MUSCAT: Affirming its own commitment to advancing sustainability goals, the Muscat Stock Exchange (MSX) recently hosted a discussion that spotlighted the strategies of two prominent listed firms Abraj Energy Services and Renaissance Services in the respective decarbonisation of their operations in the Sultanate of Oman.
The discussion came on the heels of MSX’s recent publication of reporting guidelines for listed companies that must publicly share information – which is voluntary at present, but is set to become mandatory in two years – about their Environmental, Social and Governance (ESG) performance.
Dr. Lamya Harub, Sustainability Project Manager at Abraj Energy Services, shed light on the company’s commitment to sustainability and active engagement in ESG activities. She emphasized the significance of environmental stewardship, social responsibility, and robust governance practices within the energy sector.
Stephen R Thomas, CEO of Renaissance Services, outlined the firm's innovative Net Zero Initiative in the Oil and Gas Industry. The company’s goal, he said, is to significantly reduce its carbon footprint, thereby setting a remarkable example for other MSX-listed companies.
In his presentation, Thomas detailed a comprehensive plan to reduce emissions and share its emission reduction data in alignment with the expectations of MSX investors and the broader MSX community.
Thomas emphasized that embracing sustainability is an ethical obligation and a strategic investment, especially for companies listed on the MSX. Renaissance Services strategically focuses on energy efficiency, cleaner energy sources, and ethical conduct, aligning its corporate strategy with global sustainability objectives, he noted.
Thomas stressed the importance of collaboration in his address, highlighting MSX's unique position as a hub for sustainable cooperation among energy sector companies. Acknowledging the environmental challenges often associated with oil and gas businesses, Renaissance Services' Net Zero Initiative invites cross-industry partnerships, knowledge sharing, and the co-creation of sustainable solutions. As it expands, Renaissance is determined to reduce its carbon footprint while maintaining financial success, he stated.
Welcoming MSX’s initiative to launch a platform for ESG reporting by listed companies, Thomas said the move will enable public traded firms to pursue a greener, more sustainable future that aligns with the expectations of MSX investors and stakeholders.
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