TATNEFT Celebrates the International Climate Day

  • May 17, 2021

The Company actively supports international and national decarbonization goals.

The International Climate Day is celebrated on 15 May. The climate preservation is one of the global problems of the human race.

Being a Company of high environmental responsibility, TATNEFT, was one of the first companies in the domestic oil industry to accept the climate challenge as a condition for a future prosperous world and a significant competitive advantage in the supply of clean energy.

TATNEFT Group strives to use the best available technologies (BAT) in the Company’s everyday activities, increases the “green” characteristics of the Company’s products and the potential of alternative renewable energy, implementing programs to improve the knowledge and competencies of the Company’s employees.

The Company sets a target of moving towards carbon neutrality throughout the value chain by 2050 and has joined an international initiative to set science-based targets to reduce greenhouse gas emissions.

Inter alia, the intermediate goals of TATNEFT include: reduction of greenhouse gas emissions from production activities in terms of Scopes 1 and 2 by 2025 by 10% and 20% by 2030 with reference to the base year 2016.

The system of the corporate risks and opportunities management related to the climate change includes setting goals and overseeing their achievement by the Board of Directors and assigning concise responsibility to accomplish the assigned tasks to the managers in charge and divisions of the Company. The heads of the Company’s divisions are assigned personal responsibility for the fulfillment of the tasks aimed at reducing greenhouse gas emissions. The set objectives will be achieved through modernizing production assets, introducing innovative and digital technologies, increasing resource and energy efficiency, implementing compensatory measures and projects for recovering and utilizing greenhouse gases.

There is an internal carbon price of USD 49 per tonne of CO2 equivalent assigned for the Company. Top management of the Company takes this cost into account when considering the investment and business plans. R&D programs also take this cost into account.

The TATNEFT Group keeps track of greenhouse gas emissions in three areas of coverage: Scope 1 (direct GHG emissions from operating activities), Scope 2 (indirect emissions associated with the Company’s energy supply) and Scope 3 (greenhouse gas emissions associated with the use of products manufactured by the Company).

The Company discloses information on the climate change in the Company’s Annual Reports and Sustainable Development Reports, including those with application of the GRI Global Sustainability Reporting Standard and TCFD standards. In 2021, the Company included the Climate Change Disclosures section in the Management’s Analysis of the Financial Condition and Results of Operations for 2020 for the first time.