Forbes launches eco-rating of Russian companies
This year, Forbes Russia compiled a list of Russia’s 30 most eco-friendly companies for the first time, reported New Economy Observer February 26.
This new environmental rating is based on methods used by Forbes America and Just Capital in their Just 100 ranking of the most ESG compliant companies in the US. It comes at a time when ESG (environment, social, governance) practices are becoming equally as important in assessing a company’s financial health as its profits and losses.
In the US, the top 30% of the list is represented by IT companies, financial corporations and manufactures of computer hardware, all of whose activities are mainly contained within the office space. In comparison, Russia’s largest domestic companies tend to be industrial giants. Russia, therefore, is a unique case.
The Forbes Russia list takes into account that many of the country’s largest companies operate in industries such as resource extraction that are not inherently eco-friendly. For this reason, it focuses on the efforts and resources spent by the companies to minimise their environmental footprint.
Topping the list is the Russian branch of the Mars confectionary manufacturer, which recycles approximately 90% of its waste, followed by Russian lender Sberbank. Third place went to the country’s top food retailer X5 Retail Group – the leader of the eco movement in Russian retail, according to Rashid Ismailov of the Russian Ecology Society, and one of only three retailers to make the list. The company adopted an ESG strategy in late 2019 that sets out plans to cut greenhouse gas (GHG) emissions by 30% by 2030, among other goals.
Heavy-industry players make up a large part of the list, echoing trends in other eco ratings that reflect an embrace of ESG among global heavy-industry corporates.
These include Russia’s leading plastics manufacturer Sibur, which recently launched production of green PET granules using recycled materials; fertiliser producer PhosAgro, which actively promotes a reduction of cadmium and other potentially harmful impurities in fertilisers; and leading forestry holding Segezha Group, which manages its forests sustainably and is introducing eco-friendly products such as CLT panels for the construction industry.
The adoption of ESG has only recently begun to take off in the world’s largest country. But if the Forbes list is any indication, the giants of Russian industry are key players to watch for innovative solutions to going green.
These are the top 30 eco-friendly companies in Russia according to Forbes:
3. X5 Retail Group
Industry: Hygiene products
Industry: Nuclear energy
10. UC Rusal
12. Nissan Russia
Industry: Automobile manufacturing
14. Russian Railways
Industry: Oil & gas
Industry: Oil & gas
Industry: Building supplies
Industry: Oil & gas
20. METRO Cash and Carry
Industry: Oil & gas
26. Baltika Breweries
29. Segezha Group
30. ChelPipe Group
This article first appeared in New Economy Observer (NEO), a digital publication covering the intersection between finance and social responsibility, with a special focus on emerging markets. IT offer news and analysis on major issues shaping the new global economy, including climate change and renewable energy, sustainable development, e-commerce and tech innovation, and the future of work.
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