Sustainability governance
UN sustainable development goals
The UN resolution Transforming our world: the 2030 Agenda for Sustainable Development or Agenda 2030 defines 17 sustainable development goals that must be achieved for world development to be sustainable.
The Group’s activities strive for processes, products and services that contribute to the achievement of the UN SDGs.
Sustainability statement
To provide stakeholders with a balanced and adequate perception of the company’s environmental, social and governance performance and its investment in sustainable development, Latvenergo Group prepares its Sustainability Statement annually in accordance with EU sustainability reporting requirements.
From 2009 to 2023, sustainability reports were prepared in accordance with the GRI (Global Reporting Initiative) Standards guidelines.
Sustainability reports you can find in section Investors/Reports and Presentation
Sustainability assessments
The Sustainability Index is a management tool developed in line with international standards to help organisations assess the sustainability of their operations and their level of corporate responsibility. More than 100 Latvian companies, public institutions, municipalities and universities are assessed every year on the basis of the Sustainability Index. Latvenergo AS has been participating in the Sustainability Index since its beginning in 2010. In 2023, both Latvenergo AS and Sadales tīkls AS were awarded the Diamond category of the Latvian Sustainability Index. Liepājas enerģija SIA was awarded the Gold category.
In May 2023, the sustainability rating agency ISS ESG awarded Latvenergo AS a B- ESG corporate rating, placing Latvenergo AS among the top 10% of companies in the industry. In addition, a Prime badge was awarded meaning that Latvenergo AS fulfills ISS ESG's demanding requirements regarding sustainability performance in the sector.
Latvenergo is the first company in the Baltic states to publish Moody’s opinion on the climate targets defined by the company and the feasibility of achieving them. The NZ-3 score received by the Group confirms the high credibility of reaching the climate targets of the Group and its compliance with the requirements of the Paris Agreement.
Sustainability Committee
In order to improve sustainability governance and promote the implementation of sustainability initiatives in the Latvenergo Group, a Sustainability Committee has been established.
Documents
Latvenergo Group not only complies with statutory requirements, but also undertakes voluntary responsibility for its impact on society, the environment and the national economy, thus contributing to sustainable development of the Group. The objective of the Sustainability Policy of Latvenergo Group is to define and maintain common principles for the sustainable development of the Group.
The Management Board of Latvenergo AS approved the Sustainability Strategy of the Group at the end of 2023. It complements the medium-term operational strategy with a broad plan of specific actions covering environmental, social and governance issues.