Tüpraş Publishes Integrated Annual Report
Tüpraş has become the first company in its sector to publish an Integrated Annual Report fully compliant with Turkish Sustainability Reporting Standards (TSRS) 1 and 2. The report presents the company's activities throughout the year alongside a multidimensional overview of its climate and sustainability efforts.
Türpraş achieved a first in the sector by disclosing its Integrated Operations Report prepared in full compliance with Turkey Sustainability Reporting Standards (TSRS) 1 and 2 requirements. The report shares the company's activities throughout the year as well as its climate and sustainability efforts in multiple dimensions.
Turkey's largest industrial company Türpraş shared its activities within the scope of its Strategic Transformation Journey advancing with the vision "Our Energy for the Future" and its work focused on environmental, social and governance in its 2024 Integrated Operations Report.
Türpraş maintained its pioneering and guiding position in sustainability in Turkey and achieved a first in the sector with a report prepared in full compliance with Turkey Sustainability Reporting Standards "TSRS 1 Financial Information Related to Sustainability" and "TSRS 2 Climate-Related Disclosures". The company presented climate and sustainability-related risks and opportunities within the scope of TSRS under the framework of "Governance", "Strategy", "Risk Management" and "Metrics and Targets".
The report detailed developments under the Strategic Transformation Plan, priority issues and impact dimensions identified with a double materiality approach, contributions to the Sustainable Development Goals and value generated for stakeholders.
Strong and Sustainable Performance
The report was prepared taking into account the International Financial Reporting Standards (IFRS) Integrated Reporting Framework and in alignment with approaches from the Sustainability Accounting Standards Board (SASB) Oil and Gas Industry - Refining and Marketing Standard and the Oil and Gas Sector Standard published by the Global Reporting Initiative (GRI).
Doğan Korkmaz, Assistant General Manager of Finance at Türpraş, commented on the 2024 Integrated Operations Report: "While leading the transformation of the energy sector, we believe that sharing our progress in financial, environmental and social areas transparently with the public through validation by independent organizations will be instructive for other companies as well. This year, we have signed an important milestone by preparing a report in full compliance with Turkey Sustainability Standards Reporting Standards. We aim to increase the number of sustainability performance indicators included in the scope of sustainability audits every year. This year, we verified 336 sustainability performance indicators through independent audits and included them in our report.
While our company maintains its strong financial structure, it is advancing with firm steps towards its goal of becoming a carbon-neutral company by 2050 with new sustainability investments. Included in the Borsa Istanbul-BIST Sustainability 25 Index, Türpraş achieved significant success by ranking 15th among 405 organizations in its sector in the Global Refinitiv Index. Our company increased its rating four consecutive years and was included in the FTSE4Good Index for the fourth time in 2024. Compared to 2020, it achieved an average increase of 67% in sustainability index ratings in 2024. We will continue working to reduce our environmental footprint day by day while uninterruptedly meeting the energy needs of our country," he said.
As a pioneer and leading player in its sector, Türpraş has been verifying all greenhouse gas emissions through independent organizations in accordance with ISO 14064 standard since 2017 as the base year. As of the end of 2024, the company demonstrated success in reducing Scope 1 and Scope 2 emissions by 18% compared to the 2017 base year. Scope 3 emissions, corresponding to indirect emissions in the value chain due to the company's operations, were also verified by an independent organization in accordance with ISO 14064 standard and were presented to the public for the first time in the report covering all categories.
Türpraş continued its voluntary reporting under the EU Taxonomy Regulation, which classifies economic activities under environmentally sustainable activities. Through this work, the report also included the level of alignment of capital expenditures, operational expenses and revenue with environmental sustainability targets.
Türpraş's Integrated Operations Report highlights work carried out under the Strategic Transformation Plan, environmental sustainability projects in energy and water efficiency and work in the field of social responsibility.
The report also notes that Türpraş, the first Turkish industrial company to join Water Europe, the leading stakeholder organization of the European water market, is also a member of Hydrogen Europe, which directs Europe-focused green hydrogen work.
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