Sustainable Fitch, a globally recognized rating agency, has assigned an ESG Entity Rating of ‘2’ and an entity score of 65 to Uzbekhydroenergo JSC. This is a significant achievement as Uzbekhydroenergo became the first company in Uzbekistan to be assigned an ESG Rating by Sustainable Fitch.
Commitment to Sustainable Development Goals
The rating reflects the company’s successful integration of Environmental, Social, and Governance (ESG) considerations into its business strategy and management. The assessment considers the alignment of the company’s business activity with taxonomies of reference and its contribution to the UN Sustainable Development Goals.
Leading charge in hydropower
Environmental stewardship
Uzbekhydroenergo’s environmental profile is characterized by well-defined policies and management systems, with no significant environmental incidents reported. However, the profile is constrained by inconsistencies in performance across various indicators, including GHG emissions reduction and the use of natural resources.
Uzbekistan is one of the world’s largest natural gas producers, annually producing around 60 bn cubic metres.
Social responsibility
The company’s social profile reflects an average level of occupational safety incidents and a gender pay gain for the workforce. However, it has been positively assessed for its human and labour rights policies and extensive community engagement.
Governance and fairness
Uzbekhydroenergo’s governance profile positively reflects an average level of executive pay ratio, indicating adequate pay fairness in the company’s remuneration structure. However, the company could benefit from further diverse gender representation and independence among its board members. The company has been 100% state-owned via the Ministry of Finance of Uzbekistan since 2020.
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