Bangchak shines as sustainability leader
The only Thai company to receive “AA” MSCI ESG, the highest rating in energy and related industries
published : 1 Feb 2023 at 15:29
Bangchak Corporation Public Company Limited, is poised to become a leader in energy transition and sustainability after recently receiving an MSCI ESG Rating 2022 of “AA” ESG Leader, for the 5th consecutive year.
The AA rating is the highest among Thai companies in the oil & gas refining, marketing, and transportation & storage sectors, and clearly testifies to Bangchak’s successful integration of sustainability into all facets of its business operations in accordance with environment, social, governance or ESG principles.
Chaiwat Kovavisarach, Group Chief Executive Officer and President, Bangchak Corporation Public Company Limited, stated that: “Bangchak accentuates the fostering of business growth by balancing energy security for the country with the transition to clean energy. The company accomplishes this by setting policies and operating the business in accordance with ESG principles, continually taking into consideration sustainability in all environment, social and governance dimensions. This ultimately positioned Bangchak as the only Thai company to receive MSCI ESG AA, the highest rating of any Thai organisation in the industry, for the 5th consecutive year, reiterating its status as a World Class Leader in Sustainability.”
“The results of the assessment by MSCI Ratings, a preeminent and accredited global expert in ESG, is a source of pride for everyone at Bangchak, and marks the company out as a leader in sustainability, in turn strengthening stakeholders’ confidence in the achievement of its ESG goals throughout its operations. Last year, the environmental assessment rated Bangchak ‘Significantly Improved’, with special mention made of its management of greenhouse gas emissions. To accomplish this, Bangchak adopted the BCP 316 NET plan to improve production process efficiencies, helping to reduce carbon emissions and taking another stride towards the realisation of its Net Zero target in 2050.”
“For 2023, Bangchak remains committed to conducting business sustainably in accordance with ESG principles, with the aim of becoming a sustainably growing organisation of over 100 years, or ‘Bangchak 100X’, and retaining its leadership in energy transition.”
MSCI ESG Ratings assesses the proficiency of a company’s management of relevant environmental, social and governance risks. The assessment process identifies the company’s ESG risks and readiness to mitigate those risks according to five factors, namely, the environment, customers, human rights & community, labour rights & supply chain, and governance.