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Sustainability Report / Inspirerende – Inspiring
Inspirerende – Inspiring Vår Energi consists of engaged employees that are curious and optimistic about how we as a company can deliver on our growth targets and at the same time be a driving force in solving the energy challenge of tomorrow. We have set ambitious goals, and we recognise that this will challenge how we work, grow, collaborate and innovate; it will demand courage, creativity and flexibility to deliver on our ambition. Vår Energi’s business objective is to expand our ownership and increase activities on the Norwegian continental shelf (NCS) in a profitable and sustainable manner. We are investing in research and development projects to introduce new low carbon technologies in our ongoing and future activities. The process of developing a new R&D strategy was initiated in 2019, along with the work to implement an energy management system and publishing of our first sustainability report. These initiatives are all meant to deliver on our business objective, and we work to utilise the potential in collaboration across business functions. Being a leading actor on the NCS in terms of collaboration for innovation and emission reducing measures, is a strategic imperative for Vår Energi.
Sustainable Supply Chain Where and why is the topic material? Vår Energi works actively to identify and mitigate risks in the supply chain, while working together with suppliers to identify and utilise opportunities. Vår Energi requires that all main suppliers must have a sustainability policy with a stated ambition or plan for reducing its environmental and social impact. In our procurement and vendor management process, Vår Energi emphasises our contribution to local value creation and endevour to source local suppliers where feasible. Suppliers have a crucial role in sustainably develop the industry through cooperation and innovation.
Policy and action In 2020 Vår Energi will implement a new policy requiring that sustainability is evauated in all procurement processes and that environmental and social performance will be weighted up to 30% in tender evaluations where this is material and feasible. Both through collaboration and through supplier requirements Vår Energi will be a driver is contributing the Norwegian offshore maritime industries in realising their goal of 50% emission cuts by 2030 in accordance with the Norwegian government’s plan for a green maritime industry. To safeguard human rights, the company has implemented a requirement which states that all suppliers shall perform work consistent with the United Nations Guiding Principles on Business and Human Rights (2011) (the UNGPs). To this effect, suppliers shall conduct due diligence to identify, address and, where appropriate, remedy adverse Human Rights impacts in accordance with the UNGPs. Evaluation of results By increasingly engaging suppliers by closer collaboration and amplified requirements, we create better dialogue around the material sustainability topics. As part of this a counterparty risk assessment is executed. Counterparty risk assessment A counterparty risk assessment is done to: • evaluate successfully a spontaneous application submitted by a vendor in order to start a qualification process; • start a vendor qualification process or update a qualification; • award a contact or amend/review an existing contract; • issue the authorisation to subcontract; • perform periodic controls where planned. In Vår Energi’s compliance system Catalyst, we have evaluated 162 suppliers. Compliance Catalyst is developed to ensure that compliance assessment is conducted in accordance with our standards. The system consists of several process that provides results used in further assessment of procurement and vendor management.
