Tüpraş Publishes the First Sustainability Report in Full Compliance with the Türkiye Sustainability Reporting Standards (TSRS)
Türkiye’s leading energy company Tüpraş is the first in the industry to publish an Integrated Annual Report in full compliance with Türkiye Sustainability Reporting Standards 1 and 2. The report provides a multi-dimensional account of the company’s activities, as well as its climate and sustainability efforts throughout the year.
In its 2024 Integrated Annual Report, Türkiye’s largest industrial organization Tüpraş shares progress on its Strategic Transformation Journey driven by the “Energy to the Future” vision and showcases environmental, social, and governance efforts.
A national sustainability role model and guiding force, Tüpraş published the industry’s first report fully aligned with the Türkiye Sustainability Reporting Standards (TSRS): “TSRS 1 General Requirements for Disclosure of Sustainability-related Financial Information” and “TSRS 2 Climate-related Disclosures.” The Company presents climate- and sustainability-related risks and opportunities under TSRS in four frameworks: “Governance,” “Strategy,” “Risk Management,” and “Metrics and Goals.”
The report details developments within the Strategic Transformation Plan, including key topics and impact dimensions identified through the double materiality approach, contributions to the Sustainable Development Goals, and the value created for stakeholders.
Strong and Sustainable Performance
Tüpraş's Integrated Annual Report also complies with the Integrated Reporting Framework by the IFRS Foundation, the Sector Standard for Oil and Gas by the Global Reporting Initiative (GRI), and the SASB Sustainability Accounting Standard (SASB Standard) for Oil & Gas - Refining & Marketing.
“As the leader of transformation in the energy industry, we believe that transparently sharing our independently verified financial, environmental, and social progress with the public will set an example for other companies,” said Tüpraş Deputy General Manager of Financial Affairs, Doğan Korkmaz, on the 2024 Integrated Annual Report, and continued: “This year marks a milestone as we have published our first report that is fully compliant with the Türkiye Sustainability Reporting Standards. Each year, we aim to increase the number of sustainability performance indicators covered in our sustainability audits. This year, for instance, our report includes 336 independently verified sustainability performance indicators. While maintaining our strong financial structure, we are taking firm steps toward becoming a carbon-neutral company by 2050 through new sustainability investments. We are listed on the Borsa Istanbul BIST Sustainability 25 Index and ranked 15th among 405 companies in our industry on the Global Refinitiv Index. We were also included in the FTSE4Good Index for the fourth time in 2024, successfully improving our rating for four consecutive years. Compared to 2020, our sustainability index ratings increased by an average of 67 percent in 2024. As we work to provide continuous energy to our country, we also strive to reduce our environmental footprint.”
Tüpraş has independent organizations verify all greenhouse gas emissions in accordance with ISO 14064 since the baseline year 2017, reinforcing its pioneering and leading role in the industry. By the end of 2024, the company successfully reduced Scope 1 and Scope 2 emissions by 18 percent compared to 2017. Scope 3 emissions, covering indirect emissions from company operations across the value chain, were verified by an independent organization under ISO 14064 and disclosed in the report for all categories for the first time.
Tüpraş also continues its voluntary reporting under the European Union Taxonomy Regulation, which classifies economic activities based on environmental sustainability. Consequently, the company detailed how its capital expenditures, operational expenditures, and turnover are associated with environmental sustainability targets.
The Integrated Annual Report features Tüpraş’s efforts toward the Strategic Transformation Plan, environmental sustainability projects focused on energy and water efficiency, and social responsibility initiatives.
The report also highlights that Tüpraş, the first Turkish industrial company to join Water Europe, the leading stakeholder organization in the European water market, is also a member of Hydrogen Europe, which shapes European-focused green hydrogen initiatives.
For more information on the report, please follow the link below. 2024 Integrated Annual Report.