The ongoing energy transition offers a unique possibility for St1 to grow a sustainable business and develop new business opportunities. Changes in the regulatory environment will drive energy companies toward internal transformation and create new demands in new markets.
We want to be the pathfinder that successfully guides our customers through the energy transition. This ambitious goal requires developing new products, services, and business concepts.
We have a unique opportunity to set an example for others as we find new and better ways to integrate various renewable energy solutions to achieve a sustainable system-level change.
To lead the change, we must first understand the size of our impact. Therefore, one of the most crucial themes of our sustainability focus areas has been and continues to be our value chain emissions management.
As an energy company in transition, it is important to understand the granularity of our data elements to lead the transition. In 2021, the focus was on collecting all the data elements and systems we need to set up an inventory process for St1 greenhouse gas emissions on the group-level.
Based on 2020 data, we could determine the development areas to focus on in the coming years. To bring more transparency into the process and visualizing where our emissions have the greatest impact, digitalization will play an integral role. During 2021 we could create a minimum viable product (MVP) tool and define what our calculation and modeling needs are for our existing products and future solutions.
Science-based targets and emissions scoping
As a company that works with fossil energy, St1 is in the middle of an energy transition. Our vision is to be the leading producer of CO2-aware energy. To that end we need to admit the impact of our current operations and product portfolio.
It is difficult to set an emissions reduction target, let alone a net zero target, without knowing where we are. So, it was a privilege to participate in the UN Global Compact’s sessions on the Science-Based Targets initiative.
In the coming years, our energy transition roadmap will be one of our most critical development topics. Similarly, figuring out how to set measurable, ambitious emissions targets will be one of our most crucial actions to take.
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