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Tideway scores 74/100 on S&P global ratings

Sustainability "embedded in Tideway's objectives", say s&p global ratings

Tideway has achieved a score of 74/100 for its environmental, social and governance performance from one of the world's top ratings agencies. 

The company building London’s super sewer was deemed to have sustainability “well embedded” in its strategic objectives and operations by S&P Global Ratings.

Elsewhere, the project was praised for its high governance and social standards and strong safety record, while the super sewer itself was expected to have “significant environmental benefits” for London. 

S&P Global Ratings looked at a variety of environmental and social factors, as well as those relating to the company’s governance, in its evaluation.

Tideway’s environmental performance was rated at an impressive 82/100, with “strong” scores for the project’s approach to greenhouse gases, land use and water.

“We believe the infrastructure will improve water quality and support local biodiversity in the tidal Thames,” the report said, adding that Tideway’s culture was “excellent because the company has the mechanisms in place to deliver its commitment to a culture of inclusivity, fairness, and safety in its operations”

Social performance was evaluated as 68/100, with “strong” scores in the “communities” and “workforce and diversity” sections, while Tideway’s governance was rated 74/100. 

Darren White, Tideway’s Head of Sustainability, said: “These ratings underline Tideway’s commitment to sustainability, not just in delivering a vital piece of infrastructure for London, but embedding this core value in everything we do. 

“From investing in a river logistics programme that cuts emissions and congestion to minimising our carbon footprint wherever possible, sustainability is high on our list of priorities.”

Ines Faden, Tideway’s Group Treasurer, said: “Environmental, social and governance performance is taking centre stage in investor's and stakeholder’s minds; this report provides an assessment of how Tideway is doing.

“Tideway’s ESG performance and our alignment with the UN Sustainable Development Goals further support Tideway’s sustainable financing drive.”