YOUR PARTNER THERE’S A VAST CHANGE UNFOLDING AROUND SUSTAINABILITY THAT WILL AFFECT BUSINESSES WORLDWIDE

Across the globe, stakeholders, customers, investors and governments are insisting that businesses grow better. Driven by the mounting legislative, regulatory, and social pressure to deliver real change, companies are moving beyond qualitative corporate social responsibility (CSR) initiatives like charitable donations and environmental schemes, and shifting focus onto a more measurable strategy: environmental, social and governance (ESG).

Like CSR, ESG focuses in part on a company’s environmental impact. But unlike CSR, it requires businesses to set ambitious quantitative targets, measure their performance, and compare it to industry benchmarks.

Getting on board with ESG

Many UK-based businesses are aleady taking radical steps to reduce their environmental impact in response to the Government’s Net Zero Act. The good news is that while ESG and Net Zero are separate concepts, they overlap. When companies pursue Net Zero, those initiatives can form part of a broader ESG strategy.

Net Zero encourages businesses to reduce greenhouse gas (GHG) emissions as low as possible and balance the remainder by ensuring it is re-absorbed from the atmosphere. It splits emissions into scopes 1, 2, and 3. Reducing scope 1 emissions is the most common starting point. They are created directly by your business and can be minimised by reducing waste, increasing energy efficiency, and switching to cleaner fuel and renewable energy. Scope 2 emissions are those created indirectly by your business activity. For example, when the electricity your business uses is produced. Scope 3 covers the environmental impact your business is associated with but doesn’t create. These could include, for example, the impact of employees commuting, customers using your products, or when raw materials are being mined and transported.

Driving Net Zero Targets with Renewable Diesel (HVO)

HVO, or hydrotreated vegetable oil fuel, is a diesel alternative made from sustainable and renewable raw materials. HVO does the least environmental damage of all the advanced fuels available, creating up to 90% fewer GHG emissions than fossil options. As it’s almost identical to diesel, it can be used in virtually all diesel vehicles*[1] without any expensive engine modifications. This makes it a great option to significantly reduce your scope 1 emission from HGVs, construction equipment and other off-road machinery.

“Switching to HVO delivers fast and significant GHG reductions, making it an attractive option for businesses looking to improve their scope 1 emissions. The Oil Depot has distributor rights for Gd+HVO - the cleanest alternative fuel on the market which has several OEM approvals and is a drop-in replacement for diesel. It meets EN15940 standards, ASTM D975, JIS No 2 and is certified under the UK Renewable Fuel Assurance

[1] HVO meets regulatory requirements and can theoretically be used in any diesel vehicle. However, it is not yet approved for use by all vehicle manufacturers. Check your with your vehicle manufacturer first.

[2] https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/consumers-care-aboutsustainability-and-back-it-up-with-their-wallets

[3] https://www.bloomberg.com/professional/blog/esg-assets-may-hit-53-trillion-by-2025-a-third-of-global-aum/