Introduction to the
2024 HSEC report
Elsa PERNOT,
Global Head of Ethics and Sustainability
Advancing with Purpose in a Changing World
A Decade of Progress and a Future-Facing Commitment
2024
Elsa Pernot,
Over the years different executives have introduced this report. It is a testament to the multiplicity of functions involved in our sustainability approach.
Environment: A Transition in Motion
Climate Commitments and Decarbonization Pathways
Environmental stewardship is central to Gunvor’s sustainability strategy. In 2023, the Company had achieved a 42.3% reduction in Scope 1 and 2 greenhouse gas emissions compared to its 2019 baseline. This was largely due to the impact of the energy efficiency projects implemented during the 2023 strategic maintenance at the Ingolstadt refinery and the economic shutdown of Rotterdam refinery in late 2024. Gunvor remains firmly committed to the net-zero ambitions for its assets and is working on defining its post-2025 climate pathway.
Investment in the Energy Transition
Through its dedicated vehicle, Nyera, Gunvor has made strategic investments across the energy transition value chain. In recent years, projects have ranged from utility-scale solar partnerships in Italy to biomass-to-hydrogen production in California.
Pollution, Waste, and Biodiversity
Gunvor’s industrial and maritime operations inevitably intersect with environmental risks beyond emissions. In 2024, the Company recorded only one environmental spill over one barrel—maintaining its long-standing record of vigilance in transport safety. Air pollution controls, including low-NOx burners and SO2 scrubbers at refining sites, contributed to compliance with strict European emissions standards. Gunvor’s wastewater treatment and incident reporting protocols also remained robust, with exceedances tracked and transparently addressed.
40%
Reduction of Scope 1 & 2in 2025 vs 2019
During 2024 the Company recorded a 9.5% increase in its workforce during
the year, translating to
189
new employees(”white collar” positions)
Social: Embedding Ethics, Elevating People
Workforce Well-being and Equity
Gunvor’s employees—about 2,000 across global hubs—are central to its operational success and cultural fabric. The Company continues to invest in safety, well-being, and career development, with training programs and employee engagement surveys informing internal priorities.
Value Chain Human Rights and Communities
Gunvor acknowledges that its social footprint extends well beyond its own workforce. The report includes material assessments of indirect impacts, especially in upstream and downstream segments of the value chain. These include the rights of seafarers, communities near extraction or refining operations, and third-party workers in logistics and retail.
Governance: Accountability in a Complex World
Governance has become a critical lever for managing risk, driving strategy, and embedding sustainability across the business. Gunvor’s governance framework has matured significantly, with a single-tier Board of Directors supported by specialized committees on Audit and Risk. The Group Compliance Committee (GCC) continues to serve as a central forum for ethical oversight, empowered with veto rights over material business decisions.
Data Integrity and Risk Management
Gunvor’s 2024 report reflects a marked improvement in data quality, assurance, and methodology. A new CSRD data management system is being developed to ensure traceability, accuracy, and real-time risk evaluation.
Samantha MILLER
Global Head of ABC Compliance
Looking Ahead: From Disclosure to Action
This 2024 report represents more than a disclosure; it is a statement of intent. Gunvor is redefining what it means to be a global commodities trader in the age of transition. By embedding sustainability in its strategy, engaging transparently with stakeholders, and aligning operations with global ESG standards, the Company is actively building a future where commercial performance and corporate responsibility are mutually reinforcing.
The key takeaway is not that the journey is complete—it is that the direction is clear. With deepened commitments, clearer metrics, and a growing culture of accountability, Gunvor is advancing with purpose into the next chapter of its sustainability evolution.
2024 Key numbers
Revenue
Volume
Equity
