2024 ESG Report FINAL - Report - Page 79
29 Heller, Marc, “Fight grows over converting farmland to solar 昀椀elds,”
GREENWIRE, June 3, 2024.
42 See GHG Emissions Methodologies on page 21 for details on all
calculations featured in this section.
30 Sources include country or entity regulatory websites. In the
case of CORSIA, SAF is not mandated under CORSIA, but it reduces an
airline’s offset obligation.
43 Our current re昀椀ning portfolio was consolidated in 2011. Energy
intensity increased in 2020 due to demand-related throughput
reductions caused by the COVID-19 pandemic.
31 Meigs, James B. (May 2024). Biden’s Electric-Vehicle Hustle.
Commentary. https://www.commentary.org/articles/james-meigs/
bidens-electric-vehicle-hustle/.
44 Based on EPA's WaterSense average U.S. household consumption.
32 McKinsey & Company, MCFM Mobility Consumer Insights, Annual
MCFM Mobility Consumer Survey 2024, dated February 2024, global N
= 36,954 (“MCFM Mobility Consumer Insights”).
33 National Renewable Energy Laboratory, June 2023, "The 2030
National Charging Network: Estimating U.S. Light-Duty Demand for
Electric Vehicle Charging Infrastructure."
34 U.S. Light-Duty Vehicle (LDV) Life Cycle Emissions study conducted
by Southwest Research Institute – “Life Cycle Analysis Report” (2022)
was based on simulations performed using the GREET life cycle
analysis tool. LDV with 12-year life and 160,000 miles travel, renewable
diesel GHG emissions are based on 100% waste oil based renewable
diesel blend, electricity based on 2019 EIA average mix, and no
battery replacement for 300 mile range electric vehicle. Vehicle
class mix of 30% sedans, 20% crossovers, and 50% pickup/SUV trucks.
Embedded GHG emissions captures the GHG emissions involved in
the manufacturing, assembly, and production of the vehicle as well as
maintenance items over the lifetime of the vehicle i.e. battery, 昀氀uids,
ADR (assembly, disposal, and recycling), and components. U.S. HeavyDuty Long-Haul Vehicle (HDV) Life Cycle Emissions study conducted
by Southwest Research Institute – “Life Cycle Analysis Report” (2022).
Class 8 heavy-duty truck with a 1,000,000-mile (~15 years) lifetime,
electric truck with a 500-mile battery range, electricity based on 2019
EIA average mix, one battery replacement, and diesel engine running
on 100% waste oil based renewable diesel. Embedded GHG emissions
capture the GHG emissions involved in the manufacturing, assembly
and production of the vehicle as well as maintenance items over the
lifetime of the vehicle such as battery, 昀氀uids, ADR (assembly, disposal
and recycling), and components.
35 Jenkins Jr., H., July 18, 2023, Of EVs and Heat Waves. The Wall Street
Journal.
36 IEA (2024), Global Critical Minerals Outlook 2024, pages 6, 7, 30, IEA,
Paris.
Notes: Li = lithium; Ni = nickel; Co = cobalt; Gr = graphite; DRC =
Democratic Republic of the Congo. Geographical breakdown refers
to the country where the production occurs. Mining is based on
production data. Material processing is based on re昀椀ning production
data. Cell component production is based on cathode and anode
material production capacity data. Battery cells are based on
battery cell production capacity data. EVs is based on electric cars
production data. For all minerals mining and re昀椀ning shows total
production not only that used in EVs. Graphite re昀椀ning refers to
spherical graphite production only.
IEA analysis based on EV Volumes; Benchmark Mineral Intelligence;
BloombergNEF.
37 Business & Human Rights Resource Centre (July 2023), Unpacking
clean energy: Human rights impacts of Chinese overseas investment
in transition minerals.
45 United States Department of Labor’s Occupational Safety and
Health Administration (OSHA).
46 Cal/OSHA is a program administered by the State of California
Department of Industrial Relations.
47 Re昀椀ning industry employees (U.S. Bureau of Labor Statistics, year
2022).
48 AFFFs stands for aqueous 昀椀lm-forming foams, which contain perand poly-昀氀uoroalkyl substances (PFAS).
49 Global re昀椀ning Tier 1 process safety event (PSE) rate and Tier 2 PSE
rate as de昀椀ned within API Recommended Practice 754.
50 API, the governing body for industry PS metrics, now reports
industry-wide PSE data on 昀椀ve-year averages.
51 The Environmental Justice Audit Report can be found on our website
at Valero.com > Investors > ESG > Reports and Presentations.
52 Includes funds donated by Valero and the Valero Energy
Foundation.
53
See 2023 Valero Form 10-K, page 14.
54 See 2024 Valero Proxy Statement, page 85.
55 Responses were given by employees in the Annual Bene昀椀ts
Statement Survey (2022).
56 Unless otherwise noted, workforce data re昀氀ects Valero’s global
population as of December 31, 2023.
57 Average includes salary, health and wellness bene昀椀ts, 昀椀nancial
bene昀椀ts and other incentives.
58 Valero's total investment in global employees includes direct
compensation; bonus payments; incentive stock awards; employee
bene昀椀ts, including retirement, medical and welfare bene昀椀ts as well as
other employment-related investments and expenses.
59 McAllister, K., Rattner, N., Francis, T., June 29, 2023, Want a job that
pays $200,000? See how much the biggest companies pay. The Wall
Street Journal.
60 Responses were given in the Employee Wellness Center Survey
(Field) (2023).
61 Responses were given in the Valero Fitness Center Survey (2023).
62 Includes training related to regulatory compliance, leadership
and other topics.
63 Measurements re昀氀ect our reasonable determinations based
on available data and information regarding the composition and
holdings of our stockholders over the course of our engagement
efforts in 2023.
64 See the Corporate Governance Guidelines in our website for more
details on our Stock Ownership and Retention Guidelines.
38 IEA (2021), The Role of Critical Minerals in Clean Energy Transitions,
IEA, Paris.
39 See https://www.thetwohundred.org/. The Two Hundred is a civil
rights organization committed to addressing the racial wealth gap in
California through home ownership and home building.
40
See MCFM Mobility Consumer Insights.
41 Pew Research Center, June 2023, "Majorities of Americans Prioritize
Renewable Energy, Back Steps to Address Climate Change."
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