Glossary

ADP – Advanced Delivery Platform

ARA – Amsterdam, Rotterdam, Antwerp

Biodiversity – The variety of living species and ecosystems within a given area, essential for maintaining resilient and functioning natural systems.

Biofuels – Fuels produced from biomass (such as plants or waste), including advanced biofuels with lower lifecycle emissions.

Blockchain – A digital ledger technology that securely records transactions across a network, ensuring transparency and resistance to tampering.

Capesize – Large dry bulk vessels too big to transit the Suez or Panama Canals, typically routed via the Cape of Good Hope or Cape Horn.

Cbm – Cubic meters

CCGT – Combined-Cycle Gas Turbine

CDM – Clean Development Mechanism

CDP – CDP (formerly Carbon Disclosure Project), a global environmental disclosure system

CDSB – Climate Disclosure Standards Board (now consolidated into IFRS Sustainability Standards)

CEPSA – Compañía Española de Petróleos, S.A

CH₄ – Methane

CNG – Compressed Natural Gas

CO₂ – Carbon dioxide

CO₂e – Carbon dioxide equivalent, a standard unit for measuring greenhouse gases based on their global warming potential

CR&C – Corporate Responsibility & Compliance

Critical minerals – Materials essential for low-carbon technologies and energy systems, such as lithium, cobalt and copper

Due diligence – Processes used to identify, assess and manage risks, including environmental and human rights impacts, in business operations and supply chains

EFs – Emission Factors

EITI – Extractive Industries Transparency Initiative

EMEA – Europe, Middle East and Africa

Energy security – Reliable, affordable and uninterrupted access to energy

Energy transition – The shift from high-carbon energy systems to lower-carbon and more sustainable alternatives

ERCOT – Electric Reliability Council of Texas

ESG – Environmental, Social and Governance

ETS – Emissions Trading System

EU – European Union

FCPA – United States Foreign Corrupt Practices Act

FinTech – Technology-enabled innovation in financial services

GHG – Greenhouse gases

GLEC – Global Logistics Emissions Council

GRI – Global Reporting Initiative

GS CDM – Gold Standard for the Clean Development Mechanism

GS VCM – Gold Standard for the Voluntary Carbon Market

GW / GWh – Gigawatt / Gigawatt hour

Handymax – A class of medium-sized bulk carrier vessels

HAPs – Hazardous Air Pollutants

HFCs – Hydrofluorocarbons

HFO – Heavy Fuel Oil

HR – Human Resources

HSE / HSSE – Health, Safety and Environment / Health, Safety, Security and Environment

IHRB – Institute for Human Rights and Business

IMO – International Maritime Organization

IoT – Internet of Things

IPP – Independent Power Producer

ISO – International Organization for Standardization

ISSB – International Sustainability Standards Board

IT – Information Technology

Just transition – Ensuring the shift to a low-carbon economy is fair and inclusive, supporting workers and communities

KPIs – Key Performance Indicators used to measure performance against objectives

KYC – Know Your Customer

LNG – Liquefied Natural Gas

LPG – Liquefied Petroleum Gas

LTIR – Lost Time Injury Rate

MACN – Maritime Anti-Corruption Network

MGO – Marine Gas Oil

MMCF – Million Cubic Feet

MT – Metric tonne

Mtoe – Million tonnes of oil equivalent

MWh – Megawatt hour

N₂O – Nitrous oxide

N/A – Not available

Nature-based solutions (NbS) – Actions that protect, restore or sustainably manage ecosystems to address environmental challenges

NGL – Natural Gas Liquids

NGO – Non-Governmental Organization

NGVs – Natural Gas Vehicles

NOx – Nitrogen oxides

O&G – Oil and Gas

PACI – Partnering Against Corruption Initiative

PFCs – Perfluorocarbons

Planetary boundaries – Scientific thresholds defining safe limits for human impact on Earth systems

PM – Particulate Matter

RECs – Renewable Energy Certificates

RED – Renewable Energy Directive

RGGI – Regional Greenhouse Gas Initiative

SAF – Sustainable Aviation Fuel

SASB – Sustainability Accounting Standards Board (now part of ISSB)

SBTi – Science Based Targets initiative, a partnership between CDP, UN Global Compact, WRI and WWF

Scope 1, 2, 3 emissions – Categories of greenhouse gas emissions: direct (Scope 1), indirect from energy (Scope 2), and value chain emissions (Scope 3)

SDGs – United Nations Sustainable Development Goals

SDS – Safety Data Sheet

SF₆ – Sulfur hexafluoride

SO₂ – Sulfur dioxide

SOE – State-Owned Enterprise

TCFD – Task Force on Climate-related Financial Disclosures (now incorporated into IFRS Sustainability Standards)

tCO₂e – Tonnes of carbon dioxide equivalent

Traceability – The ability to track the origin and movement of commodities through the supply chain

TTW – Tank-to-Wheel

UKBA – United Kingdom Bribery Act

UKCS – United Kingdom Continental Shelf

UNFCCC – United Nations Framework Convention on Climate Change

UNGPs – United Nations Guiding Principles on Business and Human Rights

VCM – Voluntary Carbon Market

VOCs – Volatile Organic Compounds

WEF – World Economic Forum

WTT – Well-to-Tank

WTW – Well-to-Wheel