- The ESG rating agency Sustainalytics has revised PhosAgro's ESG risk rating significantly upwards from 27.3 to 22.8. This revision was made as part of the agency's annual ESG risk assessment update. The new rating places PhosAgro among the world's top 30 chemical companies and it is the best result among global agrochemical producers.
Sustainalytics rated PhosAgro's ESG management as "strong". The agency's assessment includes an analysis of the company's exposure to sustainability risks, as well as an analysis of the quality of its ESG programmes, practices and policies.
Earlier this year, the United Nations confirmed PhosAgro's Global Compact LEAD status, an honour held by only 37 organisations in the world. In addition, PhosAgro supports the environmental initiatives of leading international and industry associations.
In addition, PhosAgro has significantly improved its position in other leading international and Russian sustainability ratings:
CDP upgraded PhosAgro's climate change score from B- to B, and its water security score from F to C;
MSCI ESG Research highlighted the Company's leadership position and confirmed its A rating (on a scale from CCC to AAA, where AAA is the highest possible score);
These ratings confirm PhosAgro's leading role both among Russian companies and globally. For example, Sustainalytics ranked PhosAgro the best among global agrochemical companies and the second best among all Russian industrial companies.
PhosAgro CEO Andrey Guryev said: "We are very proud that Sustainalytics, CDP and MSCI ESG Research have recognised our efforts by upgrading and confirming our ESG ratings, which is a meaningful reflection of our status as leader in sustainability practices.
"It is particularly important for us to be an ESG industry leader according to Sustainalytics. Against the backdrop of the extensive work undertaken by PhosAgro, Sustainalytics's decision is the best confirmation that we are on the right track and a powerful impetus for further improvement.
"Separately, MSCI ESG Research recently increased the geographic and sector risk profile of our company, making the assessment criteria more stringent and thus confirming that our high rating is even more valuable and meaningful. ESG principles underpin our business. We produce eco-efficient fertilizers that do not contain concentrations of cadmium and other heavy metals that are hazardous for human health and soils and we supply Russian farmers with high-quality fertilizers, helping to guarantee the safety of agricultural products grown under the national Green Standard.
"This year PhosAgro celebrates its 20th anniversary, and I am proud to note that throughout its history, the Company has taken great care to comply with, promote and develop sustainability practices in both our business and the market as a whole. And I am confident that we will continue on this path, as ESG principles are thoroughly integrated into our business model and Strategy 2025."