Blue Water Energy LLP

Climate Impact & Sustainability Data (2022-04-01 to 2023-03-31)

Total Carbon Emissions:71139.63 tCO2e/year (Bluewater only)

Scope 1 Emissions:56.76 tCO2e/year

Scope 2 Emissions:60.73 tCO2e/year

Scope 3 Emissions:71062.54 tCO2e/year

Updated travel policy to reduce carbon footprint from business travel; portfolio companies increased measurement of Scope 1 & 2 GHG emissions; portfolio companies are starting to identify data for Scope 3 emissions calculations and exploring emissions reduction plans and offsetting.
CRC Evans completed work on a 50km hydrogen pipeline in Romania.
IMServ leveraged renewables for 65% of its energy and invested in solar panels, expected to contribute 15% to overall energy requirements.
Galileo implemented a project with a third-party energy consultant to conduct an energy efficiency survey focusing on areas within its GES Klang LPG terminal where it can use its own solar energy supply.
Unique Group eliminated single-use plastic within the workplace, rented electric vans and invested in digitalisation to eliminate paper use.

Rolled out a health check programme and focused on mental health for all employees; supported two members of staff to undertake Mental Health First Aider training.
Increased number of portfolio companies undertaking human & labour rights due diligence; increase in diversity initiatives across portfolio companies; portfolio companies improved recruitment practices.
3t Training Services joined forces with Ørsted to lead the Women into Wind initiative, offering training and work opportunities to 12 women.
IMServ is reviewing its remuneration structures to ensure all staff (including temporary workers) are paid Living Wage, and ensuring key suppliers pay in-country Living Wage.
Unique Group employees dedicated 300 hours to community volunteerism.

Appointed an ESG-nominated director on the board of each portfolio company; onboarded all portfolio companies to a reporting & benchmarking platform; required each company to set annual objectives and report on these at board level quarterly; created an ESG operating manual; developed ESG guidelines; enhanced due diligence process.
All Bluewater staff undertake comprehensive compliance training, including Anti-Bribery & Corruption, annually; portfolio companies are expected to do likewise.
All portfolio companies have a sustainability strategy; most portfolio companies have a code of conduct in place covering corruption & bribery, whistleblowing, and gifts policies; portfolio companies completed a Cybersecurity Risk Assessment exercise and are implementing company-specific cybersecurity action plans.

Long-term Goals:

Fund III to be registered as SFDR Article 8; reporting in line with TCFD recommendations.

Medium-term Goals:

Portfolio companies to start identifying data required to calculate Scope 3 emissions; portfolio companies to develop emissions reduction plans; portfolio companies to fully or partially offset their emissions.

Short-term Goals:

Further reduce Bluewater's carbon footprint from business travel; work with remaining portfolio companies to measure Scopes 1 & 2 emissions; review supply chain data to identify emission reduction opportunities.

Reducing GHG emissions from business travel and supply chain; ensuring accurate and rigorous GHG emissions reporting; achieving consistent ESG improvements across the portfolio; addressing challenges related to limited resources in portfolio companies; combating deceptive practices such as greenwashing in the green fuels market.

Undertook a travel audit and updated travel policy; enhanced supply chain data collection; partnership with a third-party ESG data reporting & benchmarking service provider; embedding ESG actions into standard business practices; partnership with a global non-profit organisation to develop an assurance framework for the traceability and authentication of green fuels.

Review of supplier onboarding process; identification of ‘at risk’ suppliers and rollout of a questionnaire including human & labour rights questions; requesting information on human & labour rights from key or highest-risk suppliers.

Hydrogen pipeline delivery (CRC Evans); green fuel assurance (Authentix); energy efficiency improvements (IMServ); renewable energy investments (IMServ, Galileo).

Frameworks Used: UN PRI, ILPA, EDCI, TCFD

Certifications: Cyber Essential Plus (Bluewater)

Hydrogen pipeline technology (CRC Evans); green fuel verification technology (Authentix); energy efficiency solutions (IMServ); Unmanned Surface Vessel fleet (Galileo); Electric Coiled Tubing Power Pack (Galileo).