ONGC Receives Low ESG Rating of 44 from ESGRisk.ai, Citing Discrepancy with Efforts
ONGC received a low ESG rating of 44 from ESGRisk.ai. The company stated it did not engage the agency for the report, which it believes does not commensurate with its decarbonization efforts and sustainability disclosures.
An unfavorable ESG rating can impact investor perception and access to capital, though the company disputes the rating methodology.
The company received a low ESG rating which it believes is not commensurate with its efforts and disclosures.
Oil and Natural Gas Corporation Limited (ONGC) has announced that it has received an ESG Rating Report from ESG Risk Assessments & Insights Limited (ESGRisk.ai). The company clarified that it had neither engaged the agency for the report's preparation nor finalized it in consultation with ONGC.
The overall score of 44 provided to the company has been deemed low and not reflective of ONGC's initiatives in decarbonization, its governance structure, and the detailed disclosures made in its Business Responsibility and Sustainability Report (BRSR).
This intimation is made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
What to do with a filing like this
Oil & Natural Gas Corporation Limited filed this with the NSE as a statutory disclosure, categorised under esg reports. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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See the model portfoliosA plain-language summary of a public exchange filing by Oil & Natural Gas Corporation Limited. Read the original for the full detail.