Climate Change Data

Environmental Metrics

ESG Focus Areas

• Health & Safety
• Environment
• Energy Transition
• Human Rights
• Compliance

Environmental Achievements

• Reduced Scope 1 and 2 emissions in refineries.
• Avoided 13,346 metric tonnes of CO2 emissions in shipping.
• 100% certified sustainable feedstock for biofuel plants.
• Zero spills of > 1 barrel.

Social Achievements

• 100% of staff undertook a Human Rights awareness education session.
• No worker was injured with severe, long-lasting effects.
• Community complaints were lower than in the preceding year.
• Investments in community projects through Gunvor Foundation.

Governance Achievements

• Established a dedicated investment vehicle, Nyera, for non-fossil fuel investments.
• Introduced ESG KPIs into its flagship corporate facility and refinery borrowing bases.
• Strengthened compliance procedures and training programs.
• Improved counterparty due diligence processes.

Climate Goals & Targets

Environmental Challenges

• Supply chain disruptions.
• Climate change impacts on shipping and terminals.
• Transition risks related to the shift towards greener energy sources.
• Maintaining low levels of environmental exceedances and complaints.

Mitigation Strategies

• Committed to a 40% reduction in Scope 1 and 2 emissions by 2025.
• Goal of 100% eco-vessels in owned ships and 75% in time charter fleet by 2022.
• Established Nyera for investments in renewable energy and alternative fuels.
• Implemented improved processes and equipment in refineries.
• Strengthened counterparty due diligence and compliance programs.

Supply Chain Management

Responsible Procurement

• Prequalification forms for contractors; assessment of CSR policies; site visits to check working conditions.

Climate-Related Risks & Opportunities

Physical Risks

• Impact on shipping activities and terminals on lower grounds

Transition Risks

• Transition of the commodities trading industry towards greener energy sources

Opportunities

• Investments in renewable energy and alternative fuels; development of low-carbon liquid fuels.

Reporting Standards

Frameworks Used: IPIECA, GRI, SASB, TCFD

Sustainable Products & Innovation

• Biodiesel; plans for low-carbon liquid fuels.

Environmental Metrics

ESG Focus Areas

• Climate Change and Energy Transition
• Human Rights
• Compliance

Environmental Achievements

• Reduced Scope 1 and Scope 2 greenhouse gas emissions by 47.3% compared with 2019, exceeding the target of 40%
• Maintained zero spills larger than a barrel into the environment.
• Improved carbon intensity of the fleet by around 4% year on year.
• Time Chartering fleet composition improved to 52% eco ships.

Social Achievements

• Recorded a 16% increase in its workforce during the year, translating to 247 new employees.
• Launched Gunvor’s new Graduate Program.
• Established various internship opportunities.
• Overall attrition rate of 10.1% with 5.9% voluntary leavers.

Governance Achievements

• Compliance Department almost doubled in size since 2020, from 17 to 32 employees.
• Compliance team vetted 997 new business counterparties.
• Moved to provide Compliance Training online in English and Spanish.

Climate Goals & Targets

Environmental Challenges

• Anticipated increase in emissions in 2024 due to an uptick in refining operations.
• Unexpected challenges—some technical, some geopolitical—have influenced progress to the 2025 targets.
• Challenges in lowering Scope 3 emissions.
• Falling short of getting the fleet back on the reduction trajectory following 2022 disruptions.

Mitigation Strategies

• Strategizing how to lower Scope 3 emissions.
• Optimizing fleet composition.
• Revising methodology for calculation of carbon intensity as per the IMO.
• Implementing various optimization strategies, such as adjusting routes, speeds, and fuel types in shipping.

Supply Chain Management

Supplier Audits: Pilot project to assess 5 strategic suppliers over the next 2 years

Responsible Procurement

• Sustainable certifications for POME

Climate-Related Risks & Opportunities

Physical Risks

• Impact that changes of weather patterns could have on shipping activities and terminals

Transition Risks

• Shifting industry towards more sustainable energy sources

Opportunities

• Development and trading in low/zero-carbon fuels

Reporting Standards

Frameworks Used: ESRS, GRI, IPIECA, SASB, GHG Protocol

Certifications: ISO 50001

Third-party Assurance: Deloitte (partially), PricewaterhouseCoopers (partially), Third-party verification for Scope 1, 2, and 3 (shipping) emissions

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Biofuels
• Natural gas
• Liquefied natural gas (LNG)

Awards & Recognition

• Not disclosed