Cepsa increases its score in Moody’s ESG assessment

Energy giant Cepsa has moved up four points in Moody’s Environmental, Social and Governance (ESG) assessment. The multinational has reconfirmed its position among the top three companies in its sector in Europe. The international agency recognized Cepsa’s “advanced level” in terms of sustainability, improving its overall rating by four points compared to the previous rating.

The results of the assessment rank Cepsa among the best-rated companies in Europe for its outstanding performance and skillful management of environmental, social and governance factors. In addition, EcoVadis, an agency specializing in sustainability assessments, has awarded Cepsa the gold medal, placing it in the top 3% of the world’s best companies in its sector.

According to Moody’s latest ESG rating, Cepsa has emerged as one of the top three companies in the energy sector in Europe in terms of ESG policies and performance for the second year in a row. This year’s ESG analysis by Moody’s raised Cepsa’s score by four points, securing its position as the ESG leader in its sector across Europe.

Cepsa has achieved a score of 65, up from 61 in 2022. This progress is partly due to the strategic initiatives of its 2030 “Positive Motion” plan, which sees Cepsa as a key player in the energy transition. The company’s goal is to be a leader in the production of green hydrogen and biofuels, while making a significant contribution to sustainable mobility in Spain and Portugal.

Carmen de Pablo, Director of Finance, Strategy and ESG at Cepsa, stressed: “Our Moody’s rating, considered highly relevant by the financial community, allows Cepsa to continue to make progress, identify growth opportunities and demonstrate our commitment to sustainable development to strengthen development.” He also stressed that Cepsa’s sustainability plan, titled “Drive Positive Impact”, sets out a clear path to incorporating ESG best practices into its actions and so common in the communities where the company operates creates value.

The Promoting Positive Impact plan consists of eight pillars, which include commitments such as reducing carbon emissions by 55% (Scope 1 and 2) by 2030, reducing water use by 20% in areas with water stress by 2025 and increasing by 50% included in circular waste management by 2030 compared to 2019 levels.

Covering 24 key ESG aspects, Moody’s ESG assessment aims to measure the management and ability of companies to address risks and opportunities related to sustainability. Almost 5,000 companies were assessed under this framework.

These independent assessments underscore Cepsa’s strong commitment to sustainability and its stakeholders. Accordingly, EcoVadis, a benchmark for supply chain sustainability ratings, recently awarded Cepsa a gold medal, cementing its place in the top 3% of industry leaders worldwide.

Driven by ESG principles

Cepsa has identified the management of ESG aspects as fundamental. As part of its 2030 “Positive Motion” strategy, Cepsa aims to achieve net-zero emissions by 2050. The company plans to invest between 7,000 and 8,000 million euros by 2030, with almost 60% earmarked for sustainable projects focused on the production of green hydrogen and biofuels.