ONGC Pioneers Double Materiality Assessment in India’s PSU Sector

Oil and Natural Gas Corporation (ONGC) has become the first Indian Public Sector Undertaking (PSU) to conduct a Double Materiality Assessment, a globally recognized framework highlighted in its Integrated Annual Report for FY 2024–25. The assessment, aligned with European Sustainability Reporting Standards (ESRS), goes beyond traditional financial reporting to capture both how environmental and social issues impact ONGC and how the company’s operations affect society and the environment. This dual perspective strengthens ONGC’s sustainability disclosures, enhancing transparency, accountability, and long-term value creation for stakeholders. The company emphasized that the assessment represents a significant step in aligning its business with evolving global sustainability expectations. By adopting this approach, ONGC has set a precedent for the Indian energy sector and the wider PSU ecosystem. The milestone demonstrates its commitment to balancing energy production with environmental stewardship, marking a new chapter in responsible and sustainable business practices in India.