S&P Assigns Tideway ESG Evaluation Of 76 Preparedness Ade...| MENAFN.COM

Tuesday, 24 May 2022 09:12 GMT

S&P Assigns Tideway ESG Evaluation Of 76 Preparedness Adequate


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S&P Global Ratings has assigned Tideway an ESG evaluation score of 76. Based in the UK, the company's purpose is to design, finance , construct and commission the Thames Tideway Tunnel in London, currently in its construction phase. The construction aims to manage the amount of sewage discharged in the River Thames alongside the growth in water and sewerage demand associated with London's growing population. The company's score reflects the sustainability benefits associated with the tunnel itself, as well as sustainability being well-embedded in Tideway's strategic objectives and operations.

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Tideway's ESG Score

Tideway's 'E' score (82) reflects the environmental benefits of the tunnel, which are likely to exceed those of other infrastructure projects in terms of reducing water pollution. As part of the London Tideway Improvements (LTI) plan, S&P expects the tunnel will reduce the amount of combined sewer overflows (CSOs) discharged into the Thames by over 90% and will support the river's biodiversity. Upon project completion, S&P believes the tunnel will redirect wastewater to a sewage treatment works, thereby increasing available freshwater in a city highly exposed to water stress .

The company's 'S' score (68) reflects its comprehensive health and safety strategy, including mental health support. Additionally, Tideway's workforce and diversity policy goes beyond regulatory requirements to consider socioeconomic impacts , as the company has targets to hire new apprentices, people with convictions, and locals from surrounding London boroughs. S&P also believes Tideway manages its high exposure to complaints from local communities better than many other infrastructure projects .

Tideway's 'G' score (77) reflects that its governance structure and oversight are in line with good practices . Tideway's six independent directors represent the largest group on the 13-member board, including the chairman, which S&P views as in line with best practice. Tideway's code and values reflect its emphasis on environmental and social responsibility , and its Legacy Commitments are mapped against the UN Sustainability Development Goals (SDGs ).

The company's adequate preparedness score reflects the company's unique purpose , which limits its exposure to long-term strategic risks and ability to capitalise on opportunities as upon completion, Tideway will transfer the daily operations of the tunnel to Thames Water. Hence, S&P's preparedness opinion has a neutral impact on Tideway's ESG evaluation.

Updated on Jan 27, 2022, 10:44 am

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