SIBUR Board of Directors Approves ESG Strategy Change

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AK&M 02 December 2021 18:24

SIBUR's Board of Directors approved amendments to the company's sustainable development strategy until 2025. SIBUR maintains its focus on reducing climate impacts and developing a closed-loop economy, takes on more ambitious "green" commitments and expands the list of goals in the field of diversity and inclusivity. This is stated in the company's message.

One of the new goals is to ensure carbon neutrality of at least one SIBUR enterprise by 2025. It is planned to achieve this goal by increasing the energy efficiency of processes and increasing the share of renewable energy sources in the energy balance, using technologies for capturing, recycling and storing CO2, and implementing sequestration projects. Working to achieve this goal, the company will be able to test and evaluate the effectiveness of existing and planned projects.

The updated strategy has a digitized goal for the return of plastic waste to the production cycle. SIBUR plans in 2025 to promote the involvement in the processing of at least 100 thousand tons of polymer waste annually, as part of its own investment projects and projects with partners. The key driver for achieving this goal will be the launch of the production of "green" PET granules Vivilen rPET with recyclable content at the POLYEF plant in Blagoveshchensk in 2022. It is planned that by 2030 SIBUR will annually produce at least 250 thousand tons of low-carbon products, products containing secondary or bio-raw materials.

The goal of "green" energy has become more ambitious. By 2025, it is planned to increase the volume of "green" energy in the company's energy balance by 5 times, as previously stated, but the base calculation indicator has been changed from 2019 to 2020. Now the database already takes into account the result of the launch of its own solar power plant (SES) in the corporate recreation center "SIBUR South" in Anapa. Activities in the field of personnel management and the company's impact on the social sphere are now planned to be combined into a comprehensive diversity and inclusivity program, integrating the principles of diversity and inclusivity into the main documents and corporate practices of the company. The goals related to the development of a methodology for assessing the product portfolio according to the criteria of sustainable development, the approval of a human rights policy, and the launch of long-term social investment projects in the field of biodiversity were fulfilled ahead of schedule.

SIBUR is the largest integrated petrochemical company in Russia. SIBUR processes by-products of oil and gas production. In 2020, SIBUR's revenue amounted to $7.2 billion, EBITDA - $2.5 billion.

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Recall that at the conference "ESG Reporting", which will take place on December 6, will discuss the topic of ESG reporting. It will discuss the State policy regarding the disclosure of non-financial information by Russian companies. In particular, whether Russia will follow the European experience of transition to mandatory reporting standards in the field of sustainable development and whether the provisions of international standards will be integrated into the Russian regulatory framework. A separate session will be devoted to the discussion of digital solutions and platforms for transactional accounting of ESG data.