Improved sustainability reporting for Oil & Gas and energy group

Challenge

With total turnover of nearly €13B, the group holds a leading position in energy sector across Southeastern Europe. Vertically integrated with upstream, midstream, and downstream operations, its portfolio includes a chain of retail petrol stations, in addition to renewable energy operations in which the group recently expanded via its energy transformation strategy.

Before advancing to the TCFD and CSRD reporting frameworks, the client wanted to calculate its scope 3 emissions, strengthen its corporate governance report, enhance its approach to materiality analysis and ultimately improve corporate ESG reporting in alignment with applicable standards.

dss⁺ Approach

With the participation of the group’s senior management and external stakeholders via an electronic survey, workshops and focus groups, dss⁺ conducted a double materiality analysis encompassing ESRS1 applicable elements. Considering that scope 3 emissions is an inherent element of TCFD and CSRD climate reporting, dss⁺ supported the Group in their calculation. Furthermore, dss⁺ assisted the client in improving its corporate governance statement, provided support and insight in preparing the 2021 - 2023 Sustainability Reports with focus on making visible improvements in content, presentation and standards’ alignment (e.g. GRI, AA1000AP and select ESRS elements).

Finally, dss⁺ supported in the development of the EU Taxonomy reports for 2021-2023 accompanied by a recommendations’ report detailing actions to pursue improvement in the group’s taxonomy alignment.

Assignment

Double materiality analysis, improvements to ESG reporting and standards’ alignment (GRI, AA1000AP, ESRS), calculating scope 3 emissions.

Offering

Sustainability strategy, double materiality, GHG accounting, ESG disclosures.

Impact

Double Materiality analysis identified 21 sustainability issues of significant importance for prioritisation and action.

Improved corporate governance and sustainability reports aligned with relevant laws and standards.

Corporate carbon footprint reported data improved.

Taxonomy disclosures aligned with EU regulations.