Focus on climate and energy
Stena always seeks to use the planet’s resources wisely and minimise the negative impact on the environment.
This work includes minimising emissions to air, land and water, increasing energy efficiency and the conversion to renewable energy and fuel, and contributing to new technological innovation and circular solutions.
Climate and energy issues were high on the agenda during the year. Important areas for Stena are energy efficiency improvement, the transition to renewable energy, and electrification.
Stena’s greatest sustainability challenge is the dependence on fossil fuels, which presents legal, market and financial risks to its operations. Stena has a tradition of strong technical expertise, which enables innovation, development and implementation of future climate-smart technology and solutions. While many initiatives are in progress, Stena is well aware that the rate of transformation needs to increase sharply in the coming years in order to achieve society’s climate goals.
During the year, investors and the financial markets showed increased interest in Stena’s sustainability work in this area.
Climate and energy in shipping
Transport by sea is important both today and in a future sustainable society. Global shipping is the lifeblood of society. More than 80 per cent of all goods are transported by sea. At the same time, the industry’s extensive dependence on fossil fuels results in significant carbon emissions, amounting to around 1 billion tonnes per year.
During the next few decades, the industry must succeed in achieving the sector’s net zero emissions target by 2050. This is a goal that Stena supports and sees as an opportunity, since the company is a major player with the power to influence different segments of the shipping industry. Stena’s shipping activities command a strong position in the ongoing energy transformation and actively seek collaboration with customers that are driving the transition to fossil-free fuels. The collaboration between Stena Bulk and Proman Shipping on the transition to methanol propulsion, and Stena Line’s blue methanol research project together with SSAB, are good examples within this area.
Stena RoRo and Stena Line have good opportunities to take on the leadership of the electrification of short-route vessels. There are greater challenges for longer routes, due to the considerable uncertainty about fuel and technology choices going forward. There is also a lock-in effect due to the vessels’ long service life, which is over 40 years on average. Conversion of existing vessels will probably be required, to the benefit of a segment in which Stena RoRo operates within the conversion of existing engines to alternative fuels.
Another example is Stena Drilling, which is one of the first companies in the industry to be certified in accordance with the ISO 50001 energy management system.
Climate transition in the land-based activities
Stena Property has long been working actively to switch to fossil-free operations and has the ambitious goal of halving its climate footprint by 2030.
In the field of new construction, Stena Property works with innovative solutions in many projects. The goal is to produce at least 1,000 sustainable homes every year. One example is the urban development area Masthuggskajen in Göteborg, which was one of four finalists for the World in Property Award 2021. This prize is awarded to a company or project that has an extraordinary impact on the Swedish property market by taking a visionary approach based on faith in the future, courage and social benefit. In the area, Stena Property’s new office building, Stuveriet, is a modern and sustainable office building with a facade of recycled aluminium, a sedum roof that binds carbon dioxide, and solar cells that supply the entire property with electricity.
The investment company Adactum is working actively to minimise its climate footprint and convert all portfolio companies to switch to renewable energy. The kitchen company Ballingslöv is at the forefront in the industry. The work to reduce the carbon footprint throughout the value chain is a high priority and the company works actively with life cycle analyses as a basis for goals and targeted activities where they have the greatest impact. Life cycle analyses of frames, hatches and different worktops were conducted during the year.
EMISSIONS TO AIR, LAND AND WATER
Stena’s activities must always fulfil, or preferably exceed, requirements in national or international regulations and agreements. The risk of oil spills is an ongoing issue for shipping and usually occurs in connection with bunkering. Stena works continuously to minimise the risk, but there are still minor spills, as presented on page 39. Preventive work at Stena Bulk takes place under the Ship Oil Pollution Emergency Plan (SOPEP) for the tanker industry.
Circular flows in society
Stena contributes to circular flows in society through increased reuse and recycling of residual products and by minimising the generation of waste. Several business units are environmentally certified in accordance with ISO 14001, whereby activities in this area are governed by clear processes.
At Stena Property, these issues are high on the agenda, and through well-developed sorting at source, the operations make an important contribution to the circular economy.
For Stena’s shipping operations, there is a group-wide Ship Recycling Policy to manage the environmental conditions at the shipyards where the vessels are recycled. In 2021, recycling of one of Stena’s older vessels began at an EU-certified shipyard.
Joint net zero emission strategy
The shipping units overarching net zero emissions strategy takes a holistic approach on the basis of three interacting parts:
- Energy efficiency is a top priority, as access to clean energy will be a scarce resource in society.
- Contribute actively to the development of new fossil-free fuels, such as methanol, in combination with major investments in electrification.
- Be a major player in driving legislation in this area and promoting a global carbon tax, by being involved in and influencing its structure.