Mercuria CSR report 2023 - Flipbook - Page 16
PLANET 2023
BACKGROUND
For several years, we have actively measured
and reported our GHG footprint, consistently
seeking enhancements in our process. We
continue to improve data quality, processes
around data collection and calculations when
better data and approaches are available. In
2023, we advanced our efforts by partnering
with Validere, a third-party emissions
management software provider, backed by a
team of qualified experts. This collaboration
was aimed at digitizing and validating our
emission calculations and streamlining our
GHG reporting across multiple assets.
In addition to partnering with Validere, we also
partnered with Maritech Services Limited by
using their software – Sea. Sea offers a
digitalized method for us to record, track and
validate our voyage charter carbon emissions.
This allowed us to enhance our underlying data
collection methods and compare against IMO
emissions reduction targets.
The following basis of preparation was
employed for our GHG emissions calculations
in 2023:
GUIDANCE AND EMISSION FACTORS
We adhere to the GHG Protocol Corporate
Accounting and Reporting Standard, as the
guiding standard for our emissions. Given the
diversity of our activities and investments, we
have considered the principles from various
guidance (e.g., IPIECA for oil and gas) for the
respective activity. We continue to review and
update our approach as new guidance
becomes available.
Our approach, in order of priority, consists of
the following steps:
Reported emissions: We report on emissions
data reported in regulatory filings for our
assets.
Primary data collection: We collect primary
data (e.g., actual consumption figures from
invoices and management reports) to quantify
emissions.
Estimation with derived figures: When
neither reported emissions nor primary data are
available, we estimate emissions by applying
derived figures to activity-based data.
Our emission factors are derived mainly from
IPCC, ISO, DEFRA, EPA, and IMO. We have
updated these factors to reflect the most
recent publication versions and have also had
them independently verified by Validere for
accuracy and reliability.
ORGANIZATIONAL FOOTPRINT
We report our organizational footprint based on
the GHG Protocol equity share. Asset
emissions are calculated based on Mercuria’s
percentage equity share of each asset. Equity
share gives a better reflection of our business
model compared to the operational control
basis as we are not primarily an operator of
assets.
The assets we own and operate cover a wide
range or energy and energy-transition related
assets.
This
includes
terminals
and
warehousing for storage, bunkering vessels,
renewable fuel refineries, gas and power assets
and mining activities.
SCOPE OF REPORTING
For the scope of this report, our focus is on
assets and activities identified to have the
largest impact in terms of emissions. This
includes activities that involve combustion of
fossil fuels and processes prone to atmospheric
emissions through venting or similar processes.
The primary sources include oil and gas
production, biofuel refining, mining and
transportation activities.
Assets in the
development stage, deemed to have a
negligible GHG footprint, have been excluded
from our analysis. We remain committed to
periodically reevaluating their significance and
will incorporate these assets into our reporting
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