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MSCI ESG Research has rewarded utility Enel with the ‘AAA’ rating for its commitments to sustainability, up from ‘AA’ in 2018.

The award is rewarded to companies for their performance on environmental, social and governance.

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Francesco Starace, the CEO of Enel, said: “Enel’s rating upgrade by MSCI is the most important 2019 milestone in terms of our relentless work on ESG ratings. This represents the culmination of a rewarding year for our commitment to sustainability, which is a testament to the validity of our strategy that sees sustainability as a key driver of value creation for the Group.

“Specifically, in 2019, we launched the world’s first general-purpose SDG-linked bonds, directly linking sustainability targets to financial returns, and we were once again confirmed in the main global sustainability indices. Again in 2019, we were the only global utility and only Italian company to join the United Nations Global Investors for Sustainable Development (GISD) Alliance, following a call from UN Secretary-General António Guterres to 30 influential corporate leaders with the aim to cooperate over the next two years in the area of Sustainable Development Goals (SDG) financing.”

Enel’s expansion of its renewable energy portfolio has made the firm the world’s largest private renewable player with around 46GW of managed capacity globally.

The utility has made a pledge to reduce its direct greenhouse gas emissions by 70% by 2030 vs 2017 levels, reaching around 125 g/kWh, as certified by the Science-Based Targets initiative.

The ratings of other Enel subsidiaries include:

  • Endesa: “AA”, which remains the same from 2018;
  • Enel Américas: “A”, up from its “BBB” rating in 2018;
  • Enel Chile: “A”, up from “BBB” in 2018.

Enel has also been featured in other sustainability rating indices including:

  • The Dow Jones Sustainability Indices
  • The FTSE4Good Index
  • The Euronext VIGEO-EIRIS indices
  • The STOXX Global ESG Leaders indices
  • The OEKOM “Prime” rating
  • The ECPI indices
  • The Thomson Reuters/S-Network ESG Best Practices Indices.