ESG story
01.
Environmental Impact: (E)
– Oil Spill Response: OliOil.iO’s utilization of automated vessels and cutting-edge technologies such as robotics, IoT tools, AI, and satellite navigation systems enables swift and efficient response to oil spills at sea. By deploying advanced methods for oil collection, destruction, and transportation, OliOil minimizes the environmental impact of oil spills, preventing widespread damage to marine ecosystems.
– Sustainable Practices: The company is committed to minimizing its environmental footprint through the use of clean energy sources, efficient vessel designs, and eco-friendly materials. OliOil’s approach aligns with the broader goal of promoting sustainability within the oil and cargo industry, ultimately contributing to the preservation of marine biodiversity and ecosystems.
02.
Social Responsibility: (S)
– Collaborative Research: OliOil.iO’s inception stems from collaborative research conducted by LUT University in Finland, highlighting the company’s commitment to leveraging academia-industry partnerships for innovation. By collaborating with international coastguards and oil distribution companies, OliOil fosters knowledge exchange and collaboration to address pressing environmental challenges.
– Cost-Effective Solutions: Through its efficient oil spill response services, OliOil ensures that cleanup operations are conducted cost-effectively, thereby minimizing financial burdens on affected communities and stakeholders. By reducing the economic impact of oil spills, OliOil contributes to the social and economic well-being of coastal communities and industries reliant on clean marine environments.
03.
Governance Integrity: (G)
– Compliance with International Standards: OliOil operates in accordance with international agreements and regulations governing oil spill response and cleanup operations. By adhering to industry standards and best practices, the company ensures the integrity and effectiveness of its services while upholding transparency and accountability in its operations.
– Insurance and Risk Management: OliOil’s involvement in the oil and cargo industry is complemented by robust insurance coverage and risk management practices. The company works closely with indemnity clubs and insurance firms to mitigate risks associated with oil spill incidents, ensuring prompt and efficient response measures while safeguarding the interests of stakeholders and the environment.
In a nutshell:
OliOil.iO’s ESG story underscores its commitment to environmental stewardship, social responsibility, and governance integrity within the oil and cargo industry. Through innovative technologies, collaborative research, and adherence to international standards, OliOil strives to mitigate the environmental impact of oil spills, promote community resilience, and uphold ethical business practices. As a key player in the logistics chain, OliOil is poised to drive positive change and contribute to a greener, more sustainable future for the industry and the planet.
Measurements of Co2 and footprint of companies
As of my last update in January 2022, the European Union (EU) has implemented various regulations and initiatives aimed at measuring and reducing carbon dioxide (CO2) emissions, including those related to the carbon footprint of companies, including those in the food industry.
01.
EU Emissions Trading System (EU ETS):
The EU ETS is one of the key policies for reducing greenhouse gas emissions in the EU. It covers various sectors, including energy production, industry, and aviation. Under the EU ETS, companies are allocated a certain number of emissions allowances, each representing one ton of CO2. Companies must surrender enough allowances to cover their emissions, and if they emit more than their allocated allowances, they are required to purchase additional allowances or face penalties.
02.
Corporate Reporting Requirements:
The EU has introduced regulations mandating companies to disclose their environmental impacts, including their carbon footprint. The Non-Financial Reporting Directive (NFRD) requires certain large companies to disclose information on their environmental performance, including greenhouse gas emissions. This includes companies in the food industry, which are significant contributors to emissions due to agricultural activities, transportation, and processing.
03.
Carbon Accounting Standards:
The EU has been developing standards and methodologies for carbon accounting to ensure consistency and comparability of emissions data reported by companies. These standards help companies measure and report their carbon footprint accurately, facilitating transparency and accountability.
04.
Sustainability Certifications:
While not mandated by regulations, many companies in the food industry voluntarily obtain sustainability certifications, such as ISO 14001 or the Carbon Trust Standard, to demonstrate their commitment to reducing their carbon footprint and environmental impact.
05.
Control and Enforcement:
Regulatory agencies within EU member states are responsible for monitoring compliance with emissions regulations and reporting requirements. These agencies may conduct audits, inspections, and investigations to ensure that companies accurately measure, report, and reduce their carbon emissions. Additionally, non-governmental organizations (NGOs) and civil society play a role in scrutinizing companies’ environmental performance and advocating for stronger regulations and enforcement.
06.
Future Developments:
The EU is continuously updating and strengthening its climate policies and regulations to align with its long-term climate goals, such as achieving carbon neutrality by 2050. This may include revising the EU ETS, expanding reporting requirements, and introducing new measures to incentivize emission reductions across all sectors, including the food industry.
Overall, the measurement and regulation of CO2 emissions in the EU, including those related to the food footprint of companies, involve a combination of mandatory reporting requirements, emissions trading mechanisms, standards development, and regulatory oversight to drive emissions reductions and promote sustainability.