ESG Journey
ESG Pathways: Shaping a Sustainable Tomorrow
OGDCL has embarked upon a significant ESG journey, representing a pivotal moment in the company's sustainability commitment. This initiative commenced with the establishment of a working group and the implementation of ESG training for its members. In line with this, OGDCL has introduced an ESG Policy that encompasses environmental, social, and governance aspects pertinent to its business model. Furthermore, the Board has constituted an ESG committee to focus on ESG issues and discharge its oversight function effectively. Proactively, a materiality analysis was conducted to identify substantial sustainability-related risks and opportunities. Subsequently, the analysis identified relevant disclosures and comprehended the disclosure requirements. With the support of experts, data was reviewed against the disclosure requirements and procedures were developed to procure appropriate data where information is not readily available. The gathered information and data pertaining to material topics were utilized to exhibit OGDCL's performance in the areas of environment, social, and governance through the ESG report.
Embracing Sustainability: Oil & Gas Decarbonization Charter
OGDCL signed Oil & Gas Decarbonization Charter w.r.t. COP28 in Dubai. Signatories have committed to net-zero operations by 2050 and ending routine flaring and near-zero upstream methane emissions by 2030.
|
|
|
OGDCL started its ESG journey in October 2023, which was a significant step in response to growing investor demands and upcoming regulatory requirements. The company understands the challenges of moving towards a low-carbon economy and the increasing focus on the governance. As a result, the ESG framework implementation project was launched to manage these challenges effectively and meet stakeholders' disclosure requirements.
OGDCL Joins UNGC to Promote Sustainable Development Goals
September 3, 2024; OGDCL announced its membership in the United Nations Global Compact (UNGC), the world's largest corporate sustainability initiative, to promote activities that contribute to sustainable development goals to create a better world. The achievement reaffirms the company's unwavering commitment to sustainable development and ethical corporate governance.
By joining this global initiative, OGDCL pledges to uphold the ten universally recognized principles of the UNGC, which encompass the protection of human rights, the promotion of fair labor practices, environmental stewardship, and the fight against corruption. OGDCL will engage with a global network of forward-thinking companies and organizations united by a shared vision of achieving the Sustainable Development Goals (SDGs).
The Roadmap for ESG
The implementation of the ESG framework includes certain key phases, which cover a comprehensive process. These phases involve capacity building, policy development, formation of the ESG committee, determining material topics, understanding data requirements, collecting information, drafting the report, and disseminating information to stakeholders about impacts.
The Team - ESG Working Group
To begin the process, we identified members from various departments to form a working group. The next step involved conducting capacity-building sessions for these members, wherein they were trained on ESG and sustainability, their significance in OGDCL's operations, the process of reporting, data requirements, practical exercises on stakeholder consultation, identifying material topics, and ensuring the accuracy of ESG and sustainability reports.
OGDCL also organized awareness sessions on ESG and sustainability for its executive directors and senior management.
