Progress in 2024
Prosperity
As prosperity is inherently linked to people and planet, the key performance indicators (KPIs) used to measure progress in this area also have some overlap with those used for people and planet.
Here we describe activities undertaken in 2024 to recruit both new employees and interns as well as increasing Mercuria’s employer brand. In addition, much of our innovation and research & development is done through our investments, especially those into companies progressing in the energy transition and building the supporting technology and infrastructure that the transition will be reliant upon.
Hiring & internships
For over 10 years, we have been a supporter of the École Polytechnique Fédérale de Lausanne (EPFL) Forum, Europe’s largest recruitment fair that sees more than 200 companies and 100 start-ups gather to meet students and graduates from EPFL. Each year we recruit several students onto our internship program. In 2024, we again recruited several interns as part of their masters program and we were able to offer a permanent role within Mercuria to every intern on completion of their degree.
In North America, we attend recruitment fairs at campuses across Texas, including at Harmony Public Schools, a system of 60 Texas public charter schools that provides rigorous, high-quality education focused on Science, Technology, Engineering, and Math. Through a caring and collaborative environment, Harmony provides students from traditionally underserved communities the opportunity to excel through project-based learning where they learn the skills necessary to become a contributing global citizen.
In 2024, we also continued our annual veteran recruitment at the Recruit Military job fair in Houston, Texas. We participate in other university recruiting events to hire top talent.
Technology & innovation
Mercuria supports revolution and digitalization of the markets in which we trade and we are committed to using technology and innovation to advance our business and to help the energy transition.
We have dedicated teams of technologists who are working to develop new applications and solutions that can help us to achieve our goals. One of our key areas of focus is on the use of remote sensing data. Remote sensing data can be used to track a variety of factors, including weather patterns, deforestation and biodiversity. We are using this data to develop new applications that can help us to reduce risk, increase transparency, and improve our decision-making. For example, we are using remote sensing data to track deforestation in the Amazon rainforest. This data is being used to identify areas that are at risk of deforestation, to help develop strategies to prevent it and mitigate the effects of climate change. This technology is deeply integrated into our operations in Silvania.
We believe that transparency and standardization are essential for fair and safe markets. We support these objectives by working with a number of industry consortiums and tech companies on the development of new technologies.
Amalthea LNG dual-fuel bunker tanker
In October 2024, our bunkering subsidiary, Minerva Bunkering, was proud to celebrate the arrival of its newest LNG dual-fuel bunker tanker, M/V Amalthea at a ceremony in Singapore. Amalthea is the first in a series of 8,000 dwt LNG-powered bunker tankers that will be deployed to support Minerva’s growing operations in the critical Singapore market.
Built by Jiangmen Hangtong Shipyard in China, and flagged in Singapore, Amalthea is designed to the highest industry standards under Bureau Veritas classification. This state-of-the-art tanker is powered by twin Yanmar LNG dual-fuel engines, significantly reducing emissions while providing the flexibility of operating on traditional marine fuels and liquefied natural gas (LNG). With a Type-C LNG fuel tank capacity of 100m³, Amalthea reflects our commitment to innovation and sustainability in marine fuel supply.
Amalthea will service a wide range of vessels across the shipping industry, including container ships, bulk carriers, cruise ships, and tankers. Its dual-fuel capabilities align with Singapore’s efforts to promote LNG as a marine fuel and will contribute to meeting the growing demand for cleaner, more efficient bunkering services in one of the world’s busiest ports.
At the ceremony at the Port of Singapore, the vessel was welcomed by our CEO, Tyler Baron, followed by a blessing ceremony to mark the occasion led by Kostas Poydakis Minerva’s Head of Fleet. And finally, of course, the traditional breaking of the champagne bottle on the hull by Amalthea’s ceremonial godmother, Zhu Hong, one of the founding partners of Mercuria Asia. We are proud to see Amalthea commencing operations and supporting Minerva’s customers in Singapore.
Citizen Sea
We continue our strong partnership with HUB Ocean. Our collaborative efforts span various projects. In sync with our mission to empower our seafarers and others to share their oceanic experiences, in 2023 Minerva Bunkering, our bunkering business, has sponsored a HUB Ocean application, Citizen Sea.
Available on the Apple Store and Google Play, Citizen Sea allows any seafarer or ocean visitor to capture photos, tag their location and category, and upload them directly on the application. Users can upload any photo from ocean pollution to natural sightings. These valuable photos along with their metadata make their way to researchers and scientists through HUB Ocean. HUB Ocean then connects these photos to scientists and researchers that can use them in various studies, broadening the scope of oceanic research. We continue to assess various use cases for inclusion in future iterations of the app.
Advanced Delivery Platform (ADP)
Advanced Delivery Platform (ADP) is an innovative solution comprised of integrated hardware and software developed by Mercuria Technology Ventures. ADP provides a completely transparent and efficient bunker delivery service that reduces costs and risks. Maritime and Port Authority of Singapore (MPA) has added ADP to its list of approved bunkering solutions, in recognition of the importance of digital bunkering and its improved efficiency and productivity, increased transparency and enhanced crew safety.
Validere
We have progressed in our emissions reporting by partnering with Validere, a third-party emissions management software provider, backed by a team of qualified sustainability and technology experts. This collaboration was aimed at digitizing and validating our emission calculations and streamlining our GHG reporting across multiple assets. We have migrated all emissions reporting for Mercuria and its assets to Validere’s platform and continue to look for ways to improve our reporting process.
Mercuria Hackathons
We created the concept of the Mercuria Hackathons by combining our strategies for both technology and innovation with hiring and internships. The hackathons are a series of weekend events around the world where interdisciplinary teams come together to create innovative software development solutions that solve big energy transition challenges.
In November 2024, we held our 3rd Mercuria Hackathon in Bengaluru, India. Collaborating with our technology partners Curl and Amphora, we ran a non-stop 36 hour Hackathon. Over 250 students from across India applied to take part, from which we selected 42 to participate, representing 18 different educational institutions. Predominantly studying technology related qualifications, teams were designed to be interdisciplinary, comprising students from different universities and colleges and with varying backgrounds and levels of expertise to better replicate a normal working environment. They were encouraged to experiment with cutting edge technology and create real solutions to help them solve the challenge of a virtual escape room before diving into one of two open-ended challenges.
The virtual escape room simulated a real-world cyber security scenario that needed to be cracked in a limited amount of time. Successfully solving the problem unlocks details for the second challenges and teams can select from one of two different options. Of the 11 teams participating, only one successfully completed the challenge, although not before the time limit!
Option 1 – Tree tracking
9 teams tackled the carbon-focused tree tracking challenge, developing innovative systems for managing and verifying a large-scale tree planting initiative to generate carbon credits in India. Technologies used included remote sensing, blockchain, GIS, and AI.
Option 2 – AI & Behaviour Analysis
2 teams took on the security-focused AI & user behavior challenge, creating systems for identifying anomalous and potentially malicious user behavior using Machine Learning and AI.
Whilst this event was competitive, as with all of our hackathons, it was also designed to simulate real work – challenging but with an element of fun – to see how attendees work in teams with people they have never met before, as well as solving open-ended problems they’ve not experienced before using only limited information. As such, and unlike other hackathons that applicants may have attended, we grouped people to see how they collaborate effectively in an unfamiliar setting.
As with the previous Hackathons we held in Switzerland and the USA, feedback from event was very positive and has helped to build the Mercuria brand as an innovative and progress company for graduates and experienced hires to thrive in their future careers.
Feedback on LinkedIn from Mercuria Hackathon participants
SDG 3 - Good Health and Well-Being
- We continue to promote healthy lifestyles within the workplace through seminars, fitness classes and other healthy activities.
- We have proudly achieved the gold level in Cigna’s Healthy Workforce Designation for 2024. This award is a testament to our dedicated efforts on enhancing employee well-being throughout the year.
- We continue to provide safe work environments that are free from discrimination and promote mental health.
SDG 7 - Affordable & Clean Energy
- We continue to invest and promote cleaner energy products. We have already achieved our commitment to have over 50% of our capital investments into the lower carbon sector by 2025.
- We have invested in Fervo Energy, a US based geothermal energy company using advanced drilling and data technologies to deliver reliable, 24/7 carbon-free power. as well as MN8 Energy who provide renewable energy and related services, including solar power, battery storage and EV charging solutions, to enterprise customers.
SDG 8 - Decent Work and Economic Growth
- We continue to promote a diverse workforce at Mercuria, reflecting a broad spectrum of ages ranging from 20 to 77 years old. Simultaneously, we are actively working to balance the gender ratio.
- Eradicating slavery, human trafficking and child labour forms the foundation of our due diligence checks. Updating Mercuria’s policies and providing comprehensive training to our employees are among the immediate measures we undertake to ensure strict adherence to the eradication of forced labour.
- We are passionate about providing various educational opportunities, ranging from Lunch and Learn sessions to comprehensive training programmes. We continue adding trainings to our training platform, offering customized training modules developed in-house, aimed at ensuring that our employees meet the highest business standards.
SDG 9 - Industry, Innovation, and Infrastructure
- As part of our expansion into the metals sector, we announced a joint venture partnership with the Zambian Government that will enable Zambia to participate directly in the trading of its mineral resources, maximizing the value derived from the country’s natural wealth.
- We also invested in the Black Bayou Energy Hub, an underground salt dome energy storage company that is developing a large-scale, underground energy storage facility in the United States.
- The implementation of energy-efficient technologies such as LED lighting, to reduce energy consumption and minimize environmental impact.
- Another one of our assets has invested in carbon capture solutions, enabling the capture of emissions and the creation of a market for them. As a result of this new infrastructure, the asset is now carbon negative and has successfully turned a previously emission-generating byproduct into a marketable resource.
- By incorporating advanced technologies like remote sensing and satellite imagery in Silvania, we enhance project development, monitor progress, and ensure the traceability and accountability of carbon credits.
SDG 12 - Responsible Consumption and Production
- Our ClearFlame Engine Technologies investment is towards bringing clean, renewable fuels to power heavy-duty engines by replacing diesel in engines with 100% renewable, plant-based fuels.
- Our N+P group investment is towards using the value of waste to reduce the global carbon footprint by producing waste-derived fuels.
- We recycle water in some of our mines for product washing, reducing our reliance on fresh water and decreasing environmental impact by minimizing wastewater.
- We continue to establish and enforce rigorous policies and systems for managing chemicals and waste across all our operations and those of our invested assets through regular site visits and testing.
- We are committed to reporting Scope 1, Scope 2 and selected Scope 3 emissions beyond our direct emissions to include assets in which we hold a 20% or greater equity stake and offset all our Scope 1 and Scope 2 emissions.
SDG 13 - Climate Action
- Silvania’s global investment strategy focuses solely on natural climate solutions, aligning with the objectives of the Paris Agreement and the UN 30×30 Initiative. Through Mercuria’s investment, Silvania aims to deliver tangible environmental, biodiversity, and social benefits.
- We have been supporting climate action through carbon markets, for example by participating in the first trades of the new CBL Australian Carbon Credit Unit (ACCU) futures market, to help drive price discovery and support effective carbon reduction strategies in this evolving space.
- We are dedicated to transparent reporting of our emissions, including Scope 1, Scope 2 (including those emissions for companies we have equity stake in) and Scope 3 emissions that we have direct or meaningful control over. The Basis of Reporting and detailed approach to our greenhouse gas (GHG) calculation and reporting is found in the Planet 2024 section. Additionally, we commit to offsetting all our Scope 1 and Scope 2 emissions.
SDG 14 - Life Below Water
- Minerva Bunkering has sponsored the ongoing development of an innovative HUB Ocean app, Citizen Sea (described above), designed to enhance life at sea for seafarers and marine wildlife alike by allowing any seafarer or ocean visitor to capture photos, tag their location and category and upload them directly on the application.
- We have invested in ARC Marine that incorporates eco-friendly artificial reefs globally to enhance biodiversity and serve as subsea protection.
- We have sponsored the Forel Heritage Foundation in their transformation of a sailing vessel into a mobile, high-tech platform for polar and subpolar research.
- We have also sponsored the Northwest Passage Ocean Science Expedition that raises awareness of the 6 Planetary Tipping Points in the Arctic.
- As part of our ongoing Ocean Efforts, we partnered with Ocean Titans to produce a video showcasing some of our 2024 Ocean Partnerships.
SDG 15 - Life On Land
- Our Silvania business continues to grow and in 2024, it expanded significantly, now operating projects across more than 20 countries and protecting over 29 million hectares of critical ecosystems. Using cutting-edge technologies such as satellite imagery and bio-acoustics, we enhanced the effectiveness and transparency of our conservation initiatives while supporting biodiversity restoration efforts globally. Silvania has also been deploying upfront capital to empower local communities, indigenous peoples, and landowners, ensuring long-term environmental and social benefits. Through these efforts, we are driving sustainable development while combating climate change and biodiversity loss on a global scale.
- We are continuing our partnership with Uplink and 1t.org to identify and support high-impact innovators aimed at advancing solutions to the biodiversity and climate crises.
SDG 16 - Peace, Justice and Strong Institutions
- We continue to refresh our policies to align to the evolving global standards and to set best practices in human rights, ensuring that our business rights continue to align with these principles.
- We have revised our Business Principles to place a stronger emphasis on sustainability and human rights, aligning it with the standards we expect all our employees to uphold.
- Mercuria has partnered with the Institute for Human Rights and Business (IHRB), actively following their work and participating in their events, particularly on issues related to a just energy transition and the human rights risks affecting communities and seafarers.
SDG 17 - Partnership for the Goals
- By continuing to facilitate market access to sustainable products and services, Mercuria supports economic growth, job creation and poverty reduction, contributing to the achievement of Goal 17’s objectives related to trade and investment.
- Mercuria promotes knowledge sharing and technology transfer through collaborations with academic institutions, research organizations and industry peers, facilitating the dissemination of best practices and innovative solutions for sustainable development. Mercuria continues to support new ideas in Villars Institute.
- In 2024, Mercuria held a Hackathon in the India where over 250 students from across India applied to take part, from which we selected 42 to participate, representing 18 different educational institutions. The challenge was about Tree Tracking and AI & Behaviour Analysis, as described in the section above.
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Update on Agenda 2030