Bunker Holding, the world’s largest supplier of marine fuels, publishes second ESG report showcasing targets and progress on ESG action points. The new report pinpoints that industry partnerships, know-how build-up, and strong systems are at the top of the agenda when moving towards a transparent and compliant future industry.
For the second consecutive year, Bunker Holding, the world’s largest supplier of marine fuel and lubricants, has published an ESG-report showcasing the company’s commitments and progress on environmental, social, and governance issues.
At the forefront of Bunker Holding’s reporting is the long-term target of transitioning towards low- and zero-carbon fuels, which is in alignment with the recently revised 2023 IMO GHG strategy to reach net-zero GHG emissions from international shipping by or around 2050. With Bunker Holding having already committed to a decarbonisation strategy and being heavily invested in new fuels, the Group is confident that the new IMO target will secure broad participation and an enhanced ambition from the industry to work together in reducing the carbon emissions of global shipping.
“The need for a sustainable transition towards a net-zero industry plays well into Bunker Holding’s industry position. We continue to invest heavily in acquiring knowledge and specialist expertise and educating our employees on low- and zero-carbon fuels. And just as importantly, we are sharing our learnings with partners and clients to provide a better understanding of the way forward in our industry,” says Keld R. Demant, CEO of Bunker Holding,
adding: “Many of the suppliers of new fuel types, be it methanol, ammonia, LNG, or any other low- or zero-carbon fuel, rarely have extensive knowledge or network within shipping. We aim to connect the dots between producers and clients and by already making the sustainable infrastructure for alternative fuels available in ports across the world, we are doing just that. This pioneering work is one of our core strengths and how we continue to contribute to the green transition.”
As the long-term 2050 target is to work towards net-zero GHG emissions, Bunker Holding’s ESG report this year puts emphasis on short-term targets and measures paving the way towards that end. One such target is the company’s commitment to support scaling the availability of very-low carbon fuels towards 2030 and reduce the carbon intensity of the total product portfolio.
Strong systems and policies shape the organisation
This past year, Bunker Holding has been heavily engaged in enabling employees’ safety and well-being based on global policies. Ever since taking up the mantle in 2022, Bunker Holding’s Head of ESG, Mette Østerskov, has teamed up with strong internal HR capabilities in pursuing and implementing beneficial policies on diversity, equity, and inclusion across the organisation.
“In late 2022, we updated our global Parental Leave Policy followed by the introduction of a Senior Policy, a Stress Policy, and a Whistleblower Policy in early 2023. I am extremely proud when I see our employees’ reactions to these meaningful and important steps, we have taken towards becoming a more inclusive workplace, implemented on a global scale, nonetheless,” says Mette Østerskov, Head of ESG at Bunker Holding.
Together with social policies, an emphasis on a strong compliance framework to guide Bunker Holding has been important to the Group. Tracking and reporting on cyber security, misconduct, compliance, and delivering on a global responsible tax policy builds on the foundation of a stronger and more agile Bunker Holding.
“For the past 40 years, Bunker Holding has grown and evolved with the industry. And with ESG, I believe we are once again setting industry leading standards. Our global policies on employee care are an industry first, which I am very proud of. Along with our investments in compliance and cyber security systems and our commitment to build know-how and partnerships, we are putting in the dedicated work to create something we can be proud of for years to come,” says Keld R. Demant.
Along with building on Bunker Holding’s corporate standards and systems for better business practices, the work towards mutual industry development is also ongoing, with an aim of having minimum 85 percent of business partners signing a Global Business Partner Responsibility Conduct (GBPRC) policy by 2027/28. This policy aims to promote, safeguard, and assess the effort that business partners demonstrate in conducting and managing responsible business conduct in accordance with internationally agreed principles for sustainable development.
Source Bunker Holding A/S