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2020 Sustainability Report

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2020 Sustainability Report 2020 Sustainability Report Delivering energy for the world today, and finding solutions for tomorrow 2 BW Sustainability Report 2020 Contents 3 This report provides an overview of BW Group’s activities relating to environmental, social, and governance (ESG) matters. It supplements the reports published by BW Group affiliated companies. While BW Group companies report similar metrics, each company’s results must be evaluated in the context of its respective segment, as vessel size, voyage length, and Chairman’s message 4 duration in port all vary considerably. Business overview 6 Environment • Improving asset footprint 10 • Investing in sustainable technologies 21 Social • Zero Harm 26 • Workforce diversity and inclusion 28 • BW Wellness Programme 32 • Community support 33 Governance • Corporate governance 36 • Industry participation 38 Appendix • ESG data overview 44 4 BW Sustainability Report 2020 5 Chairman’s message Sustainability is a growing focus area for all companies, and with good reason. Corporate sustainability was once predominantly about financial sustainability – to remain viable as a business. This is still relevant, with the average life of an S&P500 company now below 20 years (compared to 60 years in the 1950s). Over time, the concept of CSR developed (Corporate Social Responsibility). Although the idea had been around for a while, it took hold in the 1990s and 2000s with the premise that companies should actively contribute to the communities in which they operate. A natural evolution is ESG (Environmental, Social and Governance matters). Sustainable investing was already trending upwards before Covid, but took a decisive turn in 2020 with a significant increase in capital flows towards companies that score well on ESG dimensions. BW Group has been working on all these areas for a long time. We act in a way that protects our financial and reputational standing, so that we can continue to provide our services long into the future. One of our values is “enduring”, and this means that we don’t seek short-term gain at the expense of the long-term interests of our stakeholders. The UN Sustainable Development Goals provide some guide rails for this. We contribute to our communities. This is partly through donations such as those outlined in this report, which were ramped up during the pandemic. More importantly, we contribute through our work and services – producing energy; shipping it all over the world; and enabling power through floating terminals in countries like Pakistan, Egypt, El Salvador, Brazil and the Philippines. Bringing energy to developing nations has a positive impact far beyond anything a donation cheque can do. We don't stop there. In keeping with our responsibility to mitigate the effects of climate change, we are actively investing in decarbonisation. In part, this means reducing the environmental impact of our existing assets through retrofits and operational improvements. In part it is about investing in new areas that facilitate the energy transition. And it is about collaborating with others to effect change. We are proud to be founding members of the Maritime Decarbonisation Centre in Singapore, and will work through the centre to accelerate progress towards our industry’s environmental goals. ESG incorporates other areas such as diversity and inclusion, good governance, and attention to the health and safety of our team members. We are pushing forwards here also, recognizing that a sustainable company – in all senses of the word – is founded on a strong sense of responsibility to all our stakeholders. In this report you will find lots of examples and statistics. Underpinning it all is a belief in doing the right thing. Andreas Sohmen-Pao Chairman, BW Group 6 BW Sustainability Report 2020 7 Business overview Our presence 9000 10 employees BW Group offices worldwide BW Group is a leading global maritime company involved 420 in shipping, floating infrastructure, deepwater oil and gas owned and controlled vessels production, and new sustainable industries. BW affiliated companies Vision Best on Water Mission Delivering energy for the world today, and finding BW LNG BW LPG BW Epic Kosan BW Offshore A leading fleet of Liquefied The world’s largest fleet of Leader in last mile delivery of Global provider of floating solutions for tomorrow Natural Gas (LNG) vessels and Liquefied Petroleum Gas (LPG) LPG and other speciality gases production services to the oil and Floating Gas Terminals (FSRUs) carriers and petrochemicals gas industry Values Collaborative Ambitious • We engage our customers to find • We recognise that to be our solutions together customers’ first choice we must be responsive and excel in what we do • We interact positively and constructively with our colleagues • We challenge our own performance and goals, as individuals and as teams • We are open and authentic in everything we do • We give and we value honest and respectful feedback BW Energy BW Dry Cargo Hafnia Navigator Gas Owns and develops proven oil A fleet of modern dry bulk carriers World’s leading product tanker World’s largest fleet of handysize and gas fields company with over 180 vessels liquefied ethylene and gas carriers Reliable Enduring • We deliver on our promises to • We serve our customers with customers and colleagues a long-term perspective • We recognise that • We persevere based on accountability and reliability our commitment to make are essential for success a positive impact • We act with integrity and • We are attuned to the changes around uphold high ethical standards us, and adapt to stay relevant BW Solar BW Ideol Cadeler Corvus Developer of solar power and Leader in floating foundations for Wind turbine installation vessels Leading supplier of energy energy storage projects offshore wind for offshore wind construction, storage solutions for the maritime maintenance and decommissioning industry Environment 10 BW Sustainability Report 2020 Environment 11 Improving asset footprint Energy Efficiency Operational Index (EEOI) for vessels >10,000 DWT <10,000 DWT The graph below illustrates the Energy Efficiency Operational Index (EEOI) for each of our shipping businesses where we are the major shareholder. The fleet has improved on this dimension. From 2019 to 2020, we BW’s strategy g CO₂/t-nm g CO₂/t-nm reduced the average 30 100 ↓2.1% emissions of each vessel: To ensure we live up to our vision and mission, 90 25 ↓8.0% we must continue to deliver the energy the world 80 70 needs today while working on solutions for the 20 ↓2.5% % future. We are doing this through a dual focus 60 15 on reducing the environmental impact of our 15 50 average CO₂ emissions ↓7.6% current business, and investing in renewable 40 10 30 technologies that support a circular and ↓18.3% % 20 sustainable economy. 5 11 10 average NO×emissions 25.51 23.50 17.60 17.10 11.80 10.90 7.75 6.33 90.34 88.40 We have decreased average emissions per 0 0 BW LNG BW LPG Hafnia BW Dry Cargo BW Epic Kosan vessel across our businesses. We are on track 72,781 dwt 49,999 dwt 39,067 dwt 61,800 dwt 3,103 dwt % — — — – — to meet the IMO’s environmental goal of a 40% 95,978 dwt 58,899 dwt 115,000 dwt 185,200 dwt 9,127 dwt 80 reduction in carbon intensity by 2030 and a average SO× emissions 50% reduction in total annual GHG emissions by Min Vessel Size (2020) 2019 2020 — 2050, compared to 2008 levels. Max Vessel Size (2020) Annual Efficiency Ratio (AER) for vessels >10,000 DWT <10,000 DWT The graph below illustrates the Annual Efficiency Ratio (AER) for each business where we are the major shareholder. The fleet has improved on this dimension. g CO₂/DWT-nm g CO₂/DWT-nm 10 30 ↓11.7% 9 25 ↓3.0% 8 ↓1.3% 7 20 ↓2.2% 6 5 15 4 ↓19.5% 10 3 2 5 1 9.92 8.76 7.60 7.50 5.83 5.70 4.00 3.22 23.91 23.20 0 0 BW LNG BW LPG Hafnia BW Dry Cargo BW Epic Kosan 72,781 dwt 49,999 dwt 39,067 dwt 61,800 dwt 3,103 dwt — — — — — 95,978 dwt 58,899 dwt 115,000 dwt 185,200 dwt 9,127 dwt Min Vessel Size (2020) 2019 2020 — Max Vessel Size (2020) 12 BW Sustainability Report 2020 Environment 13 Optimising operations Regular maintenance and anti-fouling paints Waste management % We continuously improve our existing fleet BW places great emphasis on the responsible and its footprint. These improvements include disposal of waste onboard to avoid harming reduced fuel consumption via anti-fouling paint, the marine environment. We do this by creating 76 engine management, waste heat recovery, and vessel-specific water and waste management average reduction in total SO× emissions fuel-saving devices and technologies. plans, conducting drills to prepare for unplanned of all business units events, and encouraging suggestions from our Route and Speed Optimisation employees on methods to further reduce our footprint. In addition to regular maintenance of our existing fleet, BW optimises vessel efficiency by ensuring Each of our vessels practises a class-approved our ships travel on the most efficient routes at the Ballast Water Management Plan that ensures most efficient speeds. ballast water and sediment from vessels are handled in a safe and environmentally-friendly Through harnessing technology and meteo- manner, in compliance with the IMO Ballast Water rological data to conduct weather routing Management Convention. In Focus and regular voyage prognoses, BW ensures the scheduling of our fleet is effective and Recycling of ships In 2020, across Hafnia’s owned fleet, carbon intensity as measured by Annual Efficiency accurate. In 2020, our weather routing capabil- Ratio (“AER”) was 5.70 gms/T-NM, 5.6% below the present IMO baseline.
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