Our aim and commitment
Our ESG strategy is central to our plan for long-term value creation, and is based on industry-leading, rigorous and transparent ESG targets. Its main driver is our push to achieve Net Zero by 2040. Our role in the energy industry provides us with valuable insights which enable us to empower our customers as they pursue their own decarbonisation ambitions.
Key to meeting our objectives is partnering with our customers, suppliers and stakeholders to deliver energy solutions that meet the world’s changing energy needs.
ESG is an essential part of our ONE VARO Transformation strategy, through which we redefine customer solutions to enable the transition to sustainable energies.
Our ESG goals
At VARO, we aim to be the energy transition partner of choice for reliable, accessible and sustainable energy solutions. Our ESG strategy is central to our plan for long-term value creation, and is based on industry-leading, rigorous and transparent ESG targets. Its main driver is our push to achieve Net Zero by 2040.
Our role in the energy industry provides us with valuable insights which enable us to empower our customers as they pursue their own decarbonisation ambitions. Key to meeting our objectives is partnering with our customers, suppliers and stakeholders to deliver energy solutions that meet the world’s changing energy needs.
Not only do we strive to comply with the relevant environmental legislation, but we also have a policy to communicate openly with all stakeholders and to continuously improve our performance. Operational risks at our manufacturing hubs and terminals, or linked to transportation via pipelines, sea, road and rail, are assessed on a regular basis and minimised.
The main impacts identified relate to emissions, potential spills, water and energy use, waste generation, and land use. On the other hand, VARO is very active in promoting renewable energy use, boosting energy efficiency, and assisting in biodiversity recovery via multiple initiatives.
Environmental management is an integral part of the HSSE (Health, Safety, Security and Environmental) protection domain. All HSSE aspects are closely linked to the planning and production activities, as one event can have several consequences for safety and environment.
We believe that a good safety and environmental culture is one where the two-way dialogue with our employees, contractors, authorities, neighbouring communities and all relevant stakeholders is effective. We have developed demanding targets for continuing to drive down rates of injury at work.
Our people are our greatest asset, and their safety is of paramount importance. We also aim to further improve on our Equity, Inclusiveness and Diversity action plan, as we believe this is the right thing to do, and it is also a key enabler for our company’s success. More specifically, we plan to increase female representation at all levels of VARO.
Business behaviour and ethics
Our Code of Conduct contains rules and guidelines for conduct in business relations and at the workplace. We target to train all employees on the Code of Conduct, and we train all commercial and financial staff about competition law. Since a large part of VARO’s activity is tied to the commercial handling of energy goods and services, we strictly abide by European Union and national rules regulating anti-competitive and anti-trust behaviour. Also critical to our ESG strategy is safeguarding the privacy of the data we hold regarding our staff, customers, suppliers and business partners. We comply rigorously with all anti-money laundering and counter-terrorism financing laws, rules, regulations and trade sanctions wherever we operate.
VARO operates its energy business in countries where there is a relatively low risk of breaching human rights thanks to strong national legislation and a fair judicial system protecting these rights. The countries where we operate our energy business – the Netherlands, Belgium, Germany, Luxembourg, Switzerland and France – have received the highest ranking on the Human Freedom Index. We will continue our careful monitoring of the human rights risks in the territories where we operate, especially as we move into new geographies. We are proud to have recently joined the UN Global Compact and committed to align our operations and strategies with important social principles in support of the UN’s Sustainable Development Goals (SDGs). These principles embody the core values that guide our business practices, which centre on honesty, integrity and reliability.
ESG at a glance
Preparing for our future
Underpinning our ONE VARO Transformation strategy are clear, measurable and meaningful ESG targets. We will push hard to achieve them over the coming years.Read our latest ESG report
by 2040 in Scopes 1, 2 & 3
Absolute reduction of scope 1 & 2 emissions against the baseline of 2022
Carbon intensity reduction in Scope 3 by 2030 vs. 2022
Renewable electricity in operations by 2030
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