Trafigura Group has published its 2024 Sustainability Report, highlighting responsible business practices and progress towards its environmental, social, and governance (ESG) goals.
Trafigura’s tenth annual Sustainability Report details progress during the financial year to 30 September 2024. In FY2024, Trafigura delivered strong financial performance, driven by demand for supply chain services. The metals, minerals, and bulk commodities division had one of its best years, while the oil and petroleum products, gas, power and renewables, and shipping and chartering teams also performed well.
The report highlights continued progress in a number of areas including:
- Investment to further strengthen governance and compliance. This included restructuring and expanding Risk, Credit and Internal Audit teams, updating Compliance policies and an improved internal compliance control framework.
- Reinforced ESG Steering Committee and established cross-functional working groups on topics such as business resilience and climate change to support implementation across the Group.
- Safety remains a key priority, with zero fatalities across the Group’s own operations. Rigorous health, safety and security standards continued to be enhanced and implemented at Group assets and promoted with suppliers.
- Scope 1 and 2 GHG emissions reduced in Group-owned operations by 31 percent against a FY2020 baseline with a mid-term target of a 50 percent reduction in Scope 1 and 2 GHG emissions by FY2032.
- Continued engagement on shipping decarbonisation through the Global Maritime Forum and First Movers Coalition, and implementation of efficiency measures on the Group’s owned and controlled fleet. Contract signed for four Medium Gas Carriers capable of using and carrying low carbon ammonia when delivered in 2028.
- Carbon desk services and reach expanded across global regulatory and voluntary carbon markets, with further investments in carbon removal projects.
- Continued investment into renewable power generation, implemented through Nala Renewables (wind, solar, battery energy storage) and MorGen Energy (green hydrogen). At the end of FY2024, Nala Renewables had c. 500MW in construction and operation, and 1.5GW in its secured pipeline. Morgen Energy continued to focus on its two flagship renewable hydrogen projects in Milford Haven, UK and Esbjerg, Denmark.
- Double materiality assessment underway to align with the EU Corporate Sustainability Reporting Directive (CSRD) and European Sustainability Reporting Standards (ESRS), with the expectation to report against CSRD in FY2026, based on FY2025 data.
Fundamentally, our role is to supply the essential energy and raw materials the world relies on today, while also supporting the transition to a lower carbon future – and to do so efficiently, reliably and responsibly.
…said Jeremy Weir, Chairman, Trafigura.
Pathway to operational carbon neutrality by 2050
Trafigura having achieved its short-term target of a 30 percent reduction against the FY2020 baseline year and is now working towards its midterm target of a 50 percent reduction in Scope 1 and 2 GHG emissions by FY2032.
The efforts include:
- The installation of a heat recovery roaster at the Nyrstar site in Balen, Netherlands, further heat recovery, and new and upgraded back-pressure steam turbines at our European sites;
- Integration of renewable energy at European Nyrstar zinc smelting sites;
- Industrial efficiency and process improvements at the Bahía Blanca and Puma Energy’s ManRef refineries in Latin America;
- Installation of solar photovoltaic panels at the Campana Terminal in Argentina, across a significant proportion of our Puma Energy aviation storage depots and retail stations, and at several Impala Terminals operations.
