Climate Change Data

Environmental Metrics

ESG Focus Areas

• Climate change
• Pollution
• Biodiversity and ecosystems
• Circular economy
• Own Workforce
• Workers in the value chain
• Corporate culture
• Cybersecurity
• Corruption and bribery
• Protection of whistleblowers

Environmental Achievements

• 24% reduction in carbon intensity (vs 2019 AER compared to 35% target by 2030)
• Achieved B fleet CII rating
• Zero spills
• General waste reduced by 19% (from 2021)
• Invested $80 million in upgrading five vessels with cargo sub-coolers and hull air lubrication systems

Social Achievements

• 50 hours safety training per employee
• Zero fatalities
• Retention rate for onshore and offshore employees Over 94%
• 37% office employees are female
• Zero serious marine incidents
• Completed the RightShip seafarer’s human right self-assessment
• Improved mapping of supplier database to enhance our ability to identify potential risks
• Completed the crew long term strategy 2023-2026 – focusing on initiatives for the healthy retention of our on-board personnel
• Concluded a shore and sea engagement survey
• Implemented a mobile social app connecting all employees at sea and onshore

Governance Achievements

• Prepared all internal processes to manage the EU emissions trading scheme
• Updated and strengthened misc. ESG-related company policies
• Established a Speak Up Platform
• Joined the Maritime Anti-Corruption Network, working towards the elimination of all forms of maritime corruption
• Created an operational security cybersecurity manual and established a dedicated cyber team

Climate Goals & Targets

Environmental Challenges

• Climate change mitigation – financial risk from the increasing environmental regulations that may result in our vessels being non-compliant
• Climate change mitigation – negative impact from GHG emissions (C02 and CH4) from our vessels transporting LNG and across our value chain
• Energy – negative impact from our own operations from our consumption of both renewable and non-renewable sources of energy
• Biodiversity loss – financial loss, reputational damage and legal repercussions from possible contribution to biodiversity loss
• Pollution of air – impacts from air pollutants from our operations
• Pollution of water – impact on water arising from emissions and other pollutants generated from our operations, which may be harmful to bodies of water
• Substances of concern – pollution to the environment from our value chain such as vessel construction, operations or waste management
• Biodiversity loss – impact on biodiversity loss through changes in land, fresh water, and sea use, introduction of invasive species, exploitation of wildlife, and GHG emissions and pollution
• Impacts on species and habitats – impact related to the risk of affecting species through habitat destruction, restriction of movement, wildlife interference and introduction of invasive species and pests
• Ship construction – possible impact from resource use, particularly in steel, fossil fuels, chemicals, and paint for ship construction
• Ship recycling – possible impact from contribution through the large-scale recycling of ships which can significantly contribute to the circular economy by generating substantial quantities of reusable resources, particularly steel
• Hazardous waste – financial risks from hazardous waste management, including reputational damage leading to lower revenues and higher costs
• Working conditions – failure to provide a safe working environment, and provide training and development opportunities may lead to poor company performance and reputational damage
• Working conditions – potential impact on the well-being and safety of our own workforce
• Equal treatment and opportunities – potential impact on the training and development, and diversity and inclusion or our own workforce
• Corporate culture – potential reputational damage and the inability to attract and retain a reliable workforce
• Cybersecurity – threats to our systems that may lead to reputational damage and fines
• Corruption and bribery – financial risk from reputational damage, fines, a general loss of market and stricter regulation
• Protection of whistleblowers – financial risk such as fines, legal fees, reputational damage, loss of customer base and increased regulations
• Working conditions for workers in the value chain – indirect impact on working conditions in the value chain, including health and safety violations, wellbeing, safety, social protection and secure employment in the value chain
• Other work-related rights for workers in the value chain – indirect impacts on the rights of workers across our value chain including freedom of association and collective bargaining, modern slavery and child labour
• Equal treatment and opportunities for all workers in the value chain – indirect impacts on diversity, equity, and inclusion (DEI) in the shipping value chain include issues related to gender equality, equal pay, training and skills development, employment and inclusion of persons with disabilities, violence and harassment, and overall diversity

Mitigation Strategies

• Investing in our assets to improve efficiency and reduce our emissions
• Participating in industry initiatives to reduce emissions and actively working with companies with promising technology
• Established an Environmental Management System (EMS) in compliance with the ISO 14001:2015 Standard
• Implementing rigorous screening procedures as mandated by our internal policies and incorporating the UK Modern Slavery Act and the Norwegian Transparency Act
• Completed the Crew Long Term Strategy 2023-2026
• Conducted a crew engagement survey
• Completed the RightShip seafarers Crew Welfare Self-Assessment
• Rolled out BeeKeeper, the company intranet for onshore and offshore employees
• Completed a people engagement survey for office staff and seafarers
• Introduced a reporting module called SAFIR
• Produced an information video that explains our quality management system
• Updated the Audit Committee Charter to reflect the Committee’s oversight of the Internal Audit function, and Cybersecurity reporting
• Updated our Code of Business Conduct and Ethics to incorporate the Company’s commitment to the Norwegian Transparency Act and UK Modern Slavery Act Statements
• Updated employee processes to incorporate the Company’s core values
• Established a Speak-Up Platform and policy
• Joined the Maritime Anti-Corruption Network (MACN)
• Issued Norwegian Transparency Act and UK Modern Slavery Act Statements
• Developed a comprehensive OT Cybersecurity Manual
• Established a cross departmental cybersecurity team
• Successfully implemented customer- specific cybersecurity requirements for OT systems in FSRUs
• Expanded our cybersecurity capabilities to support the implementation of cybersecurity controls across our fleet by utilising specialized OT Cybersecurity Resources
• Revised the environmental policy to include compliance with The Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships
• Mapped all hazardous materials, and inventory documented in accordance with the IMO Guidelines MEPC 269(68)

Supply Chain Management

Responsible Procurement

• Rigorous screening procedures
• UK Modern Slavery Act and the Norwegian Transparency Act compliance

Climate-Related Risks & Opportunities

Opportunities

• Increased demand for transitional fuels

Reporting Standards

Frameworks Used: SASB, GRI

Certifications: ISM Code, ISO 9001, ISO 14001, ISO 45001

Third-party Assurance: DNV