ECONOMY

BUSINESS: 381 PRACTICES


TOPIC:

Initiative

SUBMITTED FROM:

MOTOR OIL

Motor Oil was founded in 1970 and the first year of operation of its refinery was 1972.

Motor Oil is a modern energy group that holds a leading role in the field of crude oil refining and the trading of petroleum products in Greece and in the wider Eastern Mediterranean region, while at the same time it is active in the LPG, electricity and natural gas trading sector and in the sector of renewable energy sources.

It has been listed on the Athens Stock Exchange since 2001. It is included in the General index (ATHEX COMPOSITE INDEX), in the Large Cap index (FTSE/ ATHEX LARGE CAP), as well as in the international index FTSE4Good Index Series. Its Refinery is considered one of the most modern refineries in Europe with a complexity rating of 11.54 (Nelson Complexity Index).

www.moh.gr

 

Corporate videos & Statements



Objective Action

Developing an effective goals & targets setting mechanism that will commit top management to act according to our sustainable strategy and  develop actions in order to achieve our sustainable targets.

 

Target Audience

to all stakeholders

 

Duration

On going 


Description

Our employees and our sustainability committee are constantly involved and informed as to the results of the materiality assessment and performance review in certain areas of ESG spectrum. More specifically in 2023 the sustainability committee has been informed with regards to the performance of the past two years and our sustainability representatives have been requested to define specific targets in all ESG pillars in order to tackle the negative impacts of our operations


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Impact on Society

 Addressed to our companies' top management. The targets that have been set are the following

 

  • GHG emissions and energy efficiency
  1. Committed to carbon reduction and net zero targets 
  2. Increase Energy Efficiency in all facilities
  3. Reduce GHG (scope1+2) 30% and 25% scope3 by 2030 and net zero 2050  
  • Waste management and circularity
  1. Produce less amount of waste (especially hazardous)
  2. Increase total waste reused or recycled
  3. Invest in waste management business solutions
  4. Further incorporate circular economy processes in all aspects of our operations
  • Biodiversity
  1. Minimize the impact of operational sites in biodiversity protected areas 
  • Climate adaptation,resilience, and transition
  1. Enlarge portfolio with products and investments that facilitate energy transition
  2. Increase number of ESG impact assessment in significant projects
  • Water consumption
  1. Optimize water management in all facilities and retail stations
  • Air emissions
  1. Reduce flaring, SOx, NOx, PM other 
  • Health, safety and quality
  1. Meet “Goal Zero” objective for eliminating occupational accidents
  2. Upgrade the H&S system & Enhance the Group’s safety culture through further policies
  3. Minimize health, safety & quality incidents (people.product and services)
  4. Increase  number of safety checks & emergency drills
  • Employment Practices
  1. Provide to employees Climate related incentives
  • Local communities'contribution
  1. Increase contributions to local communities
  2. Increase percentage of procurement from domestic suppliers
  3. Increase percentage of employees from local communities
  • Training & development
  1. Enhancement of collaboration and culture integration for the acquired companies
  2. Increase to 100% performance evaluation reviews
  3. Increase training hours and average training hours per employee
  4. Establish a Diversity and inclusion policy and increase diversity in the workplace
  • Equal opportunities, diversity and human rights
  1. Develop an equal pay remuneration policy
  2. Establish  a diversity and inclusion policy and increase diversity in the workplace
  • Security and emergency preparedness & response
  1. Complete certification of ISO 22301 and perform a business continuity plan
  2. Further increase our value generated and distributed (our social product)
  3. Invest further to innovations, analytics, cybersecurity, smart devices.
  4. Enhance our Sustainability Policy
  • Economic contribution
  1. Further increase our value generated and distributed (our social product)
  • Innovation & digital transformation
  1. Invest further to innovations, analytics, cybersecurity, smart devices.
  • Business ethics and compliance
  1. Enhance our Sustainability Policy
  2. Enhance suppliers' assessment according to ESG criteria


Initiative Location

Motor Oil Group 


Working with Organization


Workers Participation

Sustainability Committee,Sustainability Representatives


Benefits for Οrganization

The target setting mechanism will contribute to the commitment of our organisation to ESG pillars. Having set specific targets for each pillar, will  help reach our targets and result in improved rating from certain  rating agencies but also to improved operations in alignment with ESG principles. 




Connection with Global Goals







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