Iberdrola listed among world’s most ethical companies
Published by Sarah Smith,
Assistant Editor
Energy Global,
Iberdrola is the only Spanish company – the only major European electricity utility – to be recognised as one of the most ethical companies in the world, according to the 2021 World´s Most Ethical Companies ranking by the prestigious Ethisphere Institute.
Iberdrola has once again been selected for the eighth consecutive year in a ranking made up of 135 companies from 22 countries and 47 different industries, which has also recognised for the third consecutive year the commitment to good business practices of its North American subsidiary AVANGRID. In the Energy and Utilities category, only five multinationals were included this year.
In compiling this ranking, the Ethisphere Institute assesses more than 200 indicators of environmental, social and cultural practices; activities related to ethics and compliance; governance and diversity; and initiatives that help sustain the supply chain. In addition, in this new edition, the organisation has assessed how companies have reacted to the pandemic.
Iberdrola has been recognised for its solid commitment to ESG principles (environmental, social and governance) on which its business model is based. The company is a driver of social transformation and a benchmark in good governance and transparency, which extend to its supplier base around the world. With this commitment, it is accelerating the green recovery of the economy and employment: procurement from suppliers amounted to €14 billion in 2020, helping to maintain 400 000 jobs across the value chain.
In this area, the company has gone a step further and has set itself the goal of having 70% of its more than 1000 key global suppliers governed by ESG criteria by 2022. To this end, it has created an independently validated model, and a digital platform developed by the Spanish scale-up GoSupply, where the company's suppliers can self-assess their ESG performance.
Energy for Progress plan: 350 measures with an ESG approach
Iberdrola has launched the 'Energy for Progress' plan with which it will implement more than 350 measures to prop up its ESG approach. As a result, it will strengthen its leadership in the energy transition, foster innovation, contribute to the generation of new quality jobs, improving the quality of life of the population; and continue to implement best governance practices, while promoting a sustainable financial market.
Iberdrola has adapted its governance and sustainability system based on the ESG pillars while also maintaining the reduction of its carbon footprint among its goals. In 2020, it reduced emissions by 11%, to 98 grCO2/kWh, which were between half and almost three times lower than those of two of its main global competitors. By 2030, it will become a carbon neutral company in Europe.
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Read the article online at: https://www.energyglobal.com/special-reports/26022021/iberdrola-listed-among-worlds-most-ethical-companies/
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