations, benchmark them against best-in-class peers, establish an initial greenhouse gas emissions inventory, and outline key EU reporting requirements. These tasks will assist in identifying areas for enhancement, optimization, and decarbonization. Through these steps and the subsequent recommendations, Ukrnafta will be well-equipped to craft its Environmental, Social, and Governance (ESG) Strategy tailored to its specific needs and ongoing challenges. The strategy is fundamental for fostering sustainable growth, enhancing stakeholder trust, and ensuring the company’s long-term resilience.
Opening the event, Sharon Gulick, Energy Team Lead at USAID/Ukraine, acknowledged the significant challenges faced by the Ukrainian energy sector, which has shown remarkable resilience amidst constant bombing and physical damage to energy facilities caused by Russian aggression. She particularly commended the commitment of Ukrnafta’s people, who ensured safe and reliable operations of their company’s facilities.
The CEO of Ukrnafta, Sergii Koretskyi, underlined the importance of integrating ESG principles for the company to more effectively navigate regulatory and market changes and ensure its operations remain sustainable and resilient. Demonstrating a commitment to ESG strengthens relationships with stakeholders, including employees, communities, and investors, enhancing Ukrnafta’s reputation and social license to operate.
A strong ESG strategy will help Ukrnafta align its business processes with international standards and best practices, improve financing access, and enhance the company’s long-term value.