Sustainable Fitch maintains SOCAR's ESG rating at '3', raises score to 43

International ratings agency Sustainable Fitch has maintained SOCAR's ESG rating at "3", while increasing the company's score from 41 to 43.

According to SOCAR, cited by Report, the agency highlighted improvements in the company's environmental, social and governance (ESG) framework, as well as broader disclosure of ESG-related information.

According to the assessment, these results demonstrate SOCAR's commitment to leading international standards and corporate reporting practices. The company also takes into account the expectations of international investors and financial institutions regarding the transparency, comparability and quality of disclosed information.

Sustainable Fitch noted SOCAR's progress in reducing greenhouse gas emissions and developing a systematic approach to managing its environmental impact. Despite the environmental challenges facing the oil and gas sector, the company continues to improve its decarbonisation efforts and environmental responsibility practices.

In the social category, the assessment took into account the company's approaches to protecting human rights and managing labour relations in line with international standards. The agency also highlighted SOCAR's initiatives to support local communities.