Resource use and circular economy

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Policies related to resource use and circular economy

Gunvor has documented its policies and expectations in relation to Health, Safety, Environment, Human Rights and Communities in a formal document called “Group HSEC Policy”. Our policy in relation to resource use and circular economy is covered in the environment section. We refer to the MDR-P (p.30) section of this report for further details.

In relation to the use of fossil resources you may refer to the section on climate change in this report.

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Actions and resources in relation to resource use and circular economy

Gunvor contributes to a circular economy by means of our two biodiesel plants, where we convert a waste stream (used cooking oil) into a low carbon fuel (biodiesel).

At our other operations the focus is on the reduction of energy use and GHG reduction. Indirectly this leads to a reduced use of natural resources (fossil energy).

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Targets related to resource use and circular economy

Gunvor started the internal reporting of the waste percentage that is being recycled in 2023. When we have developed longer time ranges and more experience with this metric, we may consider using this for setting certain targets.

As explained above, the Group focuses our targets on the reduction of energy use and GHG emissions.

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E5-4 Resource inflows

Gunvor’s trading activities comprise large quantities of resources such as oil, gas, metals. Inherent to trading activity, the inflow equals the outflow in the longer term, without use by the Company.

Regarding its operational activities we limit ourselves here to a qualitative description of the significant resource inflows. For refining these are mainly crude oil and natural gas. The biodiesel plants use vegetable oils, mainly used cooking oil, to produce biodiesel. The recently acquired plant in Bilbao (BBE) uses natural gas to produce electricity.