ONGC Becomes First PSU To Conduct DMA

Oil and gas major Oil and Natural Corporation of India (ONGC) became the first PSU to conduct a Double Materiality Assessment (DMA). The DMA was done in FY 2024-25 for identifying and prioritizing the company’s material sustainability issues.

The company said in its integrated annual report 2024-25 that the DMA was done to identify topics affecting the financial materiality and impact materiality and involved internal and external stakeholder engagements.

The outcomes of the DMA will form the basis for ONGC’s environmental, social and governance (ESG) strategy.

The DMA was done to advance ONGC’s sustainability governance and also align with the international reporting frameworks as they evolve, and was guided broadly by the guidelines issued by European Financial Reporting Advisory Group (EFRAG). The purpose of the activity was to identify and prioritize sustainability issues that have significant impact on the society, environment and organization’s financial performance.

Announcing the milestone on social media, ONGC said, ‘By adopting the double materiality lens, aligned with the European Sustainability Reporting Standards (ESRS), we are going beyond traditional financial metrics to assess not only the impact of environmental and social factors on our business, but also our business’s impact on the environment and society.’

It added that DAM’s holistic perspective ensures transparency, accountability, and long-term value creation.