At BB Energy, addressing climate change is a key priority, and we are committed to using our capabilities to progress the world’s energy transition.
We are delighted to introduce our second edition of the ESG framework, since its debut in 2021. This cements its place as one of the key strategic priorities within the Group. In this year’s report, we aim to showcase how our different businesses – Trading, Downstream, Renewables - are collectively contributing to create a long-term positive and sustainable impact within society.
BB Energy embarked on a transformational journey towards cleaner and greener energy more than a decade ago by investing in and trading cleaner transition fuels, such as LPG and LNG. In January 2020, we formalised our ambition to support the Energy Transition with the creation of our Renewable Division.
Through a focused acquisition and investment strategy, we have expanded our Renewable Energy Division, which is dedicated to investing in renewable energy and emission reduction projects. We now have more than 30 members in the Renewable team, which continues to grow steadily through the hiring of highly skilled personnel with decades of experience in renewables projects.
This year, we worked closely with CarbonChain to establish BB Energy’s new carbon footprint measuring system including Scope 1, 2, and 3 emissions. As we move into future reporting years, we anticipate the data to be increasingly refined and more comprehensive, enabling rational decisions at the right level and delivering on our commitment to transparency for our stakeholders.
Our Group’s ability to support the Energy Transition is fuelled by the financial commitment that we made in 2021 to invest 25% of our annual net profits in renewable and energy transition projects. We are proud that we have already made great progress this year, with more than 30% of BB Energy Group’s average net profit committed in renewable and energy transition projects.
The 2022/2023 ESG Framework provides an update on the progress of our current greener projects, as well as case studies which evidence our action in this space: from solar power plants reaching financial close this year to help with the demand for clean energy, to our investment in energy infrastructure to enable transition fuels such as LPG.
Finally, we would like to reiterate our support to the Energy Transition journey. We are conscious that this is an area ripe for partnerships and continuous improvement, and we are open for discussions.
We look forward to hearing from you.