Saudi Electricity Company Sees Major Improvement in ESG Rating by S&P

The Saudi Electricity Company (SEC) has achieved a significant 43% improvement in its 2024 Environmental, Social, and Governance (ESG) rating, according to Standard and Poor's (S and P). SEC's score increased from 35 to 50, reflecting the company's commitment to sustainability and alignment with the Kingdom's energy sector goals. This advancement highlights the support from the Kingdom's leadership for enhancing operational efficiency, service quality, environmental impact reduction, and carbon emission reduction efforts. SEC has integrated sustainability principles into its operations through various environmental, social, and governance initiatives. The company has pledged to achieve net-zero emissions by 2050 and prioritizes community engagement and transparency in its governance practices. As a key player in the Kingdom's energy strategy, SEC significantly contributes to the goal of achieving a 50/50 energy mix by 2030-50% renewable energy and 50% high-efficiency natural gas-powered plants-under the supervision of the Ministry of Energy. The company also focuses on social responsibility through community programs and localizing the electricity sector workforce. SEC's strategy emphasizes environmental protection, social responsibility, and high governance standards across its operations, aligning with national and international priorities. The company's sustainability efforts adhere to recognized global standards and the Kingdom's ESG guidelines issued by the Saudi Exchange (Tadawul), while meeting investor disclosure expectations. SEC continuously refines its environmental and social standards based on its ESG rating to ensure alignment with the highest sustainability benchmarks. Details on SEC's sustainability initiatives and efforts are available in its Sustainability Report at: (https://www.se.com.sa/-/media/sec/Investors/Sustainability-Reports/Sustainability-_Report_2023_EN.ashx). Source: Saudi Press Agency