Trafigura publishes its 2022 Sustainability Report showing progress in responsibly connecting the world’s resources in the transition to a low-carbon future
Singapore, 20 January 2023 – Trafigura Group Pte Ltd. (“Trafigura” or “the Group”), a market leader in the global commodities industry, today published its 2022 Sustainability Report. The report outlines the Group’s approach to material sustainability topics and performance in the 2022 financial year and underlines its role in supplying energy, minerals and metals required for the energy transition.
“Addressing climate change is a key strategic focus for Trafigura,” said Jeremy Weir, Trafigura’s Executive Chairman and Chief Executive Officer. “Following significant progress in reducing Scope 1 and Scope 2 greenhouse gas emissions from Group operations by 30 percent since 2020, equivalent to reducing our direct emissions by over one million tonnes CO2e, we have revised our climate change strategy and set longer term targets. Today we have set out a roadmap aiming for operational carbon neutrality by 2050, including a medium-term target to reduce Scope 1 and Scope 2 emissions by more than 50 percent over the next decade, compared to 2020.”
In respect of Scope 3 emissions, the Group has set a new GHG emissions reduction target to reduce the GHG intensity of Scope 3 supply chain emissions of all non-ferrous metals sourced and supplied to customers, from extraction to processing, by 10 percent by FY2030 compared to a FY2020 baseline. The new target reflects Trafigura’s ambition to work with suppliers, transport and logistics providers and customers to reduce the carbon intensity of the commodities it supplies.
Trafigura also announced its intention to invest in renewable hydrogen projects with a total production capacity of 3GW by the end of FY2030.
The report has been prepared with reference to the Global Report Initiative (GRI) Standards and is accompanied by a GRI content index, which maps Trafigura’s disclosures against GRI framework guidelines. It is also aligned with the World Economic Forum Stakeholder Capitalism reporting metrics. The report also forms part of the Group’s United Nations Global Compact (UNGC) Communication on Progress on the implementation of the 10 Principles of the UNGC and maps activities against the Sustainable Development Goals (SDGs).
The Group’s approach and reporting framework are aligned with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), which was created by the Financial Stability Board to develop consistent climate‑related financial risk disclosures.
Trafigura is a leading commodities group, owned by its employees and founded 30 years ago. At the heart of global supply, Trafigura connects vital resources to power and build the world. We deploy infrastructure, market expertise and worldwide logistics network to move oil and petroleum products, metals and minerals, gas and power from where they are produced to where they are needed, forming strong relationships that make supply chains more efficient, secure and sustainable. We invest in renewable energy projects and technologies to facilitate the transition to a low-carbon economy, including through joint ventures H2Energy Europe and Nala Renewables.
The Trafigura Group also comprises industrial assets and operating businesses including multi-metals producer Nyrstar, fuel storage and distribution company Puma Energy, and our Impala Terminals joint venture. The Group employs over 12,000 people and is active in 156 countries.