SPC's Wind ESG rating upgraded to AA, with a comprehensive score of 8.22, leading the oil and gas industry rating

According to Tongbi Finance, on May 29, 2026, China Petroleum & Chemical Corporation Shanghai Petrochemical Company Limited (stock abbreviation: Shanghai Petrochemical, code: 600688.SH) was upgraded from A to AA in the Wind ESG rating. The company's comprehensive score is 8.22, higher than the oil and gas industry average of 6.23. It ranks 5th among 49 companies in the oil and gas industry, placing it in the top 10.20% of the industry. The scores for the environmental, social, and governance dimensions are 7.08, 7.58, and 7.83, respectively.

Compared to the previous rating, the comprehensive score increased from 7.60 to 8.22, an improvement of 0.62 points. Among these, the score for management practices increased from 4.60 to 5.22, contributing to the 0.62-point increase; the score for controversy events remained stable at 2.99 compared to the previous period. From a dimensional perspective, the environmental score increased by 1.14 points, the governance score increased by 1.84 points, while the social score decreased by 0.29 points.

Rating Observation

In the environmental dimension, the company demonstrated a strong management system and goal orientation, particularly achieving comprehensive coverage from systems to performance in the area of climate change. The company has established a climate change management system that includes a board strategy and an ESG committee, and has formulated specific systems such as the "Shanghai Petrochemical Carbon Emission Management Measures." By 2025, the company achieved a 10.83% reduction in carbon emission intensity compared to 2020, exceeding its annual target, and has set a goal to reach carbon peak before 2030. In waste management, the total amount of waste recycled and reused reached 655,600 tons, accounting for 98.27%, and the company has obtained ISO 14001 and GB/T 24001 environmental management system certifications, while innovatively implementing sludge drying and co-firing technology, with sludge treatment volume increasing by 70% year-on-year by 2025. Additionally, through the construction of photovoltaic power stations and cross-provincial green electricity procurement, the company aims to reduce carbon emissions by a total of 208,700 tons by 2025. However, the disclosure of carbon neutrality certification and greenhouse gas verification information still needs improvement, and there is further optimization space for the specific content of waste management goals.

In the social dimension, the company has demonstrated strong management capabilities in occupational health and safety production, establishing a comprehensive HSE management system that covers all employees, all processes, and all times. The company has set up a three-tier governance structure of "decision-making level - management level - execution level," and has formulated the "HSE 'Penalty Order, Deadline Rectification Order' Work Plan." By 2025, the company achieved a zero incidence rate of occupational diseases and zero work-related deaths, with an injury rate of 0.264 per million working hours, and safety production investment reached 330.042 million yuan, accounting for 0.44% of operating income. In terms of employment, the total number of employees is 6,940, with female employees accounting for 17.46%, and the average salary is 421,600 yuan, along with benefits such as seven insurances and three funds, supplementary medical insurance, and housing subsidies. Additionally, the company invested 500,000 yuan in rural revitalization projects, benefiting 2,344 people. However, there is still room for improvement in the completeness of information regarding occupational health and safety management system certification and emergency plans, as well as the quantitative data disclosure of community public welfare investments In terms of governance, the company demonstrates strong independence and checks and balances, while also forming a relatively complete structure for ESG governance. The proportion of independent directors on the board is 45%, and there are no independent directors whose tenure exceeds 6 years or who serve as independent directors in more than 3 listed companies; the CEO does not concurrently hold the position of chairman. The company has established a three-tier ESG governance structure consisting of strategic, coordinating, and executive levels, with the strategy and ESG committee deeply involved in sustainable development planning and reviewing ESG-related proposals. Executive compensation is linked to multi-dimensional ESG performance in areas such as health, safety, and environmental management, and the attendance rate of board members reaches 100%. Additionally, independent directors account for 100% of the audit committee, and the coverage rate of anti-commercial bribery and anti-corruption training remains at 100%. However, the proportion of female directors is only 9%, and the proportion of female executives is 0%, indicating significant room for improvement in governance diversity.

Content generated by AI on May 29, 2026, please verify important information