Trafigura Group Pte Ltd. (Trafigura), a global commodities leader, has released its 2024 Sustainability Report, marking a decade of annual reporting on its environmental, social, and governance (ESG) initiatives. The report showcases the Group’s efforts to uphold responsible business practices while addressing global sustainability challenges.
Key Highlights of the Report
- Governance and Compliance Enhancements
- Trafigura has bolstered its governance framework by restructuring and expanding its Risk, Credit, and Internal Audit teams.
- Compliance policies were updated, and the internal compliance control framework was strengthened.
- ESG Leadership
- The ESG Steering Committee has been reinforced, with cross-functional groups tackling resilience and climate change challenges.
- Commitment to Safety
- The Group reported zero fatalities across its operations, reflecting its prioritization of rigorous health, safety, and security standards.
- These standards have been implemented not only across Group assets but also promoted to suppliers.
- Progress on Shipping Decarbonization
- A 31% reduction in Scope 1 and 2 GHG emissions in Group-owned operations compared to the FY2020 baseline was achieved. The company targets a 50% reduction by FY2032.
- Engagement in decarbonization efforts includes participation in the Global Maritime Forum and First Movers Coalition, alongside signing contracts for four Medium Gas Carriers capable of using and carrying low-carbon ammonia, expected for delivery in 2028.
- Renewable Energy Investments
- Trafigura’s renewable energy ventures, Nala Renewables and MorGen Energy, continue to expand.
- By the end of FY2024, Nala Renewables had 500MW in construction and operation, with 1.5GW in its secured pipeline. MorGen Energy is advancing flagship green hydrogen projects in the UK and Denmark.
- Carbon Markets and Projects
- The Group has expanded its carbon desk services across regulatory and voluntary carbon markets, investing in carbon removal projects.
- Preparation for EU Sustainability Reporting Standards
- Trafigura has initiated a double materiality assessment to align with the EU Corporate Sustainability Reporting Directive (CSRD) and plans to report against CSRD standards by FY2026.
Jeremy Weir, Trafigura’s Chairman, reflected on the company’s journey:
“While there is still much we can improve, I reflect with pride on the company’s achievements in building a more diversified, responsible, and sustainable business over this period.”
Jeremy Weir emphasized Trafigura’s dual role in meeting current energy demands and supporting the transition to a low-carbon future.
Looking Ahead
Under the leadership of Richard Holtum, who assumed the role of CEO on January 1, 2025, Trafigura aims to further its sustainability ambitions. With a strong foundation in responsible practices, the Group is well-positioned to navigate the complexities of the global energy transition.
About Trafigura
Trafigura is a global commodities leader with over 30 years of experience. The company connects vital resources to global markets, employing advanced infrastructure and expertise to facilitate efficient and sustainable supply chains. Trafigura’s portfolio includes industrial assets like Nyrstar, Puma Energy, and Impala Terminals.
With over 13,000 employees in 150 countries, including 1,400 shareholders, Trafigura remains committed to driving innovation and sustainability in the commodities sector.
Source Trafigura