seeing green

2 Houston energy companies secure Dow Jones sustainability rating

Halliburton and ConocoPhillips were named to the 2023 Dow Jones Sustainability Indices. Photo via halliburton.com

Halliburton and ConocoPhillips were named to the 2023 Dow Jones Sustainability Indices, which assesses the “sustainability performance of companies transparency process” based on an annual S&P Global Corporate Sustainability Assessment.

The CSA evaluates companies’ sustainability practices, and covers over 10,000 companies globally. The CSA has focused on financially material and industry-specific sustainability criteria since 1999.

The methodology of the annual CSA is updated to reflect the objectives to ensure that the CSA captures and delivers high-quality, material sustainability data, and increases efficiency and ease for participating companies. Over 13,000 companies get invited to participate in the CSA, but just 3,500 of the largest companies globally are eligible for inclusion.

In 2023, the DJSI saw a strong response from companies that disclosed their sustainability performance to capital markets through the CSA process.

For Halliburton, 2023 marks the third consecutive year that the company has been named to the prestigious list. Halliburton and ConocoPhillips are the only Houston companies that made the 2023 list.

“At Halliburton, we are constantly developing new and better ways to meet the growing global energy demand while advancing a more sustainable energy future,” Summer Condarco, senior vice president of Service Quality, Continuous Improvement, and Chief HSE Officer, says in a news release. “We are honored to be recognized by the Dow Jones Sustainability Indices for our commitment to sustainability leadership.”

See the full list of companies here.

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A View From HETI

Greentown Labs announced it's receiving a percentage of Prithvi Ventures' proceeds. Photo courtesy of Greentown Labs

Effective immediately, Greentown Labs, which has locations in Houston and Somerville, Massachusetts, is benefitting from funds raised by an investment group.

Greentown Labs, a nonprofit climatetech incubator, announced its partnership with New York-based Prithvi Ventures, a firm that specializes in early-stage climatetech. The unique partnership includes Prithvi Ventures donating "a percentage of proceeds received from its Fund 1 and Fund 2 to Greentown on a quarterly basis, in perpetuity," per Greentown's news release. The exact percentage was not disclosed.

“There’s an understanding in sports that the best teams always take responsibility and accountability for their own and look out for each other—that the members of the team are a reflection of the franchise,” says Kunal Sethi, founder and general partner at Prithvi Ventures. “I have always believed the same to be true in venture, too.

"Founders should know their supporters, team, and cap tables inside and out. It matters who you surround yourself with and Greentown Labs is always the first name that comes up for me," he continues. "Every founder in climatetech should work with them or they’re missing out on so much.”

Prithvi Ventures already has a handful Greentown member companies in its investment portfolio, including Carbon Upcycling, Mars Materials, Nth Cycle, and Rheom Materials. The firm has invested in 30 companies total, and aims to lead rounds, preferring to be the first large check for the startups it invests in.

“We are delighted to deepen our relationship with Prithvi Ventures and are grateful for their ongoing support,” Aisling Carlson, senior vice president of partnerships at Greentown Labs, says in the statement. “Through this new partnership, Prithvi Ventures and its limited partners are setting an example for how the venture community can more directly support the incubators and accelerators working to catalyze climatetech innovation and entrepreneurship.”

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