Tüpraş Publishes First Integrated Annual Report
Tüpraş released first ever Integrated Annual Report for 2023.
The report highlights the sustainability performance of the company
of the as well as its progress in the Strategic Transformation Plan thorughout the year.
The 2023 Integrated Annual Report contains financial and non-financial performance of Tüpraş on the axis of environmental, social and governance activities with a view to generate value.
The Report presents in detail the activities within the year, material issues and impact sizes determined by the double materiality approach, contributions and targets regarding the Sustainable Development Goals, value generated for stakeholders, progress in the Strategic Transformation Plan, and the corporate governance and risk management approach.
2023 Integrated Annual Report presents pioneering firsts
Tüpraş Integrated Annual Report complies with the Integrated Reporting Framework by the IFRS Foundation, Oil and Gas Sector Standard by the Global Reporting Initiative (GRI), and the Refining and Marketing Standards for the Oil and Gas Industry by the Sustainability Accounting Standards Board (SASB).
The report also complies with the annual reporting requirements of Turkish Commercial Code and the Capital Markets Board, and has obtained reasonable assurance on financial information from the independent audit of PwC Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş., and limited assurance on non-financial information in accordance with the international standards . All data provided in the Integrated Annual Report, including the 271 sustainability performance indicators covered by the limited assurance, are verified and consolidated for Tüpraş and its subsidiaries and shared with the public for the first time.
Tüpraş conducted detailed Scope 3 emission analyses in a total of 15 categories in compliance with the Greenhouse Gas Protocol (GHG Protocol) and had third-party independent firms verify all past emission data, starting with the baseline year of 2017 and including 2023, in line with the ISO 14064 standards. Scope 3 emissions, stemming from company operations throughout the value chain, have been shared with the public for the first time within the 2023 Integrated Annual Report.
Further included for the first time in the report are 85 new performance indicators that meet the requirements of global sustainability indices. Additionally, the operating principles and activities of the Sustainability Committee, established to effectively manage the environmental, social, and governance impacts of company operations, were discussed at length in the report.
Tüpraş identified material sustainability issues by applying, for the first time, the ‘Double Materiality Approach’ and evaluated these issues’ environmental and social impacts as well as their financial effect on Tüpraş operations. The Stakeholder Analysis was also duly updated, and material issues, which form the basis for the report, were identified in consultancy with the relevant stakeholders to be then included in the Integrated Annual Report.
The Company also, for the first time, evaluated investment expenses, operational expenses, and income under the European Union Taxonomy, which classifies these elements as environmentally sustainable economic activities, and published the results in the 2023 Integrated Annual Report. This internationally acknowledged methodology, undertaken entirely voluntarily, proved the alignment and compliance of our corporate investments, expenses and income with the environmental sustainability goals. These figures are consolidated with our subsidiaries and shared with the public.
“B” rating in CDP Carbon Disclosure Project in inaugural year of participation
Sustainability performance of Tüpraş is assessed by independent evaluation institutions and included within improvement targets, continuously.
Tüpraş was also rated with “B” rating in Management Level in both the “Water Security” and “Climate Change” programs by the Carbon Disclosure Project (CDP) on its debut year. The company stand out as one of the leading companies in the petroleum sector assessed in the “Water Security” program by the CDP.
Tüpraş, as a signatory of the United Nations Global Compact, one of the largest corporate sustainability initiatives worldwide in 2023, commits to adhering to the 10 basic universal principles of the agreement on human rights, decent work, environment, and anti-corruption.
The first Turkish industrial company to join Water Europe, the most prominent stakeholder organization in the European water market, Tüpraş is also a member of Hydrogen Europe, which shapes European-focused green hydrogen initiatives.
Please click for the Integrated Annual Report