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Tideway’s focus on sustainability recognised in S&P ratings

Tideway’s environmental benefits and focus on sustainability have been highly rated by S&P Global Ratings.

Tideway has been assigned an Environmental, Social and Governance (ESG) Evaluation of 76 out of 100, reflecting that “sustainability is well embedded in the company’s strategic objectives and operations.”

The report says: “Tideway has been set up to deliver a tunnel, which we expect to have significant environmental benefits in terms of increasing sewage storage capacity and reducing the amount of combined sewer overflows discharged into the Thames. In addition to the sustainability benefits associated with the tunnel, our assessment incorporates the company's own sustainability credentials. These include Tideway's high governance and social standards partly due to its regulated nature.”

Tideway’s Chief Financial Officer, Mathew Duncan, said: “As an environmental project, sustainability has always been at the core of everything we do. We are proud our efforts in this area continue to be recognised and that we are an example of how major infrastructure can be delivered sustainably.”

S&P Global Ratings' ESG evaluation is a cross-sector, relative analysis of an entity's capacity to continue to operate successfully. It is grounded in how ESG factors could affect stakeholders.

S&P Global Ratings currently evaluates more than 85 entities across the globe; they have an average score of 68.

Tideway was previously assigned an ESG Evaluation of 74. The revised score of 76 reflects Tideway’s enhanced reporting practices, for example the company now reports its gender and ethnicity pay gaps. Furthermore, Tideway started to produce detailed TCFD disclosures in 2021.

Read the full report here.