OMV Petrom, sustainability report

There are currently 230 different sustainability labels and 100 green energy labels used in the EU. However, half of these labels are questionable because they cannot be proven.
For this reason, on March 22, 2023, the European Commission published a proposal for a directive to clarify when and how a product or service can be presented as "green," "eco," "bio," "eco-friendly," "natural," etc., as well as penalties for companies that make misleading claims and say they sell or are greener than they actually are.

The directive aims to protect consumers from false advertising. But, at the same time, it is designed to help genuinely sustainable companies that strive to survive in a market where everyone sells something "green," as well as investors who choose to invest in one company or another.

Vasile Lazăr, sustainability consultant: "What is very important to know is that behind this directive lies the interest of the investor community rather than civil society. This is a very interesting thing to observe.

Because investors have been heavily attacked lately for selling green investments that are not so green. That in their portfolio there are investments in companies that are partly eco-tech, but at the same time there is a large investment portfolio in companies from the fossil fuel sector, of energy produced from fossil fuels. And the pressure from pension funds, from private investors on the legislator, their lobbying has become stronger than the lobbying of companies that, according to the taxonomy, would fall into this gray or black area."

The problem with "green" claims is that they are not always visible, as is the case, for example, with products offered to consumers. Sometimes, they are hidden in documents that only specialists look at and understand. Such as non-financial reports, which large companies with over 500 employees must produce, and soon also medium-sized companies with over 250 employees.

Vasile Lazăr, sustainability consultant: "Recently, the sustainability report of OMV Petrom was published. And in the achievements section, for 2022, there were mentioned some photovoltaic power plants, of about 400 and something megawatts. For the uninformed, this might seem like a real achievement. In fact, it's just a contract signed by the company and Complexul Energetic Oltenia, an intention to build some photovoltaic parks.

The intention is very good, commendable, all our applause. But as long as it is not turned into reality, we are only talking about desires, objectives, plans. When we talk about environmental concerns, we are more interested in action than words."