From reducing our environmental impact and promoting social inclusivity to maintaining high governance standards.
We believe in creating lasting value for our stakeholders, business partners, and society, through transparency and shared progress.
Every year, Island Oil sets strategic objectives with specific environmental and social targets. These objectives are thoroughly evaluated during the Management Review Meeting to ensure they align with our Policies, Mission, and Vision. Our sustainability strategy involves two key approaches. Firstly, we aim to achieve the highest standards of sustainability within our Group through ambitious targets. Secondly, we strive to optimize our positive impact on the environment and society.
Double Materiality Assessment
As part of the sustainability reporting process, the Group carries out a materiality assessment to identify and evaluate both the actual and potential positive and negative impacts arising from its operations. Following the application of an impact materiality approach in previous years, the Group progressed to conducting a double materiality assessment, in line with the latest regulatory expectations.
In 2024, the Group undertook its first double materiality assessment in accordance with the methodology outlined in the Corporate Sustainability Reporting Directive (CSRD). This process enabled the Group to identify, assess, and prioritize its most significant Impacts, Risks, and Opportunities (IROs), taking into account the requirements of the European Sustainability Reporting Standards (ESRSs). The materiality assessment was carried out through a structured four-step process that engaged a broad range of stakeholders, including the Group’s Sustainability Representatives.
| ESRS TOPIC | SUB-TOPIC | IMPACT MATERIALITY | FINANCIAL MATERIALITY | ||
| POSITIVE | NEGATIVE | RISK | OPPORTUNITY | ||
| E1 Climate Change | Climate change adaptation | ||||
| Climate change mitigation | |||||
| Energy | |||||
| E2 Pollution | Pollution of air | ||||
| Pollution of water | |||||
| Microplastics | |||||
| E3 Water and Marine Resource | Marine resources | ||||
| E5 Circular Economy | Waste | ||||
| Resource outflows related to products and services | |||||
| S1 Own Workforce | Working conditions | ||||
| Equal treatment and opportunities for all | |||||
| Other work-related rights | |||||
| S3 Affected Communities | Communities' economic, social and cultural rights | ||||
| G1 Business Conduct | Corporate culture | ||||
| Protection of whistle-blowers | |||||
| Corruption and bribery |
Climate change adaptation
IMPACT MATERIALITY
POSITIVE
NEGATIVE
FINANCIAL MATERIALITY
RISK
OPPORTUNITY
Climate change mitigation
IMPACT MATERIALITY
POSITIVE
NEGATIVE
FINANCIAL MATERIALITY
RISK
OPPORTUNITY
Energy
IMPACT MATERIALITY
POSITIVE
NEGATIVE
FINANCIAL MATERIALITY
RISK
OPPORTUNITY
Pollution of air
IMPACT MATERIALITY
POSITIVE
NEGATIVE
FINANCIAL MATERIALITY
RISK
OPPORTUNITY
Pollution of water
IMPACT MATERIALITY
POSITIVE
NEGATIVE
FINANCIAL MATERIALITY
RISK
OPPORTUNITY
Microplastics
IMPACT MATERIALITY
POSITIVE
NEGATIVE
FINANCIAL MATERIALITY
RISK
OPPORTUNITY
Marine resources
IMPACT MATERIALITY
POSITIVE
NEGATIVE
FINANCIAL MATERIALITY
RISK
OPPORTUNITY
Waste
IMPACT MATERIALITY
POSITIVE
NEGATIVE
FINANCIAL MATERIALITY
RISK
OPPORTUNITY
Resource outflows related to products and services
IMPACT MATERIALITY
POSITIVE
NEGATIVE
FINANCIAL MATERIALITY
RISK
OPPORTUNITY
Working conditions
IMPACT MATERIALITY
POSITIVE
NEGATIVE
FINANCIAL MATERIALITY
RISK
OPPORTUNITY
Equal treatment and opportunities for all
IMPACT MATERIALITY
POSITIVE
NEGATIVE
FINANCIAL MATERIALITY
RISK
OPPORTUNITY
Other work-related rights
IMPACT MATERIALITY
POSITIVE
NEGATIVE
FINANCIAL MATERIALITY
RISK
OPPORTUNITY
Communities' economic, social and cultural rights
IMPACT MATERIALITY
POSITIVE
NEGATIVE
FINANCIAL MATERIALITY
RISK
OPPORTUNITY
Corporate culture
IMPACT MATERIALITY
POSITIVE
NEGATIVE
FINANCIAL MATERIALITY
RISK
OPPORTUNITY
Protection of whistle-blowers
IMPACT MATERIALITY
POSITIVE
NEGATIVE
FINANCIAL MATERIALITY
RISK
OPPORTUNITY
Corruption and bribery
IMPACT MATERIALITY
POSITIVE
NEGATIVE
FINANCIAL MATERIALITY
RISK
OPPORTUNITY