ESG Agencies Laud Ignitis Group's Progress
Well-regarded international sustainability rating agencies ISS ESG, MSCI, and EcoVadis upgraded the sustainability ratings of Ignitis Group, a renewables-focused integrated utility. The updated ratings place the Group among the top peers globally.
ISS ESG has awarded Ignitis Group a rating of ‘B-’ and given it Prime status. The new status means that Ignitis Group's environmental, social, and corporate governance (ESG) efforts are in line with ambitious sustainability goals, while their results exceed the threshold set for the energy sector and are oriented towards significant positive changes. Currently, it places Ignitis Group among the top 20% of energy companies rated by ISS globally. Last year, the Group was rated ‘C’ (on a scale from ‘D-’ to ‘A+’, where ‘A+’ is the top rating).
The Group’s ESG ratings were also updated by another global rating agency, MSCI. It awarded the Group the same rating as last year: AA (on a scale from ‘CCC’ to ‘AAA’), which places the Group among leading utility peers in managing the most significant ESG risks and opportunities.
EcoVadis, an international ratings platform that focuses on sustainable supply chains, has awarded the Group's subsidiary Ignitis the platinum medal (top rating) for the second year in a row and confirmed that the Lithuanian smart energy solutions company is among the top 1% of companies rated globally (with a score of 78 out of 100). The platinum medal serves as international recognition, indicating that the company has not just committed to following the sustainability performance principles and the best practices but is actually implementing them.
“We are leading the green generation development in the Baltics to help tackle today's challenges and ensure a better future where energy is generated only from renewable energy sources. We are constantly improving our processes to ensure that our activities are sustainable, and the updated ratings prove that we are on the right path,” said Valentas Neviera, Head of Group Sustainability at Ignitis Group.
While pursuing its main purpose of creating a 100% green and secure energy ecosystem, Ignitis Group focuses on reducing greenhouse gas emissions, modernising the energy system, and developing innovative solutions and renewable energy sources. Since the beginning of 2023, Ignitis Group's green generation portfolio has increased from 5.1 GW to 6.3 GW and remains the largest contributor to the company's EBITDA.
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Source: Ignitis Group
