ESG Report 2024

Vitol has published its fifth ESG Report. It provides an update on our environmental, social and governance performance across our investments and trading activities.

Throughout 2024, we continued to roll out our ESG strategy by prioritising safe and reliable operations, respecting human rights and striving to minimise impacts on the environment. This report marks another step in keeping our stakeholders informed of our progress. It seeks to offer insights into both the challenges we encounter as an energy and commodities company and the solutions we provide to our customers.

Highlights from the report show that we have:

• Achieved -41.3% carbon intensity reduction for our ocean-going fleet in 2024, meeting the 2030 IMO -40% target six years early
• Spent over $2.5bn since 2018 on sustainable investments across solar (45%), wind (35%) and other sustainable solutions (20%), e.g. biomethane, electric vehicles and carbon projects
• Grown our share of physically delivered transitional energy products (e.g. gas, power and biofuels) to 34% from 33% in 2023
• Maintained a strong relative Total Recordable Injury Rate (TRIR) of 1.92 compared with recognised benchmarks and peers in 2024, with no reportable work-related fatalities at any investment in which we are invested
• Decreased Total Road Traffic Incident Frequency (RTIF) to 0.23 from 0.44 in 2023 through the roll-out of a trucking operations management system to improve road safety
• Trained 100% of security force supervisors on the Voluntary Principles on Security and Human Rights (VPSHR) at operationally controlled sites, and undertook regular monitoring of seafarer worker wellbeing across operationally controlled vessels
• Reflected in our greenhouse gas footprint the shift of our direct influence from extraction to refining volumes, driven by upstream divestments in North America and downstream acquisitions including Saras Group in Italy, restating our three scopes of emissions in line with recognised methodologies
• Achieved eight out of the 12 ESG targets that we had set ourselves in 2022 to reach by end 2024 and established new targets to reach by 2030
• Invested over $345 million to charitable causes via the Vitol Foundation since its inception in 2006, with 198 ongoing investments across 76 countries

You can read and download the report here.