Businesses that contribute to positive societal development
We live in a complex, uncertain and fast-moving world. 2021 was characterised by change and an emerging sustainable transformation. In the midst of the ongoing pandemic, companies and communities managed to drive development in society. We saw a recovery in the global economy and business leaders globally have overall taken a positive view of the past year.
Stena has a longstanding tradition as an active member of society. With the business in focus, the Group is invited to, and takes the initiative for, innovative cross-border collaboration and partnerships. In 2021, these partnerships led to new business, while contributing to solutions to some of the social issues that characterised 2021, such as climate change, vaccination coverage in shipping and social sustainability in Swedish residential areas.
GREEN TRANSITION WITH FOCUS ON THE CLIMATE
NEW CLIMATE COMMITMENTS AND COLLABORATIONS
During this year of change, we could see the green transformation take shape and become an increasingly more accepted concept. There was increased pressure on governments, society and the business community to become more involved and contribute more.
At the UN’s COP26 climate summit in Glasgow, a new global climate agreement was signed by 190 countries with commitments and concrete measures from governments and companies, including the maritime sector that is so important to Stena.
In addition, more and more companies worldwide sat ambitious climate targets for the entire value chain, and new cross-sector collaborations were initiated in many sectors. How we act together in society over the next decade until 2030 will be crucial for reaching our climate goals.
STENA CONTRIBUTES WITH PARTNERSHIPS AND TECHNOLOGICAL DEVELOPMENT
Stena depends extensively on fossil fuels with significant carbon emissions. As a long-term owner and a major player in the maritime industry, Stena plays an important role in reducing emissions and supporting the industry’s goal of net zero emissions by 2050.
THE TRANZERO INITIATIVE
The Tranzero Initiative was launched during the year as a collaboration between Stena Line, the Gothenburg Port Authority, Scania and the Volvo Group. The aim is to make the port of Göteborg, which is Scandinavia’s largest port, fossil free by increasing fossil-free transport by sea or land. An initial target is to reduce emissions that have a climate impact by 70 per cent before 2030. To reach this target, Stena Line is working to achieve its vision to deploy the battery-powered vessel Stena Elektra on the Göteborg–Fredrikshamn route by 2030.
One of the first initiatives within the project is to motivate freight transport companies to increase the proportion of emission-free lorries more quickly, via the ”Green priority”. As from 1 January 2022, Stena Line gives priority to electric lorries, which will take precedence at the terminals and be allowed to bypass any queues.
INNOVATION FOR THE FUTURE
Stena’s maritime business units are working actively on energy efficiency improvements, as well as investments in innovation and groundbreaking technologies, which contribute to the development of renewable fuels and battery operation together with various partners.
During the year, Stena RoRo started working together with Proman Shipping on the development of green methanol, where Stena RoRo is responsible for converting engines on existing vessels for methanol operation. The conversion of the existing fleet is an important and extensive task which contributes to the industry’s climate transformation.
Furthermore, Stena Bulk is the only tanker operator to have joined the OGCI (Oil and Gas Climate Initiative), together with a number of major global energy companies. Within the framework of this collaboration, a project is being run to investigate the potential for capturing carbon dioxide from the engines’ exhaust gases on board a tanker.
SHIPPING DURING THE PANDEMIC
THE NEED FOR INCREASED VACCINATION COVERAGE IN SHIPPING
During the year, the pandemic continued its grip on society. The shipping industry was particularly exposed to the consequences of the virus.
Seafarers were affected severely, and many were stuck on cargo ships at sea for longer than planned. Vaccination coverage also varied greatly, as crew members often come from many different countries.
The WHO (World Health Organization) guidelines for Covid-19 vaccination include seafarers on cargo ships among the groups of the population to be prioritised in the event of limited availability of vaccines.
STENA ENABLED VACCINATION
It has been challenging for Stena to operate shipping during the pandemic, and this has had a major impact on both employees and passengers. Among other things, this meant longer shifts on board for staff, due to the quarantine requirements. Stena has seafarers from many different parts of the world, which means that vaccination coverage has varied considerably. In 2021, the company worked actively to create opportunities for employees to get vaccinated while vessels were in port, as an important commitment to reducing the spread of infection and strengthening the safety and security of employees on board.
“The health and safety of our crews will always be the highest priority,” says Joanne Howard, Senior Crew Coordinator at Northern Marine Group.
“In 2021, we carried out extensive initiatives in line with our robust Covid-19 safety regulations and offered the opportunity for our seafarers to get vaccinated. Despite challenges with travel restrictions and requirements for isolation before boarding, it was pleasing to see their understanding and support.
The opportunity for vaccination was much appreciated – as a clear demonstration of our shared ambition to continue to protect each other,” she continues.
SOCIAL SUSTAINABILITY IN SWEDEN
NEED FOR SUSTAINABLE AND INCLUSIVE GROWTH
In Sweden, news about social instability, in the form of exclusion and criminality, were high on the media agenda during the year. Some residential areas are more vulnerable to and affected by instability than others, and many young people’s living conditions are characterised by difficulties in entering the labour market.
In order to solve the challenges in these areas, collaboration between different actors in society is needed. Here, the business community plays an important role in motivating, opening doors and creating faith in the future.
To ensure future quality of life, sustainable and inclusive growth must be ensured. This requires solutions to society’s most pressing challenges to be created in collaboration and partnership, with a broad participation of various actors in society.
STENA PROPERTY CONTRIBUTES TO SECURITY AND FAITH IN THE FUTURE
Stena Property has been working systematically with social sustainability for 20 years and is now a leading player in its sector. The company’s long-term focus has been on increasing security and integration in its residential areas through extensive initiatives together with residents, civil society organisations, the public sector and the business community.
Impressive progress was made in several areas during the year. With the aim of creating a residential area with faith in the future, Stena Property, in cooperation with companies including Volvo Cars and the property group Framtiden, has managed to reverse the negative development in the Tynnered area of Göteborg. This long-term partnership entails investments in schools, leisure activities, employment and sustainable urban development. At the same time, the companies are inviting more players to participate in order to create the right conditions to strengthen Tynnered’s development and create an area characterised by entrepreneurship and faith in the future. The collaboration has yielded tangible results and the area is no longer classified by the police as a particularly vulnerable area. This goal for 2025 was set when the collaboration began and has now already been achieved.
SUSTAINABILITY LOANS BASED ON SOCIAL SECURITY
Confirmation of Stena Property’s successful work came during the year, when Handelsbanken for the first time granted a sustainability loan based on social security. The loan is linked to both social and environmental variables, which are followed up annually. With the loan of SEK 500 million, the company can continue to step up its work to contribute to safe and prosperous communities and society.
“This loan is an important marker for us, as it provides verification that our work is being noted by others. The loan has an innovative structure with a clear link to the development of security in our areas. We are proud to take our sustainable financing to the next level together with Handelsbanken,” says Jakob Nilsson, CFO, Stena Property.