The Group recognises the importance and urgency of the fight against climate change; we are aware of the challenges facing our sector in terms of the energy transition. The oil and gas sector plays a key role in access to energy. This is essential to meeting the basic needs of populations (travel, heating, keeping cool, lighting, cooking) and supporting their development. Nevertheless, even today, a large proportion of the population in many of the regions in which we operate (Africa in particular) is deprived of access to energy.

The changing expectations of society and the need to reduce greenhouse gas emissions worldwide are thus leading us to strike the right balance by taking into account:

•   the need to contribute to the fight against climate change by reducing the CO₂ emissions related to its activities;

•   the expectations of those who want access to affordable and reliable energy so they can meet their essential needs and the social-economic impacts of energy transition. Rubis therefore has a role to play in ensuring that this transition is as just as possible.

In this context, the Group is transforming itself into a multi-energy group, in particular through the acquisition of Photosol in 2022, a photovoltaic electricity producer, in order to support the energy transition by taking into account local realities and needs.

Furthermore, the CSR Roadmap, Think Tomorrow 2022-2025, published by Rubis in September 2021, includes the Group’s climate commitments (see section 4.3.4).

This section is structured in accordance with the recommendations of the Task Force on Climate-Related Finance Disclosures (TCFD) (see correspondence table at the end of this chapter, in section 4.3.5).

Management’s role

Rubis has set up a structured governance system involving all levels of management to ensure that these climate challenges are fully incorporated into the Group’s strategy.

The Managing Director in charge of New Energies, CSR and Communication at Rubis SCA is responsible for these issues at the Group’s Management Committee level, of which she is a member.

She also chairs the Climate Committee, which met three times in 2022.This Committee is made up of the Group CSR Director & Chief Compliance Officer, Rubis Énergie’s General Management and its Finance, CSR, HSE and Risk-Resources Directors (Rubis Énergie is the main contributor to the Group’s carbon footprint assessment), and a representative of the Rubis Terminal JV. Rubis Énergie’s Climate & New Energy team, which was created in 2020, provides input to the Climate Committee and coordinates the operational efforts made by all the Group’s subsidiaries. The Committee’s key role is to:

•   monitor the Climate action plan, which is based around the three pillars, “measure, reduce, contribute to carbon neutrality”;

•   monitor changes in the carbon footprint and the avenues to reduce it;

•   propose solutions for the transition to low-carbon growth in the distribution of energy products.

The principal players in this transition are trained in carbon accounting techniques and climate challenges. In particular, in November 2022, during a CSR seminar bringing together the General Managers of the subsidiaries, all the CSR Advisors, as well as part of the Group’s General Management (nearly 80 people), a session was organised on the Climate Fresco, to raise awareness of global warming. Rubis SCA and Vitogaz Switzerland also organised a Climate Fresco session to raise awareness among their teams.

Moreover, as part of the review of Rubis Énergie’s decarbonisation objectives, four webinars were organised for subsidiary General Managers, CSR Advisors and employees of subsidiaries involved in the decarbonisation of activities. These webinars made it possible to present Rubis Énergie’s scopes 1 and 2 decarbonisation trajectory (2019-2030), the full carbon assessments since 2019 and the scope considered, as well as to illustrate how to calculate tonnes of CO₂ avoided according to the decarbonisation actions implemented (solarisation, installation of LED bulbs, purchase of electric vehicles, etc.).

In addition, some subsidiaries have launched more specific training actions for their employees on climate challenges and their strategy to reduce CO₂ emissions. For example, Vitogaz France has set up regular communication on these topics and organised “Personal Carbon Footprint Assessment” sessions to enable everyone to see their own impact and remain mobilised. Société Réunionnaise de Produits Pétroliers (SRPP) organised awareness-raising workshops for all its employees as part of the CEE SEIZE programme (understanding the climate and energy challenges of the region, knowing the eco-friendly practices adapted to the context of their business, acquiring best practices in terms of electricity demand management (EDM). Galana (Madagascar) organises monthly awareness sessions for its employees, with, for example, quizzes or competitions between employees. SARA produced videos on the roadmap and decarbonisation, distributed to its sites, and organised a carbon footprint assessment training for SARA’s main internal players.

In 2023, Rubis Énergie will define a strategy to coordinate and raise awareness of climate challenges among all employees of the Group’s subsidiaries.

Monitoring by the Supervisory Board

Rubis SCA’s Supervisory Board is responsible for monitoring of the Group’s climate strategy and performance. In the framework of its work on this subject, the Supervisory Board relies on its specialised Committee, the Risk Monitoring Committee. At meetings held in March and September 2022, the Committee examined the Group’s current climate challenges, including a review of the presentation of the climate risk factor included in the risk factors published by the Group, the presentation of CO₂ emission reduction targets, and a progress report on the work carried out in respect of the European taxonomy on “adaptation to climate change” and “mitigating climate change” objectives. The Supervisory Board was also informed about Rubis’ strategy for developing in the area of renewable energies (acquisition of Photosol) and progress on the assessment of the measures for decarbonising Rubis’ activities launched in 2021.

The importance the Group attaches to climate issues is reflected in, among other things, the inclusion since financial year 2019 of an energy efficiency performance criterion that is considered when allocating annual variable compensation to the Management Board. This criterion is based on meeting targets that aim to improve the carbon intensity (operational efficiency) of the Retail & Marketing and Support & Services activities (Rubis Énergie). The satisfaction of this criterion is verified by the Group’s Compensation and Appointments Committee each year and is submitted to Annual Shareholders’ Meetings for approval.

Today, Rubis has undertaken to further incorporate energy transition challenges into its strategy. Although there are many avenues to be explored, significant technological, societal and economic challenges remain to be met in relation to reducing the proportion of fossil fuels in the energy mix and making less carbon-intense energies available to all. In order for these solutions to be successful and drive progress, they must be adapted to the specific characteristics of each of our regions. Lastly, to be sustainable, growth must also be inclusive. It is therefore essential that the policies implemented to promote the transition to a low-emission economy that is resilient to climate change have a positive social impact.

In this context, in order to move concretely towards growth that is less dependent on fossil fuels, Rubis has identified as the main pillars of its climate strategy:

•   decarbonising its historical activities (emissions related to operations): objective of reducing carbon emissions from operations by 30% by 2030 (2019 baseline, scopes 1 and 2, Rubis Énergie scope representing 99.5% of the Group’s consolidated revenue as of 31 December 2022), defined based on an in-depth study of decarbonisation levers. In 2022, an additional objective of a 20% reduction by 2030 (2019 baseline) in scope 3A CO₂ emissions (Rubis Énergie scope, outsourced shipping and road transport, i.e., 45% of scope 3A) was defined;

•   diversification of its Retail & Marketing activities (carbon intensity of products sold) around three focus areas: mobility, biofuel offering and hybrid solutions offering;

•   renewable energy production: the Group completed the acquisition of Photosol (photovoltaic electricity producer) in April 2022 and acquired an 18.5% stake in HDF Energy (hydrogen electricity) in 2021.

These strategic pillars are discussed in section 4.3.3.2.

Adapting the Group by reducing the carbon footprint of its activities and diversifying its offering is a key factor in continuing sustainable growth and responding to climate risks (regulatory developments, such as the implementation of carbon taxes, physical risks linked to the effects of climate change, etc.).

Climate challenges present opportunities for Rubis Énergie and the Rubis Terminal JV to develop new offerings and products to aid in energy transition by adapting to the needs and on-the-ground realities of each region in which the Group operates. Indeed, in line with international climate agreements, including the 2015 Paris Agreement, although the fight against climate change is a global challenge and a shared responsibility, transition challenges differ depending on the geographic area.

Rubis is now directly involved in the development of renewable energies, in particular via its Rubis Photosol entity, which produces photovoltaic electricity and, in addition, contributes to innovation and the deployment of low-carbon solutions (synthetic diesel, green hydrogen, CO₂ capture by algae, biological carbon sinks), while developing training and employment, and improving the local and global environmental footprint.

To support its investment decision-making, in 2022 Rubis defined a methodology for using an internal carbon price (target for implementation in 2023).

The Group’s CSR Roadmap, Think Tomorrow 2022-2025, published in September 2021 includes the Group’s climate objectives (see section 4.3.4).

At this stage, Rubis has not made a “Net Zero Carbon” commitment. Indeed, achieving this objective would require Rubis to have massive recourse to measures contributing to global carbon neutrality (offsetting). While Rubis does not rule out the measured use of such ad hoc actions in well-defined contexts to contribute to global carbon neutrality, it does not wish to base its climate strategy on this mechanism. Above all, the Group seeks to implement measures to reduce its emissions and diversify its activities, in accordance notably with the ADEME opinion published in July 2021.The few projects implemented to contribute to global carbon neutrality (offsetting) are selected with the greatest care, in particular by taking into account their co-benefits and the involvement and local presence of a subsidiary, so that they fit with the Group’s overall CSR approach.

4.3.3.1      Description of risks

Climate challenges are included in the Group’s risk analysis processes, and its risk mapping work in particular, which contains a dedicated section on the issue. Therefore, each year, every business unit assesses its exposure to climate risks.

The climate risks to which Rubis, and more specifically Rubis Énergie, are exposed are described in greater detail in a dedicated risk factor in chapter 3, section 3.1.2.2. These risks are grouped into two main categories: physical risks (vulnerability of facilities to natural hazards, impact of temperature variations on product sales in the most exposed areas, Europe in particular) and transition risk (changes in the regulatory environment, particularly in Europe with the European Union’s Fit for 55 programme; stakeholder expectations). It should be noted that 23% of emissions are linked to business units within EU countries (36% of scopes 1 and 2 and 25% of emissions linked to volumes of products sold), where regulations pertaining to energy transition are the most advanced.

These risks are also described in the Group’s response to the CDP Climate Change 2022 questionnaire accessible on the CDP’s website.

The Group plans to deepen its analysis of climate, physical and transition risk scenarios in 2023.

These risks do not have the same degree of materiality for Rubis Énergie and for the Rubis Terminal JV due to the different nature of their activities. Present only in Europe, the Rubis Terminal JV’s main activity is to provide bulk liquid storage capacity for third parties (fuels including biofuels, chemical products and agrifood products) and, more marginally, to distribute small volumes of fuels.

In order to enhance the consideration of climate risks in its decision-making process, in 2022 Rubis defined a methodology for using an internal carbon price (with an objective for use in all subsidiaries falling within Rubis Énergie’s scope by 2023).This tool will help management to better incorporate climate risks and challenges in investment projects (external or organic growth) presented to it.

4.3.3.2      Carbon footprint management measures

The operational measures taken by the Group to control and reduce the carbon footprint related to its activities, and thereby strengthen its climate resilience seek to:

•   improve the energy efficiency of its operations;

•   diversify the activities of energy distribution;

•   develop the Renewable Electricity Production activity thanks to the new Rubis Renouvelables division.

These measures would not be complete without acting on demand, by implementing support and awareness-raising measures aimed at getting customers to reduce their emissions by consuming better and less. Finally, actions to contribute to global neutrality (carbon offsetting) are occasionnally implemented by the Group’s subsidiaries.

IMPROVING THE ENERGY EFFICIENCY OF THE GROUP’S OPERATIONS

The Group makes significant efforts daily to reduce energy consumption in our industrial activities, optimise operating expenses and reduce the impact of its activities on climate change. Particular attention is paid to the most energy-intense industrial sites. As energy consumption also results in air emissions other than greenhouse gases, some of the measures described below are also aimed at reducing the polluting emissions discussed in section 4.2.2.2.

In 2021, with the help of a specialised consulting firm, Rubis Énergie carried out a comprehensive study aimed at clarifying the decarbonisation trajectories for scopes 1, 2 and 3A (excluding products sold). The Group has already confirmed an ambitious objective of reducing emissions from operations (scopes 1 and 2): -30% by 2030 (2019 baseline, Rubis Énergie scope, on a like-for-like basis, with changes in scope taking into account the principles of the GHG Protocol). In 2022, an additional target of a reduction of -20% in Scope 3A emissions (i.e., excluding products sold) has been defined (2019 baseline, Rubis Énergie scope, covering outsourced shipping and road transport, i.e., 45% of scope 3A).

Rubis’ decarbonisation trajectory therefore falls within a well-below 2°C scenario.

Rubis Énergie

Initiatives to reduce energy consumption have been implemented or commenced with respect to the principal sources of carbon emissions (see comprehensive details regarding carbon emissions in section 4.3.4.2), namely:

•   the shipping of distributed products, i.e., 140 kt representing 30% of Rubis Énergie’s CO₂ emissions reflected in the comprehensive carbon footprint assessment (excluding products sold);

•   the energy consumption of Rubis Énergie’s industrial facilities, i.e., 100 kt representing 21% of Rubis Énergie’s CO₂ emissions reflected in the comprehensive carbon footprint assessment (excluding products sold). Some 83% of these emissions originate from the SARA refinery (84 kt Group share), an industrial transformation activity that requires energy to be consumed in order for it to be carried out;

•   to a lesser extent, the road transport of its products, i.e., 70 kt representing 15% of Rubis Énergie’s CO₂ emissions reflected in the comprehensive carbon footprint assessment (excluding products sold).

Examples of initiatives

•   Initiatives relating to the Group’s vessels, such as route optimisation, controls and monitoring of bitumen heating to reduce bunker consumption, etc. In order to continue this reduction trajectory, the subsidiaries are making progress on the use of biofuels in bunkers and the installation of integrated carbon capture and storage systems (CCUS), in a low-carbon navigation market that is still immature, heterogeneous and changing.The Rubis Eastern Caribbean subsidiary, for example, began using 1,167 tonnes of HVO100 (Hydrotreated Vegetable Oil) in its fleet in 2022, i.e., the equivalent of 7% of its marine fuel needs.This also demonstrates the Group’s technical ability to use this new type of fuel.The objective for 2023 and subsequent years is to use more biofuels in vessels, depending on their availability on the market. In addition, Rubis Énergie’s joining the Sea Cargo Charter initiative in 2021 led to progress in the collection of maritime emissions data.The International Maritime Organization (IMO) has also overseen the decarbonisation trajectory to be followed for vessels, through the CII (Carbon Intensity Index).

•   SARA conducted a review of its production processes, which contributed significantly to raising the reduction target from -20% to -30% by 2030 (2019 baseline) on scopes 1 and 2 of the Rubis Énergie scope.

•   Energy saving initiatives in service stations, such as replacing lane lighting with LEDs or, solarising stations in Kenya and the Caribbean by installing photovoltaic panels to reduce electricity purchases but also improve the reliability of access to electricity. The Dinasa subsidiary in Haiti has deployed more than a hundred autonomous streetlights (powered by solar energy) at its depots.

•   Solar powering of warehouses and headquarters. As of 31 December 2022, seven subsidiaries had installed photovoltaic panels on their buildings, i.e., the equivalent of 773 kWp installed. The rate of assets undergoing solarisation is increasing significantly and will intensify in the coming years, with an estimate of an internal portfolio for projects of this type at 3.1 MWp under study.

•   Actions relating to road transport: less carbon-intensive land transport solutions are gradually being tested in the various regions in which the Group operates. An initial test of an LNG powered truck was conducted in Portugal. Road transport by certain subsidiaries is carried out using HVO (Channel Islands, Réunion Island). As part of a trial, Vitogaz Switzerland placed an order for two electric trucks in 2022, delivery of which is scheduled for 2023. Furthermore, operations to optimise delivery rounds, the renewal of fleets towards vehicles with lower consumption and the training of drivers in eco-driving are rolled out with the assistance of the transport companies providing these services for the Group’s subsidiaries. Moreover, through a partnership between Rubis Énergie and the start-up Wenow,Vitogaz France and Vitogaz Madagascar have connected their light vehicles, allowing users to adapt their driving to reduce their fuel consumption and therefore their emissions.

Rubis Terminal JV

The energy consumption of the Rubis Terminal JV industrial facilities represented 11.5 kt (scopes 1 and 2 of the complete carbon footprint assessment of the Rubis Terminal JV) in 2022. It results from the use of boilers to maintain the temperature of certain products requiring heated storage.

Examples of initiatives

As part of modernisation programmes, the boilers at the Rubis Terminal JV sites are being replaced by heat pumps or mixed systems (heat pumps and boiler) or, local conditions permitting, by greener heating systems (geothermal for instance).

DIVERSIFICATION OF OUR HISTORICAL ACTIVITIES

Rubis Énergie

In line with its DNA, the Group favours a decentralised approach to identifying solutions adapted to the specific characteristics of each local environment (climatology, vehicle fleet, etc.). These projects are being developed around the three following themes:

•   offering hybrid solutions: solarisation of facilities (with or without storage), in addition to the use of other energy sources;

•   offering biofuels;

•   mobility (electric vehicle charging stations, for instance).

Some subsidiaries have already launched projects to diversify their activities and market fuels with a less carbon-intense life cycle.

Exploration of locally produced low-carbon solutions

Rubis Énergie develops solutions adapted to the regions where it operates with a view to making local production of low-carbon energy from inputs, residues or waste collected locally both feasible and accessible.The sustainability thus targeted is of great value in terms of the energy independence of these regions, the increase in skills in the immediate vicinity of the places of consumption, as well as a sometimes significant impact on the country’s trade balance.

For example, the Rubis Energy Jamaica subsidiary welcomed a renewable energy expert from HDF Energy in 2022. This expert aims to help supervise the prospecting, identification and design of large-scale energy projects combining renewable energy and hydrogen storage.

Renewable energy production at the Martinique refinery

SARA has chosen to capitalise on the advantages of its geography and industrial process to diversify its activities in the area of renewable energy.

A true laboratory in the field of energy transition, SARA has for several years been developing projects to convert the hydrogen produced by its activities into green electricity (ClearGen) and to build a photovoltaic power plant to supply decarbonised electricity to around 3,000 residents in Martinique. SARA is actively playing its role in the fight against climate change through new projects. Biogas production projects in French Guiana are continuing: Hydrane, a project to cultivate aquatic biomass on large abandoned cultivable areas, and Hyguane, whose purpose is the pilot production of green hydrogen for space and mobility. SARA is just as active in the other regions of its scope with the launch of two pilot projects for the production of green hydrogen in Martinique and Guadeloupe. SARA also wants to be part of the sustainable mobility initiative in the French Antilles, in particular with the introduction of the first hydrogen car in Martinique and Guadeloupe to raise awareness among our stakeholders about other energy vectors.

Rubis Terminal JV

The Rubis Terminal JV is gradually diversifying its activities by developing the mix of products stored in its terminals.

In 2022, fossil fuels represented 40% of revenues from stored products (compared to 48% in 2021). Other liquid products, such as biofuels, chemical products, fertilisers, edible oils and molasses, are also stored and represent 60% of the joint venture’s revenue (compared to 52% in 2021 and 40% in 2020).

LNG storage project

Elengy and the Rubis Terminal JV have signed a cooperation agreement to launch studies on the installation of an LNG storage facility at the Reichstett terminal (Bas-Rhin). The objective is to meet the retail LNG needs of central-western Europe for road and river transport, and for industry.

DEVELOPMENT OF NEW ACTIVITIES IN RENEWABLE ENERGIES

In April 2022, Rubis announced the acquisition of Photosol, allowing it to accelerate its transition to renewable energies and decarbonisation. With a capacity of more than 500 MWp in service and ready to build at the end of 2022, as well as 3.5 GWp of projects under development, Photosol is one of the leading independent developers of photovoltaic electricity in France, with the target of reaching more than 1 GWp of installed capacity by 2026 and 2.5 GWp by 2030.

These activities are grouped within a new division, Rubis Renouvelables.This division is dedicated to the development of renewable or low-carbon energies, in addition to Rubis Énergie’s historical Support & Services and Retail & Marketing activities, as well as the Storage operated by the Rubis Terminal JV. This new division is expected to represent 25% of the Group’s EBITDA in the medium term.

In addition, the collaboration with HDF Energy (in which Rubis SCA holds an 18.5% stake) is continuing on various projects after the start-up of operations of ClearGen (1 MWp fuel cell at the SARA refinery) and the stake in the West Guyana Power Plant (CEOG). Thus, Rubis Énergie acquired a 51% stake in the joint venture developing the Renewstable^® concept in Barbados (RSB project) aimed at ensuring the stable production of 12MW of solar energy during the day and in the evening and 3MW of power at night.The Group is leading the project contributing the most to date in baseline production, at 7%, to the Barbados government’s 2030 target of achieving 100% renewable electricity on the island.

MEASURES AIMED AT CONSUMERS

Aware that customer use of the fuels it distributes generates CO₂ emissions, Rubis Énergie implements initiatives aimed at encouraging consumers to make better use of these products in their day-to-day lives. In 2022, 48% of our business units organised an energy efficiency awareness campaign for our customers.

For several years now, initiatives aimed at customers, professional and individuals have been carried out:

•   supporting consumers in energy saving programmes, in particular through information and awareness-raising initiatives about energy consumption habits;

•   raising customer awareness of Rubis’ renewable products: in the Channel Islands, numerous advertisements are published in several local publications to increase awareness among the island’s residents of products such as renewable diesel, renewable fuel oil and solar energy. Rubis Énergie’s subsidiary thus promotes the environmental performance of HVO among both professional and individual retail customers;

•   promoting the use of liquefied gas as a transitional energy: liquefied gas is an integral part of the energy transition, particularly in emerging countries where a significant portion of the population is energy insecure.The characteristics of LNG make it possible to respond to concerns about energy access while preserving against massive deforestation by replacing wood charcoal. Some 20 Rubis Énergie subsidiaries are positioned on the liquefied gas distribution market (bottled and bulk) and encourage its use as a substitute for the most CO₂-emitting energies, such as fuel oil for heating and wood or charcoal for cooking. In 2022, liquefied gas accounted for nearly 23% of the volumes of products sold by Rubis Énergie.

For example, in Madagascar, more than 97% of households still rely on firewood and charcoal for cooking energy.To stop the massive deforestation this entails, the Malagasy government has identified various measures, including the use of alternative energies.

Vitogaz Madagascar takes part in this energy policy by promoting the use of bottled liquefied gas and by facilitating household access to this product. The extension of retail gas outlets has thus removed one of the barriers to the purchase of liquefied gas cylinders. Carrying on from prior initiatives, Vitogaz Madagascar distributed over 5,000 Fatapera kits (a portable stove for cooking that attaches directly to the gas cylinder). In addition, awareness-raising operations on access to gas were carried out with the Ministry of the Environment and Sustainable Development, the Ministry of Economics and Finance, as well as with various companies.

In terms of consumer awareness, Vitogaz Madagascar continued to produce culinary television programmes with chefs cooking using gas, also highlighting the culinary heritage of the various regions of the country.

In addition, Vitogaz France, Vitogas España, Rubis Energia Portugal and Vitogaz Switzerland continue to promote the use of liquefied gas as fuel. A vehicle running on LPG emits up to 20% less CO₂ than a petrol vehicle and practically no pollutants (particles, sulphur dioxide SO₂ or nitrogen oxides NO_x) (see boxed text on pollutant emissions in section 4.2.2.2).

Quantitative data on CO₂ emissions linked to customers’ use of products sold by the Group are included in the “Greenhouse gas emissions” table set out in section 4.3.4.2.

CONTRIBUTION TO GLOBAL NEUTRALITY

In 2022, several projects aimed at contributing to global neutrality were launched or studied, in regions where the local involvement of subsidiaries is high. Prioritising decarbonisation over carbon offsetting, Rubis Énergie is increasing its expertise in the development of carbon projects with high regional added value. The objective is to increase the impact of its actions through the lever of carbon finance. This is based on revenues from the resale of high value-added credits (blue carbon, high local content, multiple co-benefits) generated by certified carbon sequestration actions.The subject is to ensure sustainability in all these aspects while having a positive impact on the climate.

For example, in Madagascar, the Vitogaz Madagascar and Galana subsidiaries are coordinating, on behalf of Rubis Énergie, the sole financier of the plot, a mangrove replanting project in the province of Mahajanga. The plantings are carried out by a local intermediary, a social enterprise with strong regional roots and involving local populations throughout the project. In 2022, 35 hectares of mangrove trees were planted in this way, out of a total 313 hectares planned. In addition to regional challenges, one hectare of mangrove will capture around 10 times more CO₂ than one hectare of terrestrial forest, due to its specific characteristics. Furthermore, endemic biodiversity will be redeveloped there.

In Corsica, Vito Corse studied the feasibility of its participation in a Posidonia seagrass transplant project, led by GIS Posidonies and the University of Corsica. Posidonia meadows are veritable carbon sinks, fixing around 5.2 t CO₂ eq. per hectare per year, in addition to the existing stock of around 2,600 t CO₂ eq. Funding for this project will begin in 2023.

Lastly, Eres Togo financed the local planting of 32 hectares of mangroves in 2022, i.e., 24 hectares more than requested by the government as part of the environmental certificate.

To address these risks and define its transition trajectory, Rubis follows the “measure, reduce, contribute to planetary neutrality” approach.To better assess our carbon footprint, we have been undertaking a comprehensive greenhouse gas emissions assessment of our activities since 2019. The scope covered includes the activities of the Rubis Terminal JV, as well as products sold, so as to identify the most effective means available to us of reducing our footprint. Initially, the assessment was carried out in accordance with the methodology designed by the Ademe (Agence de l’environnement et de la maîtrise de l’énergie), based on the recommendations of ISO 14064-1 (see the methodology note contained in section 4.6.1.1 for more details on the reporting scope), and was carried out in the first year with the support of an Ademe-certified firm that trained Rubis’ teams in carbon accounting. In 2021, the Group reassessed its greenhouse gas emissions in strict compliance with the GHG Protocol. The refinement of this methodology and the consolidation of new subsidiaries led the Group to revise the results for 2019, which are used as the baseline for setting the Group’s CO₂ emission reduction targets. The changes made are described in the notes to the emissions table.

Greenhouse gas emissions are accounted for across three scopes:

•   scope 1: direct emissions from fixed or mobile facilities located within the undertaking’s organisational scope;

•   scope 2: indirect emissions related to the production of electricity and heat and cold used;

•   scope 3: other indirect emissions generated by third-party activities upstream or downstream of the undertaking’s activities. These emissions are presented in two distinct categories, scope 3A (outsourced upstream and downstream transport of products, travel, purchases of goods and services, upstream electricity, non-current assets, waste) and scope 3B (emissions generated by the use of products sold).

It should be noted that the impact of the Group on greenhouse gases is limited to carbon impact, since greenhouse gas emissions other than CO₂ are insignificant, or even non-existent. Contrary to other players in the oil and gas sector, Rubis does not have any extraction activities, which emit methane.

Regarding Rubis Photosol’s Photovoltaic Electricity Production activity, acquired in April 2022, the completion of its carbon footprint assessment is scheduled for 2023, in line with the GHG Protocol.

4.3.4.1       Climate objectives

The Group gradually and methodically defines its CO₂ emission reduction goals. Ultimately, the objective is to reduce the carbon footprint of all scopes.

Rubis Énergie has developed an action plan to reduce its CO₂ emissions. The plan was designed after extensive consultation with subsidiaries and functional departments, with the support of consultants specialised in each of the Company’s key business lines (land transport, shipping, refining, storage site management). Emission reduction objectives have been progressively and methodically defined on the basis of this consolidated action plan, which is defined for the 2019-2030 period. They were communicated in the CSR R oadmap, Think Tomorrow 2022-2025, published in September 2021 and for which a progress report is published each year.

In order to share its efforts and for the sake of transparency, the Group has completed the CDP’s Climate Change questionnaire since 2021 and maintained its B rating for its second reporting year.

RUBIS ÉNERGIE

Reduce the CO₂ emissions from our operations

30% reduction in scopes 1 and 2 emissions by 2030 (Rubis Énergie scope, 2019 baseline, constant scope, in compliance with the GHG Protocol)

The levers identified to achieve this target are based on initiatives by Rubis Énergie and its subsidiaries, but also on technological and regulatory advances.

This target was supplemented in 2022 by a target for scope 3A (excluding products sold): a 20% reduction by 2030 in scope 3A emissions (Rubis Énergie scope, 2019 baseline, covering outsourced shipping and road transport, i.e., 45% of scope 3A).

The levers identified to meet this objective notably relate to fleets of vehicles and vessels used to transport imported and/or sold products (use of biofuels, fleet renewal, journey optimisation, slow-steaming) and, to a lesser extent, best practices in environmentally friendly driving.

Reducing the carbon intensity of our products

The Group planned to define a target for reducing the carbon intensity of products sold in 2022. Nevertheless, as the acquisition of Photosol led to a change in the product mix sold, through the integration of new activities, the definition of this objective was postponed.

Raising customer awareness

In 2022, 48% of our business units organised an energy efficiency awareness campaign for our customers.

RUBIS TERMINAL JV

The Rubis Terminal JV formalised and published a roadmap containing its targets for 2025 and 2030, expressed in carbon intensity (ratio of kg CO₂ to throughput out (i.e., per tonne of product leaving the joint venture’s terminals)) by type of depot (for the figures reported in respect of 2022, see section 4.3.4.2).

4.3.4.2       Greenhouse gas emissions

Generally speaking, the energy consumed by the Group’s industrial facilities (electricity, steam, fuels) contributes to the proper day-to-day functioning of the industrial facilities, including safety equipment (fire motor pumps, emergency generators, etc.).

With regard to emissions linked to the use of products sold, Rubis Énergie (and the Rubis Terminal JV to a very marginal extent) distributes petroleum products that emit CO₂ when used by customers. This item constitutes the principal source of the Group’s CO₂ emissions and almost all scope 3 emissions, although in 2021, 52% of gross profits resulted from sales of liquefied gas and bitumen, which are products that emit little to no CO₂ in use and correspond to 14% of the Group’s total emissions.

In 2022, an 18% increase in scopes 1 and 2 emissions (i.e., +38 kt) was observed. It is due in particular to the complete restart of the refinery (+30 kt). The remainder is the result of an increase in activity and the occasional use at Ringardas (Nigeria) of petroleum fuels instead of natural gas over a period during the year, resulting in increased emissions at certain times. The increase in operating emissions was limited in relation to the increase in the volumes of fuel distributed, reflecting an improvement in the energy efficiency of our operations.This notably reflects the efforts made to modernise the truck and vessel fleets, as well as a further improvement in the energy efficiency of the bitumen facilities. Moreover, for scope 3 excluding products sold (scope 3A), the significant increase in emissions is almost exclusively due to the taking into account of one-off emissions related to the construction of the Bitu River and Demerara vessels (+34 kt compared to 2021) and the mechanical increase in emissions related to the upstream energy consumed directly (in particular SARA). The decrease in scope 1 emissions of the Rubis Terminal JV at constant scope was 14% and 13% for scope 2.

4.3.4.3      Carbon intensity indicators

RUBIS ÉNERGIE

In 2021, Rubis Énergie defined a more relevant indicator than that previously used to assess the carbon intensity of its operations. The previous indicator compared scopes 1 and 2 CO₂ emissions to volumes of emissions sold in MWh. However, for certain activities, no emissions are linked to the use of products sold. In particular, bitumen sales cannot be converted into MWh because bitumen is not used by our customers for energy (used for road infrastructure projects in particular). Therefore, the indicator did not correctly reflect the variety of Rubis Énergie’s activities and the result of the actions it has taken to reduce the carbon emissions of its operations.

RUBIS TERMINAL JV

A change in method was introduced between 2019 and 2020. The Rubis Terminal JV now considers outgoing product volumes (throughput out) as a reference instead of incoming and outgoing product volumes (throughput in + out) in order to align itself with other financial indicators that also use “throughput out” as a reference.

The Rubis Terminal JV also distinguishes depots according to three categories of activities: fuel distribution depots (36% of the Rubis Terminal JV’s storage capacity); mixed depots (46%) and chemical product depots (18%).

The reduction in this indicator corresponds, at constant scope, to an improvement across all sites thanks to operations to change the fuel to gas and the optimisation of facilities. At constant scope, the overall reduction in intensity is 15.2%, with the Y-1 reference value excluding Turkey being 1.47.

ENERGY PRODUCTION AND CONSUMPTION AT INDUSTRIAL SITES

The refinery is equipped with a cogeneration combustion turbine for producing electricity (3.5 MW) and superheated steam (9 t/h); two boilers also produce superheated steam, a main boiler (22 t/h) and a secondary boiler (15 t/h). In 2022, the aggregate volume of energy produced (electricity and steam) represented 37% of the energy consumed over the period, which was stable compared to 2021.

The Retail & Marketing activity does not produce energy, or only very marginally. A solarisation programme applicable to our sites and service stations is in progress (total installed capacity of 328 kWp as of 31 December 2022).

In 2022, the energy sources for Rubis Énergie’s buildings were natural gas, LPG, heating oil, diesel, biofuel, electricity supplied by the grid and on-site photovoltaic facilities and a heating network.

In 2022, the net energy consumption of the Rubis Terminal JV sites decreased compared to that of 2021, representing a decrease of 11% at constant scope. Despite the moderate increase of 2% in throughput in 2022, there was a general decrease in electricity consumption, due in particular to a change of contract in Rotterdam and the suspension of the bunkering activity, leading to the shutdown of a blending compressor and a vapour treatment unit that generated very high consumption.

The sharp increase in the prices of all energies has accelerated investments aimed at reducing our consumption.

In 2017, the Task Force on Climate-Related Financial Disclosures (TCFD) of the G20’s Financial Stability Board published its recommendations on climate-related information to be published by companies.