Climate Change Data

Environmental Metrics

ESG Focus Areas

• Environmental
• Social
• Governance

Environmental Achievements

• Reduced GHG emissions by 68% compared to 2019 (location basis: 3,014 tCO2e; market basis: 2,952 tCO2e)
• Reduced electricity use by 8%
• Reduced waste by 56%
• Reduced water consumption by 68%
• Reduced business flight emissions by 49%
• Increased rail travel by 35%
• Continued replacement of fluorescent lighting with LED lighting in London office
• Increased use of technology for online meetings
• Launched electric vehicle benefit scheme for UK employees
• Awarded a silver medal by Ecovadis, placing in the top 15% of the industry for sustainability

Social Achievements

• Continued focus on employee well-being through physical and mental health guidance, mindfulness practice, and virtual training modules
• Maintained close engagement between managers and teams, even during remote work
• Held global executive and divisional management forums, employee pulse surveys, and Employee Voice Forum with Non-Executive Directors
• Increased use of internal communications channel (Voyage)
• Regular communications from senior management
• Organized team, office, and leadership events
• Monthly CSR Committee meetings
• Encouraged employee engagement through share ownership
• Invested in developing and retaining talent through global promotions process, competency framework, management development program, and support for Maritime UK’s Maritime Masters program
• Evolved in-house recruitment model with direct search capabilities
• Developed a bespoke management and leadership development programme with a focus on diversity and inclusion
• Provided global access to online learning programmes
• Partnered with a strategic diversity and inclusion specialist
• Supported a number of charities, raising over £550,000 for charity

Governance Achievements

• Approved a global health and safety policy statement
• Approved a Compliance Code covering insider dealing, sanctions, anti-bribery and corruption, and market abuse
• Provided mandatory online training modules on anti-bribery and corruption, market abuse, sanctions, and cybersecurity
• Established whistleblowing arrangements with an independent third-party provider
• Implemented anti-money laundering policies and procedures
• Deployed resources to manage sanctions risk
• Provided annual sanctions training to relevant staff
• Established a Supplier Charter requiring suppliers to respect human rights, diversity, inclusion, and the environment
• Published an annual Modern Slavery and Human Trafficking Statement

Climate Goals & Targets

Environmental Challenges

• Anticipated increase in GHG emissions with a phased return to offices
• Data gaps in emissions data requiring estimations
• Need to better understand Scope 3 emissions
• Stakeholder environmental expectations increasing
• Transition risks more material than physical risks

Mitigation Strategies

• Embracing agile ways of working enabled by technology
• Using reasonable estimations for data gaps
• Commenced work to understand full Scope 3 emissions
• Proactively engaging with investors and clients to understand environmental expectations
• Collaborating with stakeholders to reduce environmental impact
• Disclosing GHG emissions annually and aligning reporting to TCFD recommendations
• Investing in market-leading teams to support offshore wind energy and newbuilding fleet renewal

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Supplier Charter requiring respect for human rights, diversity, inclusion, and the environment
• Due diligence on key IT suppliers regarding modern slavery

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Changes in policy, legal, technology, and market related to climate change mitigation and adaptation

Opportunities

• Offshore wind energy
• Newbuilding fleet renewal

Reporting Standards

Frameworks Used: TCFD, Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018

Certifications: Ecovadis Silver Medal

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Ecovadis Silver Medal

Environmental Metrics

ESG Focus Areas

• Climate Change

Environmental Achievements

• Reduced Scope 1 emissions by 24% in 2023 (compared to 2021)

Social Achievements

• Not disclosed

Governance Achievements

• Not disclosed

Climate Goals & Targets

Environmental Challenges

• Increase in FTEs and business travel led to higher emissions in 2022 compared to 2021.
• Purchase of additional diesel equipment in 2022.

Mitigation Strategies

• Phased replacement of diesel forklift trucks with electric ones.
• Phased replacement of petrol/diesel cars with electric ones.
• Switching to 100% green energy from 2025.
• Aiming for at least 50% of fleet and equipment to be electrically powered by 2026.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Not disclosed

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: ISO 14064-1

Certifications: ISO 14001, ISO 45001

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed

Environmental Metrics

ESG Focus Areas

• Climate Change

Environmental Achievements

• Reduced gas consumption resulting in a 2% reduction in CO2 emissions
• Improved building sustainability in Den Helder resulting in a 10% reduction in CO2 emissions
• Improved data insight resulting in a 1% reduction in CO2 emissions
• Phased replacement of diesel forklift trucks with electric ones resulting in a 50% reduction in CO2 emissions
• Phased replacement of petrol/diesel cars with electric ones resulting in a 60% reduction in CO2 emissions
• Purchased 100% green energy resulting in a 75% reduction in CO2 emissions from electricity usage
• Improved data insight resulting in a 1% reduction in CO2 emissions from electricity usage

Climate Goals & Targets

Environmental Challenges

• Increase in CO2 emissions in 2023 compared to the reference year (2021), explained by an increase in FTEs and pre-corona levels of activity.
• Increase in business travel due to frequent visits to the mother company in the UK.

Mitigation Strategies

• Setting yearly objectives for CO2 reduction (e.g., -5% in 2022, -10% in 2023, etc.), aiming for a 40% reduction by 2026 compared to 2021.

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: ISO 14064-1

Certifications: ISO 14001, ISO 45001