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Puma Energy Sustainability Report 2022

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Puma Energy has published new Sustainability report setting out its new Environment Social and Governance (ESG) strategy and its environmental performance in 2021. The strategy sets a roadmap to reduce its operational GHG emissions and support access lower carbon to energy in high growth markets, particularly in Africa. 

The ESG report sets out Puma Energy’s ambition to ensure the long-term sustainability of the business, while also helping advance the United Nations Sustainable Development Goals and contribute to global action to tackle climate change. A cornerstone of the strategy is aimed at growing its portfolio of transition fuels and introducing clean energy, such as solar, to help industrial customers achieve their energy and climate transition objectives.  The company also aims to continue investing in retail sites at the heart of local communities and maintaining reliable supplies of energy in markets where access to energy is a high priority,

The ESG strategy was informed by a review of Puma Energy’s main sustainability risks and opportunities, and is shaped around four key pillars: supporting the energy transition; reducing environmental impact; enabling socio-economic progress; and ensuring responsible business practices. Each of these pillars is underpinned by a set of targets and initiatives that are detailed in the sustainability report.

Key targets:

  • Reduce Scope 1 and 2 GHG emissions by 15% by end of 2025
  • Increase the supply of transition fuels and clean energy solutions in Africa to represent 30% of divisional EBITDA by the end of 2027
  • Achieve zero workplace fatalities and zero significant road traffic accidents
  • Obtain full alignment with the Voluntary Principles on Security and Human Rights by the end of 2024

A key commitment is to reduce Puma Energy’s operational (Scope 1 and 2) greenhouse gas (GHG) emissions by more than 15% by the end of 2025 compared to 2020 and to develop a pathway to reach net zero GHG emissions.  To achieve this target, the company will focus on improving the efficiency and limiting the fugitive emissions of its two refineries and bitumen business. The company also plans to continue adopting renewable energy to power its operations and will install over 200 solar projects across its assets by the end of 2022.

Another headline target, which exemplifies Puma Energy’s evolving business strategy, is the ambition to expand the supply of lower-carbon transition fuels, such as LPG, and clean energy solutions, including solar, to customers in Africa. We aim to grow the share of our profits (EBITDA) generated from transition fuels and clean energy solutions to 30% of Puma Energy’s African division EBITDA, from less than 1% in FY2021.

The report also outlines plans to support clean cooking, particularly in Africa. Over 2.5 billion people around the world lack access to clean cooking. In Africa, only 17% of people have access to clean cooking solutions, such as LPG, and instead rely on wood, kerosene and charcoal, which have harmful effects on health, contribute to deforestation and are high in carbon emissions. To help address this challenge Puma Energy will grow its LPG business and roll out 2 million new LPG cylinders in Africa by the end of 2027, which will also contribute to our EBITDA target.

The report also provides an update on Puma Energy’s ESG performance in 2021 in order to provide a baseline to measure future performance and sets out a new ESG governance framework. This includes the creation of an ESG board committee to provide oversight of the company’s ESG strategy, chaired by Puma Energy’s Chairman, René Médori.

The full Sustainability Report can be read here

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