California Resources Corp. (CRC) received recognition from global non-profit CDP for its 2022 climate disclosure for the fourth year in a row, this year receiving an A- score, the company announced in a press release Jan. 5.
For oil and natural gas company CRC to have received an ‘A’ and achieved the level of ‘Leadership,’ the company had to meet CDP’s climate change, deforestation and water security standards. Practices in strategy and action—science-based targets, climate transition plans, water-related risk assessments and deforestation—are evaluated using frameworks such as TCFD and the Accountability Framework, according to the CDP website.
The CDP-run disclosure system manages environmental impacts for companies, as well as investors, cities, states and regions. Its scoring system—which ranges from D- to A—evaluates a company’s comprehensiveness of disclosure, awareness and environmental risk management.
“We strive to demonstrate ESG leadership through detailed disclosure and pursuit of carbon reducing projects. We are pleased to be recognized by the CDP for our efforts,” said Chris Gould, executive vice president and chief sustainability officer, in the press release. “We continue to make progress on our 2045 Full-Scope Net Zero Goal and ESG goals.”
CDP uses its scores to show organizations and its stakeholders their progress towards operating under a 1.5 C, deforestation-free and water-secure future, CDP said on its website. Disclosure over multiple years can show a clear picture of improvements made and needed still.
“We are extremely pleased with CDP’s scoring of our 2022 climate disclosure. Our consistent leadership level rankings continue to validate CRC’s approach of valuing strong environmental, social and governance efforts while supporting energy transition,” said Mac McFarland, CRC’s president and CEO.
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