'We are taking specific measures to reach the objective set out in our strategy. By 2050, we plan to achieve carbon neutrality by implementing ambitious investment plans, which will help reduce CO2 emissions and develop renewable energy sources. We intend to take full advantage of the opportunities offered by the Polish capital market, so we have offered sustainable bonds, representing another important step towards stable project financing. Our strong business position, credibility and investors' confidence, confirmed by the interest in the issue, are our major advantages,' says Daniel Obajtek, CEO and President of the PKN ORLEN Management Board.
Investors showed great interest in the PKN ORLEN 5-year bearer bonds. This is the first issue of corporate bonds linked to the issuer's ESG rating in Central Europe. The ESG rating reflects the issuer's commitment to sustainable development and responsible business, and will determine the level of the margin, and thus the interest rate on the bonds. The issue proceeds will be used by PKN ORLEN to finance ongoing investment projects consistent with the company's strategy to achieve carbon neutrality by 2050.
PKN ORLEN strives to reach carbon neutrality, be energy efficient and follow superior safety standards. The efforts to build the ORLEN Group's value in the area of ESG are evidenced by the 2020 rating upgrade from Sustainalytics. PKN ORLEN ranked fifth among 86 Oil & Gas Refining and Marketing companies (in the Refiners & Pipelines category). The company was promoted from the high risk category in 2019 to the medium risk category, which means it is at medium risk of experiencing financial impacts from ESG factors.
Sustainability and corporate responsibility are key aspects of the company's carbon neutrality strategy until 2050. To further this strategic vision, at the beginning of September 2020 PKN ORLEN stated its commitment to reducing CO2 emissions from its existing refining and petrochemical assets by 20% and from electricity generation by 33% per MWh by 2030. Projects implemented under the carbon neutrality strategy are expected to be partly financed through green and sustainable bonds issued by PKN ORLEN on the European capital market.
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PKN Orlen SA published this content on 22 December 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 December 2020 12:04:07 UTC