11 OCT 2023, KARACHI: The CFA Society Pakistan – a member of the CFA Institute – awarded K-Electric (KE) 2nd place in the ‘Best ESG Reporting Award of the Year 2022 – Corporates’ for the company’s exceptional performance in Environmental, Social, and Governance reporting standards. Winning the runner-up position in the ‘Best ESG Reporting Award of The Year 2022 – Corporates’ the power utility was recognized for its stringent ESG compliance and stands as an achievement that reflects the company’s commitment to sustainability and corporate responsibility.
Pakistan’s power sector is undergoing a revolution with an increased focus on renewable energy to meet anticipated energy demand and a concerted effort to minimize the impact of climate change. The company’s ESG reporting framework covers a wide range of topics, including climate change and its risks, biodiversity, supply chain management, safety and optimizing business processes that showcases its commitment to creating a positive impact on society and the environment. The report is also aligned with the international Global Reporting Initiatives (GRI) standards, a reflection of KE’s commitment to adhering to global best practices.
As an energy company truly embedded within Karachi, the company’s efforts in this area have not only earned it recognition from the CFA Society Pakistan but have also helped to strengthen its global reputation as a responsible, forward-thinking, and progressive corporate entity. Previously, KE’s flagship Roshni Baji program won the S&P Platts Global Energy Award in 2021. The holistically designed program seeks to build the capacity of women who enter the power utility sector.
KE is on track to add renewable energy to its power generation mix and bring in affordable power for its customers and reduce its carbon emissions. This is part of the company’s Investment Plan 2030, that envisions the induction of 30% renewables, with a total investment of PKR 484 billion across the transmission and distribution value chain. Additionally, KE has also filed a Power Acquisition Plan with NEPRA, which seeks to add further renewable inputs to its energy basket in liaison with the National Electricity Plan to add 60% of renewables to Pakistan’s total power generation capacity.
ABOUT K-ELECTRIC:
K-Electric (KE) is a public listed company incorporated in Pakistan in 1913 as KESC. Privatized in 2005, KE is the only vertically integrated utility in Pakistan supplying electricity within a 6500 square kilometers territory including Karachi and its adjoining areas. The majority shares (66.4%) of the company are listed in the PSX owned by KES Power, a consortium of investors including Aljomaih Power Limited of Saudi Arabia, National Industries Group (Holding), Kuwait, and the Infrastructure and Growth Capital Fund (IGCF). The Government of Pakistan is also a minority shareholder (24.36%) in the company.