Planet in 2025

Over time, we have strategically diversified our portfolio through organic growth and acquisitions, evolving from a predominantly traditional energy trading business into a broader platform that increasingly includes lower-carbon and transition-enabling commodities. Our traded volumes reflect a clear shift away from an oil-dependent portfolio toward gas, power, carbon and metals, as illustrated in the historical chart of traded volumes by product type.

This diversification underpins our commitment to the energy transition and to supporting a more sustainable and resilient energy system. We believe gas will continue to play an important role in the evolving energy mix, offering a lower-emissions alternative to higher-carbon fuels while providing reliability that helps enable greater integration of renewable energy. Most recently, we have further expanded our trading portfolio through the growth of our metals business, establishing a dedicated trading desk spanning critical and other metals.

As a result, the share of oil relative to non-oil trading activity has declined significantly since Mercuria’s inception.

Over time, we have measured the average carbon intensity of the commodities we trade to better understand how our product mix is evolving. The chart below shows the weighted-average carbon intensity of Mercuria’s traded energy portfolio since our inception in 2004, expressed in grams of carbon dioxide equivalent per megajoule of energy (g CO₂e/MJ). The calculation covers traded energy products including oil, gas, power, and coal, as well as associated instruments such as carbon certificates and metals that support the energy transition.

While year-on-year results can fluctuate—reflecting changes in market conditions and trading activity across regions—the overall trend is downward. This indicates a gradual shift in our traded mix away from higher-carbon products toward lower-carbon alternatives. The evolution has been supported by increased activity in gas, power and carbon certificates, alongside other lower-carbon and transition-related products, and is consistent with our commitment to reducing the carbon intensity of our trading portfolio. Overall, the trend demonstrates improved carbon efficiency in our traded portfolio, supporting our ambition to contribute to net zero goals while helping meet global energy needs.

We are committed to investing in the energy transition and to actively managing and reducing emissions across our portfolio of equity investments. Our asset companies continue to improve operational efficiency and, where feasible, reduce emissions through measures such as enhanced leak detection and repair and the deployment of carbon capture technologies to support more efficient operations and innovative business models. As operational emissions cannot be fully eliminated, we take actions to address the remainder. As operational emissions cannot be fully eliminated, we prioritise direct emissions reductions and technology improvements. For residual emissions, we support high-quality carbon removal and climate mitigation projects, contributing to global emissions reductions as part of our progress toward our 2050 net-zero commitment.

Over the years, we have been tracking and disclosing our greenhouse gas (GHG) emissions footprint, and making improvements in data collection and our approach. We continue to use Validere in 2025 for digitized reporting. Validere is a leading emissions management software provider, supported by a highly skilled team of GHG experts. Validere supports emission calculations, record-keeping, and updates to emission and conversion factors. This collaboration not only digitizes our reporting process, but also verifies our emissions calculations by recalculating all emissions for each asset.

During the 2025 calendar year there were seven instances where our operations (inclusive of both Mercuria’s own entities and contract services working on our behalf) were deemed responsible for unauthorized releases into the environment which mandated involvement of authorities at a state, federal or national level.

While the increase in spill events is primarily attributable to an increased number of operating sites that have become part of our Assets, we are still closely working across all levels of our corporate management to ensure appropriate corrective actions are being applied to help guard against recurrence.

None of the release events that occurred during 2025 resulted in any injuries or other hazardous situations such as fires or explosions.  All reclamation activities were conducted to the satisfaction of the overseeing authorities. Subsequent to any significant event a follow-up investigation is conducted to assess causal or contributing factors with the aim of identifying measures that might help guard against similar recurrence.  As appropriate we also work to communicate across our various businesses any “lessons learned” as shared knowledge and seeking to ensure best practices are uniformly adopted.

In all cases where Mercuria or its contractors are involved in a situation where there is a release event and regardless of fault, as a standard practice the involved operations will take whatever appropriate actions are safely available to them to minimize and stop the source of the release, and to mitigate damage where possible.  Our operations will then ensure that appropriate resources for spill clean-up are dispatched as needed to assist our operations in providing effective containment, recovery or remediation efforts.  Concurrently as appropriate, our operations will also ensure that governing authorities have been properly notified in accordance with local legislative requirements.

As a result of some environmental related incidents within our businesses we paid a total of 4,738 USD as penalties in the 2025 calendar year.

These statistics are exclusive of any authorized / permitted discharges, events where authorities determined that Mercuria or its contractor were not the responsible party, or instances where notification to authorities may have been provided as a courtesy but was not mandated. Further, only penalties paid directly to governing authorities with oversight of health, safety or environmental issues are reported. Taxes or other regulatory fees that might also be paid to authorities are not included, nor are any other related expenses incurred for repairs or corrective work or amounts that might be paid to affected third parties or service providers in relation to an event.

June 2025 brought the world’s attention to ocean sustainability during World Ocean Day, the Blue Economy Finance Forum, and the 3rd UN Ocean Conference (UNOC3). Mercuria participated as both a convenor and a catalyst—championing partnerships that drive measurable impact across science, finance, and policy.

The Blue Economy Finance Forum – Monaco

Ahead of UNOC3, Mercuria joined leaders at the Blue Economy Finance Forum hosted by H.S.H. Prince Albert II of Monaco. Our Chief Corporate Responsibility and Compliance Officer, Victoria Attwood Scott, represented Mercuria in discussions on mobilising private capital for ocean health, resilience, and biodiversity. The forum emphasised collaboration between finance, business, and science to scale solutions that support climate goals and a thriving blue economy.

Ocean House at UNOC3 – A Hub for Collaboration & Action

Mercuria proudly sponsored Ocean House, transforming our commitment into a physical space for dialogue and innovation. Together with partners, we hosted three flagship events:

1. Leading the Charge: Shaping the Future of Ocean Investment
   Co‑hosted with Builders Vision, Katapult Ocean, ORRAA, S2G Investments, and Standard Chartered, this roundtable united investors and entrepreneurs to examine how capital can accelerate ocean regeneration.
2. Turning the Tide: The Ocean through Data, Design & Discovery
   Featuring Kimberly Mathisen (HUB Ocean), Patrick Aebischer (Forel Heritage Association), Tom Birbeck (ARC Marine), and Victoria Attwood Scott (Mercuria), this session highlighted innovative uses of ocean data, eco‑engineering, and ship design to protect polar and marine ecosystems. The event opened with the premiere of our Turning the Tide short film.
3. From Emissions to Ambition: Rethinking Maritime Impact
   An evening of discussion among industry and policy leaders—including Katharine Palmer (UN High-Level Climate Champions), M. Sanjayan (Conservation International), Chavalit Frederick Tsao (Tsao Pao Chee Group), and Mercuria’s shipping team—centre‑staged the sector’s role in decarbonisation, digitalisation, and ocean recovery.

Advancing Global Initiatives

Also in 2025, Mercuria deepened its engagement in global efforts to protect and restore the ocean. As a proud signatory of the Business Call to Action, we joined a growing network of companies and policymakers committed to integrating ocean health into business strategy and advocating for science‑based governance. This global call emphasises the ocean’s indispensable role in achieving sustainability and resilience across economies, recognising that thriving seas are fundamental to equitable development on land and water alike.

Our commitment also extended to the 30×30 Ocean Action Plan, a collective initiative to safeguard 30 per cent of the ocean by 2030. Mercuria’s support helped advance the plan’s governance framework and financing roadmap, reinforcing the need for inclusive local leadership in marine conservation. Together, these initiatives represent a unified effort to secure the ocean’s future—driving collaboration, investment, and accountability across sectors to maintain the natural boundaries that sustain life on Earth.

Our partnership combines Mercuria’s global maritime experience with HUB Ocean’s cutting‑edge data and technology expertise. Together, we advance innovation at the intersection of industry and science, connecting operational knowledge from the energy and shipping sectors to open research that strengthens ecosystem stewardship.

Collaborations have spanned science, technology, and advocacy—from joint participation at the Villars Institute Summit, which fosters intergenerational climate leadership, to support for projects that modernise ocean data observation.

A milestone of 2025 was the launch of Citizen Sea version 2, developed in collaboration with HUB Ocean and supported by Minerva Bunkering. This upgraded mobile application empowers anyone—seafarers, coastal residents, or ocean enthusiasts—to record and upload geotagged sightings of marine wildlife and pollution directly into the Ocean Data Platform. By transforming everyday observations into scientific data, Citizen Sea v2 amplifies global marine awareness and contributes to real‑time monitoring of ocean health.

The latest version introduces enhanced image‑recognition for wildlife and debris, offline data logging for vessels at sea, and seamless integration with HUB Ocean’s open‑data platform. Minerva Bunkering has now integrated the app fleet‑wide, enabling its crews to contribute to ocean science during daily voyages and helping close critical knowledge gaps across regions.

“We want to give them the ability to share their observations and help change the fate of the oceans. We know from our employees that there is a very strong wish to contribute to marine sustainability”

Victoria Attwood Scott / Head of Corporate Responsibility & Compliance, Mercuria

Every observation contributed via Citizen Sea expands understanding of the ocean’s condition and strengthens transparency in marine data management. Achieving ocean health is a collective effort—and through HUB Ocean, we continue to collaborate on future versions of Citizen Sea and other digital initiatives that turn curiosity and care for the ocean into informed action.

Read more about our partnership with HUB Ocean.

Helped by our support, RAN trained 38 conservation trainees and 30 volunteer divers, guided by a team of marine biologists and ecologists. Together, they conducted more than 250 underwater visual census surveys, monitoring over 6,500 gorgonians, created 37 photogrammetry models for scientific assessment, and transplanted 120 gorgonian colonies to aid reef recovery. Volunteers also removed 4,000 meters of lost fishing gear and recovered 10 anchors and chains, reducing physical threats to coral and sponge habitats.

We are especially proud to have helped make possible several key initiatives in 2025. These included underwater and beach cleanup actions at Santa Reef, joint surveys as part of the EcoeFISHent Project to assess and remove lost fishing gear in Punta Manara and the Portofino Marine Protected Area, and the Coral Care Project, one of RAN’s most ambitious coral restoration efforts to date. During Coral Care’s inaugural phase, volunteers and biologists installed two nursery structures in protected zones, hosting around 40 coral fragments (primarily Paramuricea clavata) for rehabilitation before their reintroduction to natural reefs.

Beyond fieldwork, RAN’s educational outreach grew stronger through conservation workshops and the “Children Involvement Event,” which introduced young participants to snorkeling and marine discovery, nurturing future ocean stewards.

Through our partnership, we help Reef Alert Network equip and expand its community of divers, scientists, and citizens committed to preserving underwater ecosystems. To explore more of their conservation work and see these projects come to life, visit Reef Alert Network’s YouTube channel.

A key focus of the collaboration was the advancement of high-integrity carbon markets. Through the structuring and financing of jurisdictional REDD+ initiatives, we helped enable the generation of high-quality carbon credits while protecting ecosystems across large landscapes. These efforts contributed to building a robust pipeline of nature-based solutions, allowing companies to invest with greater confidence in projects delivering real climate and biodiversity outcomes.

The partnership also emphasised equitable benefit sharing and local capacity building. By supporting mechanisms that directed revenues toward local communities and Indigenous groups, these programmes helped create sustainable livelihoods, strengthen local engagement, and reinforce long-term stewardship of forest ecosystems.