ESG Sustainability Policy
Petro Rabigh recognizes its role in supporting the transition to a more sustainable world, and so is integrating environmental, social, and corporate governance ("ESG") aspects into its products, services, and in market operations.
Petro Rabigh management believes that its investments can generate value for society and promote environmental preservation. Refinery and Petrochemical operations significantly influence climate change and society. By embracing world class Environmental, Social and Governance (ESG) practices, we have the opportunity for our business operations and products to materially support the transition to a sustainable and net zero carbon future. We are embarking on this journey with our employees, customers, investors, partners, and the market.
Management is committed to acting with social and environmental responsibility, directing efforts to collaborate with the economic and social development of the market, considering the specific needs of each business, the complexity of products and services offered, as well as the applicable legal and regulatory aspects.
The Policy and its implementation across the company shall be guided by these principles, through the identification of the ESG issues that are most relevant and applicable to its activities, and proportionality, with measures and guidelines that are appropriate to its structure and market positioning. In addition to these principles, we prioritize ethical and transparent relations with the community where we operate, respecting human rights and practicing sustainable development.
ESG Sustainability Governance and Principles:
We are striving for our corporate governance to meet best ESG business practices, by managing the social and environmental risks inherent in the Company's activities and operations, including the recording of occurrences of social and environmental losses and damages.
The Company has established the following ESG Sustainability Principles to align our business strategies and performance with our stakeholders' expectations and the applicable international standards. Petro Rabigh management is committed to:
- Create and sustain an organizational culture that respects and values diversity, inclusivity, equality and human rights.
- Ensure compliance with established national and international governance and ethical standards [including the UN Global Compact,] to safeguard stakeholders' interests and to deliver on the Kingdom's UN SDGs and National Vision 2030 goals.
- Ensure the safety and wellbeing of Company's employees and general public who may be affected by our operations and products.
- Progressively decarbonize and reduce the non-renewable content of products by adopting circular economy opportunities to support the national ambition of net zero carbon by 2050.
- Integrate a precautionary and net gain approach into our decision making process to avoid, minimize and ameliorate environmental and social impacts.
- Oblige our supply chain to meet ESG standards as part of sustainable and responsible procurement processes and codes of conduct.
- Partner with local communities to aid their socio-economic development.
- Actively consult, engage and listen to stakeholders including employees, investors, supply chain, local communities and customers to understand their ESG concerns.
Petro Rabigh' s ESG sustainability management framework has been categorized into following eleven focus areas covering:
- Resource Consumption and Efficiency
- Atmospheric and GHG emissions
- Effluent Discharges
- Waste Management
- Biodiversity Net Gain
- Human Capital
- Occupational Health & Safety
- Community Engagement & Development
- Governance and Ethics
- Sustainable Procurement & Supply Chain Management
- Emergency Preparedness and Business Continuity
Management has also set ambitious performance targets for each of the ESG focus areas and will monitor, review, disclose and continually improve the ESG performance.