Bangchak Shines as Sustainability Leader
Bangchak Corporation Public Company Limited, a Leader in Energy Transition, is poised to becoming a Leader in Sustainability, receiving the MSCI ESG Rating 2022 of “AA”, ESG Leader, for the 5th consecutive year. The AA rating is the highest for Thai companies in the Oil & Gas Refining, Marketing, Transportation & Storage, clearly reaffirming the success of Bangchak’s integration of sustainability into all facets of business operations in accordance with ESG principles, namely environment, social, governance.
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 and the transition to clean energy, by setting policies and operating the business in accordance with ESG principles, continually taking into consideration sustainability in all dimensions of environment, social, and governance. This ultimately positioned Bangchak as the only Thai company to receive the MSCI ESG Rating of AA, the highest rating in the industry of any Thai organization for the 5th consecutive year, reiterating its status as a World Class Leader in Sustainability.
“The assessment results from the MSCI Ratings, a preeminent and accredited global expert in ESG, is a source of pride for everyone at Bangchak, whereby our operations have been hailed as the leader in sustainability, strengthening stakeholders confidence in Bangchak’s goal of ESG in our operations. Last year, Bangchak received a rating of Significantly Improved in the environmental assessment, especially in regard to the management of greenhouse gas emissions. Bangchak adopted the BCP 316 NET plan to improve production process efficiencies which will help reduce carbon emissions towards the realization of the Net Zero target in 2050.
Chaiwat concluded “For 2023, Bangchak remains committed to conducting business for sustainability in accordance with ESG principles towards becoming a sustainably growing organization of over 100 years, or “Bangchak 100X”, as a Leader in Energy Transition.
MSCI ESG Ratings assesses the capability of a company in the management of relevant environmental, social, and governance risks. The assessment process identifies the company’s ESG risks and its readiness to mitigate those risks in relation to the 5 factors, namely, the environment, customers, human rights and community, labor rights and supply chain, and governance.