Mercuria CSR report 2022 - Flipbook - Page 20
Basis of reporting
The purposes of this section is to outline the approach and scope used as the basis of
preparation for the calculation and reporting of our GHG footprint for 2022. The scope of
the report includes the Trading business and Assets held at Mercuria Energy Group Ltd,
as well as assets held at Mercuria Energy Group Holdings Ltd level.
Background
We have been measuring our GHG footprint over a number of years and have continued to make
improvements during 2022.
In 2022, we have sought to improve data quality, processes around data collection and
calculations where better data or approaches are now available. Carbon accounting standards and
new guidance continue to evolve, and we have sought to update our approach accordingly.
For 2022, the GHG emissions have been calculated applying the following basis of preparation.
Guidance and Emission factors
The guiding standard used is the GHG Protocol, Revised Edition. Given the diversity of our activity
and investments, we have considered the principles from various guidance (e.g. IPIECA for oil and
gas) for the respective activity. As new guidance becomes available we will continue to review and
update our approach.
Our approach has to been to gather primary data (e.g. actual consumption data from invoices and
management reports) in quantifying emissions where available, or reported emissions from
regulatory reports or where this was not possible derived figures were applied to activity based
data to estimate the emissions.
The emissions factors we have used have been sourced primarily from the IPCC, DEFRA, EPA and
IMO.
Organizational footprint
GHG Protocol equity share approach has been applied i.e. asset emissions are included based on
Mercuria’s equity share. This is a change for 2022, in previous years we had used operational
control. The results are not significantly different for this year, but we considered equity share to
be a better reflection of our business model as we are not primarily an operator of assets. There is
not at present a significant difference at the aggregate level – for comparison only we have
included operational control data for this reporting period as well.
Mercuria operates assets and owns investments in a wide cross section of energy and energy
transition related assets, including terminals and warehousing for storage, bunkering vessels,
renewable fuel refineries, gas and power assets (wind and solar), and mining activities
For the purposes of preparing this report, we have included assets and activities where we have
assessed there to be larger emission sources – e.g. from activities that use fossil fuels for
combustion and processes where there is potentially loss to the atmosphere through venting or
similar. These are principally from oil and gas production, biofuel refining, mining and
transportation activities. For the equity share basis we have included emissions from selected
activities and investment companies where our shareholding is above 20%[1].
Below this level of shareholding, obtaining appropriate data is more challenging and the relevant
equity stake is small, so the contribution to the overall emissions footprint is not significant.
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Mercuria
CSR Report 2022
