■ An upgrade after maintaining A rating in three consecutive years since 2021

■ Received high evaluation for efforts in carbon emission reduction, hazardous substances and waste management, and environmental management systems

SK Innovation has been recognized for its leading ESG (Environmental, Social, and Governance) performance in the global capital market.

On July 7 (KST), SK Innovation announced it received an AA rating in the “2024 MSCI ESG Rating” by Morgan Stanley Capital International (MSCI), a global firm providing equity indexes and investment decision support tools. According to MSCI ESG Rating, companies that achieve rating from AA grade are considered ESG leaders. SK Innovation’s achievement is the highest level in Korea’s oil refining and petrochemical industry.

In 2021, SK Innovation’s MSCI ESG Rating was upgraded from a BBB to an A, which was maintained in three consecutive years. This time, its comprehensive performance in all areas of Environmental and Governance was acknowledged, raising the overall rating by one grade.

MSCI ESG ratings evaluate the ESG management status of over 8,500 listed companies worldwide every year, classifying them into seven grades: AAA, AA, A, BBB, BB, B and CCC. These rating serves as a benchmark for global institutional investors’ decisions, significantly influencing the financial market. Particularly, companies that receive an AA rating or higher can be newly included in, or see an increased portion in various investment portfolios managed by MSCI.

In this year’s evaluation, SK Innovation received positive assessments in areas including carbon emission reduction efforts, hazardous substances and waste management, environmental management systems, and business ethics.

SK Innovation and its affiliates have obtained ISO 14001 certification, the international standard for environmental management systems, at all domestic production sites (Ulsan, Daejeon, Incheon, Seosan, and Jeungpyeong). Additionally, corporate ethics and anti-corruption policies are managed at the board level.

Furthermore, clear targets have been set for greenhouse gas reduction and hazardous chemical management by 2050, with continuous implementation significantly influencing the rating upgrade. Since 2022, SK Innovation has systematically managed and transparently disclosed related data through its ESG data platform.

“Achieving the MSCI ESG AA rating is not merely an upgrade in evaluation; it signifies that global capital market recognizes our company’s solid foundation in all areas of environment, society, and governance,” said Kim Yong-soo, Head of ESG Strategy Office at SK Innovation. He added, “We will continue to enhance corporate value through our ESG activities.”