Our Approach to Sustainability

Our purpose is to empower people, communities and businesses by responsibly trading energy. As such, our commitment to Environment, Social and Governance (ESG) principles is ingrained into everything we do. As a global energy company, we support the global energy system by responsibly delivering affordable, secure, and increasingly clean energy to the people, communities and businesses that need it most. Our ESG framework is our response to the ESG issues we have identified that could have the most material impact on our business, and those where our business may have most impact on the world. By responsibly trading energy around the world, we promote social and economic growth while advancing the energy transition, contributing to a sustainable future and creating long term value for all our stakeholders.

Sustainability Framework

Our ESG Pillars

Our sustainability framework is based around four pillars: Environment, Social, Governance and Health & Safety.

This pillar covers our approach to combatting climate change by reducing our operational emissions and facilitating the adoption of lower carbon and transitional energy products by our customers. It also guides our efforts to reduce our impact on the natural environment through strong environmental protection policies.

As a first step in 2024 we have published our Scope 1, 2 and 3 emissions and will use this as a baseline as we develop plans to reduce our own emissions while continuing to offer our customers lower carbon and transitional energy solutions.

BB Energy’s goal is to invest 25 percent of our capital expenditure into renewables, transitional, and emission reduction projects. In the years 2021 to 2023, we exceeded this target with 75 percent of capital expenditure invested in renewable and transitional projects.

We are committed to providing meaningful employment opportunities and promoting the social and economic development of the communities we serve.

Over and above the value we create through our business activities we contribute to communities through our corporate social responsibility (CSR) activities and our investment in the BB Energy Foundation.

As part of our CSR commitment to support communities, in collaboration with the Balama Graphite Mine, we delivered three hybrid 2.4 kW solar and 9.6 kWh battery systems across three schools in Mozambique.

Our Carbon Trading desk also contributes to communities by financing and managing environmental initiatives which promote economic growth and reduce carbon emissions, for example through our Improved Cookstove Initiative in Rwanda.

We promote good governance within BB Energy and across our value chain to protect our business and drive sustainability.

Our ESG Governance is supervised by two key committees: the ESG Committee and the Compliance Committee. Both committees report directly to the Board, which serves as the highest decision-making authority within BB Energy.

Our Code of Conduct, as well as other policies and procedures set out our expectations for stakeholders across our value chain. We have zero tolerance of bribery, corruption, money laundering or modern slavery and maintain a Whistle Blowing hotline to allow stakeholders to report concerns.

In transporting hydrocarbon products, we prioritise safety and environmental standards. Our vetting procedures for third-party trucking fleets and chartered vessels encompass rigorous checks, including compliance with international regulations and pollution prevention measures.

Across our storage facilities, stringent Health & Safety Executive (HSE) policies are upheld, ensuring the safety of our workforce, customers, and the environment. Our assets boast cutting-edge designs, certified under international standards like ISO 14001 and ISO 45001. Third-party operators are vetted against our standards to ensure adherence to safety protocols.

Carbon Emissions

tCO₂e
Scope 1

tCO₂e
Scope 2

tCO₂e
Scope 3

All information prepared by CarbonChain for FY 2023

Our contribution to UN SDGs

The 17 United Nations (UN) Sustainable Development Goals (SDGs) provide a global framework to address the most pressing economic, social and environmental challenges. We believe that, while all of the UN SDGs are important, BB Energy is in a position to make the most material impact in regard to UN SDG 7: Affordable and Clean Energy, UN SDG 13: Climate Action and UN SDG 8 Decent Work and Economic Growth.

Affordable and Clean Energy: By committing 25 per cent of our average net profits to low carbon and transitional energy projects we help ensure access to reliable, sustainable and modern energy.

Climate Action: Solarcentury Africa, our renewable Power Trading in the Southern African Power Pool, and our carbon trading initiatives provide our business, our customers and communities with access to lower carbon energy solutions.

Decent Work and Economic Growth: By providing good quality, safe employment for our employees and access to affordable energy for communities in high potential markets we help support growth around the world.

Engaging with Stakeholders

Stakeholder engagement is critical to our approach to ESG and how we decide what issues are material. We are committed to fostering consistent, coordinated, and meaningful engagements that not only strengthen relationships but also drive continuous improvement across our operations and help us understand the ESG issues that are most material to our business.

Customers and Counterparties

Engage with a wide spectrum, including energy producers, consumers, and distributors, fostering long-term partnerships.

Prioritise relationship-building through daily interactions with our commercial teams.

Our KYC and contracting processes ensure alignment with our counterparties and suppliers.

Employees

Central to our success, employees contribute expertise, dedication, and professionalism.

Governance processes ensure robust review and challenge of board decisions, fostering transparent communication via various channels.

Financial Institutions

Collaborate with over 50 banks globally for financing and maintain strong relationships with insurers for managing physical risks.

Engagements include corporate presentations, bilateral calls, and regular meetings.

Government & Regulators

Strive for open and constructive relationships across all jurisdictions, maintaining communication through statutory representation and multilateral meetings.

Maintain ongoing dialogue across our markets, engaging through bilateral meetings.

Impacted Communities

Establish two-way communication channels to ensure understanding of ESG frameworks, tailoring engagements based on project type, geography, and local regulations.

Media

Regular engagement through our communications department ensures transparent and timely information dissemination.

Non-Governmental Organizations (NGOs)

Engagement occurs as appropriate, fostering collaboration on key initiatives.

BB Energy Foundation

Empowering Women and Children for Sustainable Development

The BB Energy Foundation is an independent entity funded by BB Energy. It prioritises investment in women and children to catalyse sustainable development. Its mission focuses on their education, health, overall well-being, and environmental progress, particularly in poverty-stricken regions where BB Energy operates.

Working in collaboration with non-profits, we believe in effecting meaningful change by addressing societal challenges. Our values, including sustainability, equality, and inclusivity, guide our actions, ensuring integrity, respect, and transparency in all endeavours. Aligned with the Sustainable Development Goals, our strategic objectives aim to uplift marginalised communities, with a spotlight on Lebanon, Rwanda, Guyana, and Morocco in 2024.