Performance Score
Although the company has implemented strong governance on climate issues, with a remuneration policy aligned with the achievement of decarbonization targets, the company's decarbonization strategy still has significant areas for improvement: thus, the targets do not currently cover the product use item (oil and gas, which represents 96% of emissions, isolated in a 'scope 3B').In addition, on the emissions covered (scopes 1+2 and upstream scope 3), the past trajectory does not show a decrease. The supplier engagement strategy is currently limited to suppliers who represent only a limited portion of emissions: maritime transport suppliers and suppliers of photovoltaic electricity production equipment.The customer engagement strategy is not described in a structured manner, with public information reporting one-off actions.In terms of business model, the company has nevertheless taken steps towards diversification, driven in particular by commitments in terms of production and % of EBITDA in photovoltaic activity.
Narrative Score
The nature of the company's activities (oil and gas transportation) represents a challenge for the transition, since the company's core business is not compatible with a low-carbon universe. The company is aware of this and has set a significant diversification focus on renewable energy production (25% of EBITDA by 2030 vs. 4% today). The absence of a decarbonization target for the main emissions item, the points for improvement on the commitment of the value chain and the past trajectory of emissions do not, however, currently ensure that the company will be able to transition sufficiently and at a sufficiently rapid pace compared to the objective set by the Paris Agreement, hence a narrative score of D.
Trend score
Mechanical observation of the company's situation would lead to proposing a score of "-".However, the ambition to diversify the company's activity towards the production of renewable energy will be key in reducing emissions.This, detailed in particular for the photovoltaic activity, leads to proposing a trend score of "=".
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