Letter from the CEO – Bunker Holding’s ESG Report on Increasing Sustainability Initiatives

by Admin
Bunker Holding CEO

This may be our very first ESG report but that does not mean we have just begun our journey, we have been on our way for some time now, guided by our strong values of decency and leadership, With the ESG strategy outlined in this report, we are showing a strong commitment to facilitating and accelerating the decarbonization of the maritime sector. At the same time striving toward a more diverse and inclusive workplace while tackling an increasingly complex market on behalf of our clients.

Our Management Team is truly committed, During the past year, we have been guided by clearer regulations and framework for ESG, which we are using to provide our own organization with tangible objectives and ambitions.

While the journey essentially starts with management buying into the ESG criteria and taking ownership, we are now moving quickly to dissect the abstract concepts and turn them into something concrete, relatable, and actionable.

Obviously, responsibility for moving forward with ESG rests with Executive Management, but everyone must be activated. Only by doing so can we create personal engagement from each employee. We will only succeed with our ESG goals if everyone leans in. Great 10-year plans are of little use right now. We need to ask, what can we do today? And then do it.

Keld R. Demant, CEO, Bunker Holding Group

E is for Energy

Bunker Holding is the world’s leading bunkering company, but the name can be a little misleading. We should not define ourselves as a company delivering oil but rather a company that is fueling the world trade. We look forward to the day when we can do so by delivering greener fuels like hydrogen and methanol. But until these future technologies are ready, we will deliver the products needed to power the vessels of today. And our finest purpose will always remain the same as it was 40 years ago: To reduce complexity for the shipping companies.

When I talk to our stakeholders, I hear an acknowledgement of the need to tackle climate change. There has really been an explosive increase in awareness over the past 12 months.

After COP26, no one is discussing if we have a problem but rather what can we do to address it. A small group of stakeholders is actively moving forward, and eager to engage in dialogue with us, while a larger group accepts the challenges but is unsure of how to proceed.

We are committed to stepping forward and leading the way. We are actively investing in new employees, experts, partnerships, and departments. And over the coming years and decades, we intend to do everything we can to facilitate the transition to sustainable fuels.

We are a global company, and this is a global effort for us. Our new Head of ESG will be responsible for driving and influencing change with passionate colleagues around the world.

We realize that the journey ahead is a challenging one. Global shipping is responsible for 2.5% of global emissions, and this is naturally a major focus for us. It will require joint effort by the shipping industry if we are to see this number decrease.

We have already started taking concrete steps to address our Scope 1 and 2 emissions but 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 transition to sustainable energy sources. Currently, the required technological solutions, market, and infrastructure are not yet there for widespread adoption, but we are front runners, we are investing, and we are gearing up for the green transition.

S is for Spurring success

Bunker Holding is a truly global company, and some of our great strengths are our local presence in 34 countries and our diverse talent composition with our employees encompassing 53 nationalities. Striving to ensure that everyone at the Group enjoys equal opportunity has always been important to us.

Maintaining and attracting the best people requires us to be inclusive, to offer inspiring working conditions, and to continuously aim to be a workplace where people feel that they belong.

Our internal surveys on employee satisfaction and motivation show that employees regard the company as open-minded, inclusive, and fair. And just recently, our Dubai office was named one of the best workplaces for women in the Emirates for the third consecutive year.

To be able to continue representing and creating value for the global market we operate in, we must remain dedicated to being a diverse, equitable, and inclusive workplace.

Gender distribution is something we are working on, and here we are aware that there is room for improvement. The numbers are not all bad. Our owner family is 67% female. As of June, this year, we have a balanced gender composition in our Board of Directors. Our Management Team is 10% female, whilst 36% of our total employees are women. On the other hand, there are local trading offices in the Group with none or just one female trader. Women are also underrepresented in many other departments in Bunker Holding, and we cannot turn a blind eye by noting that this is also the case in the shipping industry at large. Instead, we must work hard to attract women and help them succeed.

 A more diverse, equitable, and inclusive workplace will inevitably open up to more opportunities and increased innovation and creativity.

G is for Going the extra mile

We are governed by the same values that the company was founded on more than 40 years ago: leadership, decency, and business acumen. It is an integral part of our work to ensure we live up to these values to stay on course.

We have invested heavily in governance, and we intend to further strengthen this position. I believe it is a prerequisite for our continued success: It is much easier to act freely, creatively, and innovatively, when everyone understands the framework, they are working within. We would not be a market leader without great governance.

Source: Click here to know more about Bunker Holding First-ever ESG Report