Bunker Holding on Tuesday (13 September) presented its first ESG (environment, social, and governance) report which highlights the company’s commitments, ambitions, and challenges in its work to promote and drive socially and environmentally conscious practices.

Main highlights of the report include Bunker Holding setting a target to establish formal partnerships with project developers and producers with the objective to establish bunkering infrastructure needed to supply low-and zero emission fuels. 

“Our aim is to be formally engaged in at least 10 projects by the end of 2023, with the ambition to bring low- and zero carbon fuels to the maritime industry,” the company said in the report. 

Besides setting tangible objectives and ambitions, Bunker Holding has developed a clear ESG framework to propel and steer future sustainability efforts, which will enable the Group to take firm action in reducing its environmental footprint and work towards driving a positive social impact. 

Striving to accelerate the decarbonisation of the maritime sector, promote gender equality in a predominately male-dominated industry, and advocate for more transparency, are some of Bunker Holding’s key sustainability ambitions.

“We’re immensely proud to now have launched our first ever ESG report. Not only is it the result of dedicated efforts from our entire organisation, but it is also our promise to our stakeholders that we will follow through on our commitments. We really feel we have reached an important milestone. At the same time, we acknowledge that the journey ahead will be a challenging one,” said Keld R. Demant, CEO of Bunker Holding.

Earlier this year, Bunker Holding launched an ambitious five-year strategy, Fueling the Future, with one of the key drivers being moving responsibly together with suppliers and clients. The foundation of the strategy is to lead the Group through the coming years of radical change in the industry, including the transition to more sustainable fuels.

As part of its sustainability strategy, Bunker Holding has established an ESG Council to act as the formal steering body for ESG with the main purpose of aligning efforts and supporting Executive Management with monitoring and driving progress across ESG. In addition, Bunker Holding has recently added strong supporting competencies to its Management Team, for example by hiring a new Head of Green Fuels and a Head of ESG to help steer and influence change across the organization.

Providing leadership to the industry

Although Bunker Holding has already worked with ESG for some time, it has intensified its work with structuring procedures and defining strategically prioritised actions; A process which has taken almost one year, required diligence, and which was initiated with a comprehensive materiality assessment in collaboration with Deloitte. 

The assessment determined 14 key ESG Topics that the company will put enhanced efforts behind. The Topics cover areas such as Diversity, Equality, and Inclusion, Compliance, Corporate Governance, Climate Impacts from Own Activities, and Climate Impacts from Supplied Fuel to name a few. Focusing efforts on topics material to Bunker Holding will enable it to best drive positive change while preventing harmful impacts.

“Over 99% of our global carbon emissions come from the fuel that we sell to our customers. As one of the world’s leading bunker suppliers, we are in a unique position to help not only our clients but the entire industry in the shift to sustainable energy sources. Currently, the required technological solutions, market, and infrastructure are not yet there for widespread adoption, but we are frontrunners, we are investing, and we have geared up for the green transition,” says Keld R. Demant, adding:

“The ambition to help change and guide the industry towards a green transition, however, does not exempt us from keeping a keen focus on our Scope 1 and 2 emissions, and we know change starts with oneself. That is why we are committing ourselves to reporting and staying transparent on our work with ESG going forward.”

Henceforth, Bunker Holding will publish an ESG report annually which will describe how it has progressed on its ESG performance, targets, and ambitions.

Note: Bunker Holding’s ESG Report is available to download here. 

Photo credit: Bunker Holding
Published: 14 September, 2022