06.02.2024 ORLEN’s ESG rating upgraded
MSCI has upgraded ORLEN’s ESG rating from ‘BBB’ to ‘A’. Compared to previous scores, there have been upgrades in the environmental and social aspects, represented by the ‘E’ and ‘S’ of the ESG acronym. Significant progress has been noted in emissions reporting, decarbonisation plans, and leveraging investment opportunities in energy transition supported by clean technologies. The company has once again received very high ratings for safeguarding workers’ rights and ensuring occupational health and safety.
The rating upgrades follow the implementation of numerous sustainability measures. In 2023, ORLEN unveiled its climate policy, set more ambitious decarbonisation targets, conducted a scenario analysis of the resilience of business models to climate change, and established a Climate and Sustainability Council and a Climate and Sustainability Officer.
In late 2023, ORLEN ratified its Sustainable Development Strategy for 2024–2030, which is a continuation of its strategy structured around five pillars and sets 2030 targets for decarbonisation, green transition, climate change adaptation, biodiversity protection, water and wastewater management, circular economy, and more.
In December 2020, ORLEN issued 10,000 ESG-linked bonds with a total value of PLN 1bn and a margin of 90 basis points per annum in the first interest period, marking the first such issue in Poland. The margin in subsequent interest periods is contingent on the company’s ESG rating from MSCI ESG Research Limited.