Sustainability and ESG

ESG REVIEW

Operating Sustainably

At its core, sustainability involves building an organisation with a net positive impact on both people and the planet while achieving sustainable growth and long-term returns. At ICG, this is a is a fundamental part of our approach to executing on our business strategy. It involves minimising our impact on the planet while striving to achieve our sustainable growth ambitions.

ICG is at the heart of significant maritime transportation links carrying passengers and cars, Roll On / Roll Off freight and Container Lift On Lift Off freight on routes between Ireland, the United Kingdom and Continental Europe. As one of the critical transport providers we are acutely conscious of the importance of our role in delivering our services have on the wider economy. Despite marine transportation being one of the most carbon-efficient modes of transport, the movement of this volume of goods and people still result in emissions that we need to minimise. We have recognised the need to minimise the impact of our operations on the environment.

The maritime sector is recognised as a hard to abate sector and last year we outlined some of the key challenges that the industry at large is facing. The challenges relate to the industry reliance on the burning of marine petroleum-based fuels in ship engines and the related carbon footprint of burning these fuels. These fuels are relatively energy dense, safe to handle, and uses a residual product from higher grades of petroleum refining products. They continue to be the only commercially viable source of fuel for the vast bulk of maritime transport due to cost, technological feasibility, safety concerns, safety regulations, sustainability of supply and availability of infrastructure to support delivery.

Regulatory pressure

The maritime industry is heavily regulated, and new regulations, such as the inclusion of maritime transport in the EU Emissions Trading System (EU ETS) and FuelEu, will increase the cost of doing business and will be required to be passed on to customers. These regulations aim to reduce carbon emissions by increasing the cost of emitting carbon into the atmosphere and in turn stimulate the growth of the alternative low carbon fuel industry. The EU ETS will impact our operations from 2024 and the FuelEU will impact our operations from 2025.

These developments provide greater regulatory certainty and direction for the industry in terms of its decarbonisation efforts and enables the industry as a whole to invest in ways to reduce our impact on the environment.

There were significant developments in the International Maritime Organization (IMO) sphere, where the IMO during 2023 has significantly increased its ambitions on emission reductions. The IMO are now targeting net-zero emissions in the maritime industry by around 2050 from the previous target of a 50% reduction from 2008 levels. They are broadly equivalent standards as the Scienced based targets initiative. For ICG, we support this increased ambition that the IMO sets out for our industry, supporting global regulations for a global issue.

Additionally, we note the publication of the Corporate Sustainability Reporting Directive (CSRD) and the associated sustainability standards. This reporting will entail providing more detailed information and require deploying significant resources to ensure effective reporting. ICG will report against these standards, in line with the legislated timelines.

2023 – Another record-breaking year for climate extremes

Headlines declaring 2023 as the hottest year in 125,000 years have underscored the urgency of the global climate crisis. We find ourselves grappling with the alarming trend of extreme temperatures, characterised by drier summers and wetter winters in the past year. These extremes have brought with them the harsh realities of droughts, wildfires, and flash flooding, placing significant stress on both human and animal habitats.

Taking Action Now

Despite the formidable challenges we face, we are taking action. We are actively pursuing emission reduction measures, striving to not only meet but exceed all established standards while ensuring our economic viability remains intact, and we continue to make appropriate returns for our shareholders.

Last year, we set out the industry challenges on the path to decarbonisation, most notably our reliance on marine petroleum fuels and the lack of commercially viable alternatives. However, the landscape is evolving rapidly, marked by significant innovations in fuel development and efficiency enhancements across all fronts. We still have a distance to go to make these viable but the path ahead is becoming clearer.

In our own operations, we are actively transitioning toward optimising our operations. This includes exploring alternative fuel sources, such as biofuels, with trials underway for our Fast Craft Dublin Swift. We commit to scaling up these efforts once a reliable supply becomes available at a cost-effective price. Furthermore, we collaborate closely with our partner ports to ensure the necessary infrastructure, like shore power, will be in place to support the maritime industry’s journey toward decarbonisation, including potential adoption of alternative power sources when such options become feasible for ships of our required size with technological advancements, either through retrofit or replacement.

Sustainable Development Goals

ICG support the Sustainable Development Goals by minimising our impact on the environment. This contributes to our customers efforts, to transport and deliver their products in a manner that is Sustainable into the future.

As highlighted within the pages of this report, the activities we believe best support the Group’s core SDGs are:

Employee engagement practices

Implementing effective waste management systems throughout our vessels

Being a leader in health and safety, utilising a data driven approach

Flexible working policies as well as a range of employment benefits

Adoption of clean and environmentally sound technologies and processes

Expanding reporting and engagement with external stakeholders

Upgrade of infrastructure and retrofit projects with increased resource-use efficiency.

Enhancing pollution prevention systems

Novel and market leading circular economy programmes preventing plastics from reaching the oceans.

Our vessels

Maritime shipping is recognised as a challenging sector to reduce emissions. We pursue our sustainability objectives through a two-fold approach: immediate operational measures and the development and deployment of new technologies for long-term goals.

Decarbonising our Vessel Operations

The International Maritime Organisation (IMO), a specialised agency of the United Nations responsible for regulating global shipping, and the European Union (EU) have each set decarbonisation goals for the maritime industry with the IMO, in 2023, significantly increasing its ambition, targeting net zero by 2050.

As the maritime industry has unique challenges arising from the current lack of proven, accessible alternative fuels, particularly for large vessels, our current decarbonisation strategy for our vessels is focused on achieving our targets through a range of short-term operational measures and longer-term technical measures.

Operational Measures

Our short-term decarbonisation efforts include:

  • Implementing a green voyage program to optimise factors like port operations, navigation, and speed management.
  • Utilising advanced fleet management software, S-Insight, for environmental performance monitoring and data analytics.
  • Real-time vessel performance monitoring through an engine power management system, Kongsberg, enhancing vessel responsiveness.
  • Regular drydocking for hull maintenance.
  • Deploying experienced crews and efficient port operations teams.
  • Continuous improvement of vessel performance in line with Ship Energy Efficiency Management Plans (SEEMPs).
  • Researching and trialling accessible alternative fuels, such as sustainable biofuels.

Technical Measures

Our long-term decarbonisation initiatives involve:

  • Replacing older vessels with efficient ones that incorporate the latest technologies. These will be capital intensive investments and as such we will need significant degree of certainty that our investment will be successful and cost effective to adopt these technologies.
  • Increasing the use of onshore power enabled by FuelEU Maritime regulations.
  • Complying with energy efficiency design requirements (EEDI and EEXI) under IMO regulations.
  • Investing in exhaust gas cleaning systems to reduce emissions below mandated levels include significantly reducing particulate matter.
  • Upgrading turbochargers for improved fuel efficiency.
  • Applying non-toxic anti-fouling hull paints to reduce water resistance.
  • Implementing energy-efficient propeller blades.
  • Modification to enable consumption of alternative fuels.

We continually research and assess the feasibility of retrofit projects to improve the emissions performance of our fleet, ensuring innovative technologies that are safe and proven effective can be introduced where appropriate. This includes;

  • Ongoing investment and assessment of suitable technologies to improve the existing fleet efficiency, including, air lubrication systems, we have recently extended our ongoing collaboration with a technology provider to test the suitability of this technology for our fleet.
  • Collaboration with suitable marine technology companies participating in clean energy projects and innovations.
  • Ongoing assessment of adjustments to vessel structure to improve efficiency, such as assessing modifications to a vessel’s hull shape.

Data Gathering

A crucial part of our strategy is consistent data collection to meet regulatory requirements. This includes emissions data verification under the EU Monitoring, Reporting, and Verification (MRV) Regulation and the IMO Fuel Oil Data Collection System (DCS) reporting.

Innovation in Anti-Fouling Paints

In our pursuit of operational efficiencies, we are experimenting with a cutting-edge silicone-based hull coating. This coating offers ultra-low friction, improving vessel performance by deterring fouling attachment. It’s easy to apply, with minimal VOC emissions.

Decarbonising our Terminal Operations

In 2023, we achieved a significant milestone in our terminal electrification program, with 5 new remote semi-automated rubber-tyred gantries and a new ship-to-shore crane, powered by renewable energy being put into operation. This marks the completion of this phase of our strategy, with 80% of our heavy equipment now electrified and powered by renewable energy. The resulting emission reductions and operational efficiencies will be substantial, and we will see the results in the years to come.

The modern cranes are designed for continuous operation in all but the most extreme weather conditions, enhancing reliability. The completion of this phase is a significant step toward our Net Zero 2030 goal for our terminal operations, representing an investment of approximately €28.7 million over the last few years. These investments have increased our capacity by approx. 20% at our Dublin terminal, thus positioning these assets at the heart of Dublin Port growth ambitions which are forecasted to grow to 77 million gross tonnes by 2040 as set out in the Dublin Port masterplan.

We’ve also made strides in reducing our carbon footprint by replacing diesel-powered vehicles with battery-powered ones and investing in electric infrastructure, including solar panels and LED lighting.

A summary of our actions over the last number of years to achieve our decarbonisation goals are as follows:

  • Electrifying our terminals: Since 2017, we have progressively being pursuing the electrification agenda, with our current investment programme totalling €28.7m over the last few years. As of this year, 80% of our cranes are now electric.
  • Electric infrastructure upgrades- we have been investing in our supporting electric infrastructure with €1.4m invested over the last number of years.
  • Solar panels: we have been able to add solar panels to our terminal building providing green electricity to our buildings.
  • LED lighting is installed within our terminal buildings.

Company cars are being replaced with electric and hybrid models in line with replacement cycles. These vehicles are used by sales and operations staff.

Yard Tugs and Tractors – Over recent years we have continued to invest in our yard tug fleet. While diesel powered, they are some of the most efficient in class. These new “Euro 5 and above” engines are estimated to reduce NOx and Particulate matter by up to 93% from earlier engine types. There were no commercially viable greener alternatives to diesel powered engines on the market that would suit our operational profile. We are now seeing this change as a result we would expect that in due course, Zero emission technologies will be deployed. These replacements will be made in line with our asset replacing schedule. In terms of an intermediate step, we are considering the use of HVO/Biofuels which would further reduce our emissions.

Our focus now has switched to reviewing the remainder of our operations and determining what next can be done to achieve our net Zero goal for our terminal operations by 2030.

We are also looking to see how we can support our customer’s ships stopping at our terminal, for example it may be in supporting the deployment of onshore power in collaboration with relevant harbour authorities over the coming years. These would be multiyear projects that will require the collaboration of various stakeholders in our ports including the port authorities, the government, the electric supply companies given the infrastructure required and our customers, our shipping operators.

Our Multimodal approach

Passenger Rail and Sail

We are delighted to have partnered with rail services in Ireland, the UK and France to offer rail and sail tickets for passengers travel to these destinations. For example, these tickets now allow a connection from any train station in Ireland to over 2,400 stations in Britain and indeed onwards to the Europe via the Eurotunnel or via our Irish French routes.

Ferries and trains are highly energy-efficient compared to air travel, emitting just a fraction of CO2 per tonne-km.

Container business

By sea, road, rail or barge

Our fast direct container service between Rotterdam and Dublin ensures that perishable and urgent consignments reach market in the shortest possible time. Operating between Ireland and Poland in Northern Europe to Italy in the South, Eucon’s door to door container services utilise the excellent European road, rail and inland waterway networks via the hub ports of Rotterdam and Antwerp, utilising a modern container fleet. This network allows us to offer multimodal delivery options to our mainland Europe customers. While we have flexibility in Europe, we are limited in our delivery options for our Irish based operations, we continue to explore greener alternatives for delivery.

Heavy Asset Recycling

Cranes

In our terminal operations when our cranes are at the end of their life cycle, they are decommissioned by specialist contractors who recycle over 98% of materials from cranes. In 2023, we decommissioned 5 of our older diesel-powered cranes, rediverting over 800 tonnes of steel for recycling.

Ship disposal

All our ships are EU registered which ensures that at the end of life they will be scrapped in an environmentally sustainable way in an accredited shipyard in line with our European regulations. These shipyards will be accredited to the highest environmental and safety standards. No ships were scrapped during the year.

Collaboration for Sustainability

In light of the significant challenge, to decarbonise our industry, we are delighted to note our participation with the Smart Freight Centre and the related Clean Cargo initiatives. These collaborations are instrumental in promoting best practices within our sector, with a specific focus on transparent and standardised calculations and reporting of greenhouse gas (GHG) emissions in logistics.

Our dedication to sustainability permeates every facet of our organisation, spanning from our vessel operations to our terminal facilities and multimodal transportation solutions. We recognise the collective effort required to drive meaningful change and are committed to playing our part in building a more sustainable future for our industry and the planet.

Embracing the Circular economy

This shift toward a circular economy in Europe presents intriguing prospects for ICG. We have a unique opportunity to position ourselves within the value chain by transporting recyclable materials to prominent recycling facilities across Europe, where they can be repurposed and reused.

Already, we are actively involved in transporting substantial volumes, approximately 7,780 twenty-foot equivalent units (TEU) of recyclable materials from Ireland to cutting-edge recycling facilities on the continent. This commitment to facilitating the repurposing and reuse of materials is just the beginning. We remain dedicated to exploring further opportunities and expanding our role in the circular economy.

Responsible Resource consumption

Our commitment to environmental responsibility goes beyond reducing emissions; it extends to minimising waste, conserving resources, preventing pollution, and safeguarding biodiversity. Given the nature of our operations, protecting marine life takes centre stage. We are unwavering in our efforts to prevent spills and accidental releases, whether caused by leaks, adverse weather, or human error. Accidental releases can occur, but we resolve to quickly remediate any issues caused.

At ICG, we have a zero-tolerance policy for illegal waste dumping at sea. We diligently utilise high-quality port reception facilities and collaborate with ISO-certified waste management partners to responsibly collect and treat various types of waste generated by our vessels and land-based activities. All our vessels are equipped with oil recovery systems to collect spent oils for recycling. Periodic inspections of our partners’ waste management facilities ensure compliance with proper waste treatment and reporting protocols. Moreover, we prioritise the use of specialised, TBT-free Marpol-compliant non-toxic paints, minimising the release of harmful substances into the sea.

In line with environmental regulations, all our vessels carry an Inventory of Hazardous Materials (IHM) certificate to demonstrate our commitment to controlling hazardous materials on board. We ensure compliance with both the EU Ship Recycling Regulation (SRR) and the Hong Kong Convention (HKC) for the Safe and Environmentally Sound Recycling of Ships. Rigorous surveys and inspections are conducted annually to maintain IHM certification.

At our Dublin offices, we collaborate with a waste management partner who employs a combination of Solid Recovered Fuel (SRF) processing and Refuse Derived Fuel (RDF) processing. This approach allows for the recovery and recycling of metals and processed waste for alternative fuel and electricity production, contributing to the circular economy while reducing landfill usage. Food and garbage waste generated on our vessels during voyages is incinerated ashore for biosecurity reasons.

In alignment with our commitment to sustainability, we have joined the UK Chamber of Shipping pledge to continuously minimise shipborne garbage generation and collectively strive for zero pollution from ships into the sea, particularly regarding plastics. As a part of this effort, we have eliminated all single-use plastics from our vessels.

To ensure the effectiveness of our waste management practices, each crew and office department has designated waste management champions. Their responsibilities include ensuring compliance with waste segregation procedures, conducting checks at waste segregation areas, and promoting awareness of responsible consumption practices within their respective areas. We believe that these collective efforts are essential in minimising our environmental footprint and upholding our commitment to responsible resource consumption.

Water Conservation and Management

Our commitment to environmental stewardship extends to water conservation and improved water efficiency. We prioritise the responsible use of water resources. We do not operate in areas of high-water stress, as defined by the World Resources Institute Aqueduct tool.

For potable water use, we source water from certified suppliers and maintain it on board in certified sanitary conditions. Routine water quality testing is conducted in accordance with onboard policies to ensure it meets high-quality standards. Recognising the scarcity of potable water, we have incorporated water conservation measures, including the use of flow controllers. When regulations permit, we employ seawater for non-potable purposes, treating it before safe discharge back into the sea.

Innovative water management practices are also implemented at our Dublin Inland Port facility, which represents one of our most intensive water use locations within our terminals business. We use a container wash water recycling system that delivers substantial water savings, with the potential to reduce freshwater consumption by up to 90 percent. This system employs biological and separation technologies to transform used and contaminated wash water into clean, reusable water.

The utilisation of ballast water is crucial for ensuring the safety and stability of our vessels. Ballast water management involves the intake and discharge of ballast water at different locations to maintain vessel stability amid changes in cargo and voyage conditions. In line with our commitment to environmental responsibility, we have made substantial investments in Ballast Water Tanks installation projects across our fleet. All ships that rely on external ballast water now have these tanks fitted, representing a significant commitment to environmental protection. Notably, vessels like the Dublin Swift and the Isle of Innisfree do not use ballast water or use internal tanks, eliminating this associated risk.

Waste Management

Our waste and consumption volumes decreased by approx. 6% in 2023, we maintain a steadfast commitment to waste reduction and recycling efforts. Our approach to waste minimisation involves continuous collaboration with ship managers and waste management partners across all our office locations and served ports. Together, we implement best practices to optimise waste management processes.

Bamboo flooring is present on new and refurbished Eucon containers. On 31 December 2023, 1248, or approximately 25 percent of the Group’s container fleet include bamboo flooring. Bamboo self-regenerates from its roots and is considered more sustainable than hardwood trees for its ability to regenerate quickly.

To promote responsible consumption, we have made environmentally conscious choices in our crew uniforms. These uniforms are crafted from 95 percent recycled polyester derived from plastic bottles. In 2023 alone, ICG purchased approximately 1,400 of these garments, equivalent to recycling 60,000 plastic bottles. This initiative not only prevents plastic waste from reaching oceans and landfills but also underscores our commitment to sustainability in our procurement practices.

We try to minimise the number of deliveries to our vessels through containerised provisioning, reducing the environmental footprint associated with our operations.

Noise Management and Environmental Management

We are committed to minimising our environmental footprint, and this extends to our consideration of the acoustic environment in the ports within our transport network. Recognising the importance of maintaining a harmonious relationship with local communities, we take proactive measures to reduce noise disturbances.

To ensure the safety of our staff while simultaneously minimising disruptions to the broader community, we equip our operational vehicles with state-of-the-art alarm technologies for noise dissipation. Our RTGs are specifically designed to use “soft” container landing procedures. This investment in cutting-edge safety features underscores our dedication to both staff well-being and community harmony.

As part of our ongoing environmental initiatives, we conduct regular monitoring of our noise emissions to ensure that they adhere to local environmental guidelines. This proactive approach ensures that we remain in compliance with established noise regulations and contribute to a more peaceful soundscape in the areas we serve.

We are proud to note that over the past four years, no noise complaints have been registered in relation to our activities. This achievement reflects our commitment to responsible and considerate operations that prioritise environmental and community well-being.

OCEAN Project

We are delighted to be a founding partner of the OCEAN Project, an international initiative aimed at assessing the causes and consequences of navigational accidents, including incidents involving marine mammals and floating objects.

The OCEAN Project is a pioneering effort that delves into, enhances, tests, and advances navigation systems and training methods. By equipping seafarers with a deeper understanding of their surroundings and decision-making tools, the project seeks to empower them to make informed choices.

In addition to improving navigation, the project also envisions the creation of a European navigational hazard data infrastructure.

This infrastructure will gather and disseminate multi-source observations and hazard predictions, particularly in relation to floating containers and large aggregations of marine mammals. By integrating this information into the existing distributed maritime warning infrastructure, the project aims to enhance navigational safety across European waters.

Upon completion, the consortium behind the OCEAN Project intends to transfer this data ecosystem to relevant European organisations for ongoing deployment and maintenance. The potential impact of this project is substantial—it has the capacity to significantly reduce the occurrence of navigational accidents, thereby saving lives, safeguarding the environment, and mitigating economic losses.

Furthermore, the OCEAN Project’s efforts contribute to the development of new technologies and standards that will benefit maritime safety for years to come. This initiative exemplifies a mutual beneficial scenario, fostering progress in the industry while simultaneously protecting the environment and enhancing the safety of maritime operations.

At ICG, our team is at the core of our success. We take immense pride in our high-achieving and customer-centric workforce. Our workplace is characterised by trust and collaboration, where we encourage our team members to collaborate vertically, horizontally, across the organisation. We actively promote positive challenges to the status quo, always striving to deliver improved performance.

Passionate Dedication

Our people are passionate about their work, and their unwavering commitment to delivering excellence is a strategic pillar that underpins our successful execution of our strategy.

Our Holistic Culture

We are dedicated to providing our team members with a holistic culture that encompasses safety, health, well-being, development, reward, and recognition. The ICG Social Committee plays a pivotal role in fostering a more positive and engaging work environment. This, in turn, boosts morale, leading to increased productivity and alignment of interests.

Continuous Development

We believe in hiring for potential and ensuring that our team members reach their full potential through challenging and meaningful work. As a “Learning Organisation,” we actively support a growth mindset through our Learning & Development Policy and Talent Review Process. We’ve cultivated a culture of engagement that nurtures and supports ongoing development and upskilling.

Leadership Focus

Leadership is central to our success, and we have tailored Leadership Programs for individuals identified through succession planning. These programs help them progress within the organisation and develop into effective leaders.

Health and Wellbeing

The health and wellbeing of our team members are of utmost importance. We support them with flexible work practices and family-friendly policies. Throughout the year, we organise events that not only focus on physical health but also address the equally critical aspect of mental health.

Reward and Recognition

To recognise and reward the dedication and high achievements of our team, we offer competitive salaries along with a range of incentives. This ensures that our team members feel valued and appreciated for their contributions to our business.

Reward and recognition are not only linked to our Talent Review Process but is actively acknowledged throughout the year.

Psychological Safety

Psychological Safety and Inclusivity

At ICG, we prioritise creating a safe and inclusive work environment where our team members can thrive. We foster a “speak up” culture, encouraging everyone to voice their opinions, challenge the status quo, and express themselves without fear of retribution. Respect and dignity are fundamental principles that underpin all our business practices.

Empowering Our Team

We have robust policies in place, including Bullying & Harassment, Equality, Diversity & Inclusion, Dignity & Respect, and Whistleblowing, to provide our employees with the means to speak up against inappropriate behaviour or processes. These policies ensure that every team member has a voice and a process for addressing any concerns.

Diversity, Equality and Inclusion

We firmly believe that a diverse workforce is a key driver of our competitive edge in the industry. Our commitment to diversity, equality, and inclusion runs throughout our organisation. While our gender ratio may not yet be perfectly balanced, we acknowledge that the maritime industry has historically been male dominated. We are dedicated to improving the representation of women at ICG through policy enhancements and recruitment processes.

Progressive Changes

In recent years, we’ve made significant strides in addressing gender balance. Our efforts have resulted in a more balanced representation of women on our Board, with females now constituting 33% of our Board members and across the Group, we have increased our gender balance by 2% year on year to 41%. We are committed to ongoing progress in this area, recognising the importance of gender diversity.

Diversity & Inclusion

Our Commitment to Diversity & Inclusion

At ICG, we are unwavering in our commitment to fostering a positive working environment where every employee is respected, valued, and empowered to reach their full potential. We firmly believe that a diverse workforce enriches our organisation with a wide range of skills and experiences, enhancing our creativity and competitiveness.

Our Guiding Principles

To attract, recruit, develop, and retain the best talent, we have built our approach on three core principles:

Diversity: We recognise and celebrate each person as a unique individual. Our success hinges on our ability to embrace diversity, valuing every individual’s contribution. By working collaboratively, we aim to deliver exceptional service to our staff and stakeholders.

Equality: We actively promote equality of opportunity by removing barriers, eliminating bias, and ensuring equitable access for all individuals.

Inclusion: We cultivate a workplace culture where differences are not merely acknowledged but cherished. Our goal is to create an environment where everyone can develop in alignment with ICG’s values of impartiality, honesty, integrity, and objectivity.

Our Vision

Our aspiration is to become an organisation where every individual feels engaged, respected, and deeply connected to our collective success. At ICG, we are dedicated to being a fully inclusive employer, which includes supporting our workforce in achieving a positive work-life balance. To this end, we facilitate hybrid working arrangements for our staff, ensuring that both their needs and our business objectives are met.

Safety First

Safety is, and always will be, our utmost priority.

Managing Physical Risks

Given the inherent risks in our operations, from handling containers to loading and unloading ships, ensuring the safety of our staff and customers is paramount. We instil a robust safety culture within our organisation through various measures:

  • We keep our safety statements updated annually, ensuring they encompass all our policies and procedures.
  • All staff receive training in high-risk areas.
  • Specialised training is provided based on risk levels.
  • We conduct drills and exercises to assess the efficacy of our systems and enhance resilience.

Supporting Safety Initiatives

We are proud supporters of the Dublin Safe Port initiative, a city-wide safety program aimed at continuously improving safety culture and practices for all workers in Dublin Port. This initiative includes safety awareness campaigns, training, and other activities, fostering a safer working environment for the long term.

International Safety Standards

On our ships, we adhere to the International Safety Management System (ISM) code, a globally recognised best practice in international shipping.

Inclusive and Safer Work Environment

Our RTG electrification program has made our cranes safer. These upgraded cranes can now be controlled remotely from a secure office-based centre. This not only enhances safety by eliminating the need for staff to be in the yard but also opens opportunities for individuals who may have been excluded from these roles.

Efficiency and Safety

Last year, we modernised our digital booking system for hauliers. Our app-based system allows for virtual orders and collections, enabling “Just in Time arrivals” of hauliers to our terminals. This has significantly reduced congestion and idling times in the port area, enhancing efficiency and safety for all parties involved.

Dealing with Dangerous Goods

We only transport goods that are legally classified as dangerous goods if they meet all international, national and local laws and guidelines in full, such as the International Maritime Dangerous Goods (IMDG) Code. The potential danger posed by cargo is assigned a classification based on various characteristics, such as its physical and chemical properties, reactivity and stability, and toxicological and environmental information. By implementing special measures, we ensure that their transport is safe for our employees, the ship, the cargo and the environment.

LTIF statistics

Our LTIF (Lost Time Injury Frequency) statistics are set out in Employee Health and Safety and Diversity and Inclusion, our LTIF which measures the number of recordable workplace incidents resulting in lost days over a year per million hours worked saw an increase of 1.67 LTIF over the period. The LTIF for land of 8.2 is above our target thresholds of <5 which is disappointing. We are working with our key contractors to investigate the underlying causes and address these issues. Our target thresholds are split over Land and Sea with LTIF on land <5 and LTIF at sea <3.5. We remain acutely aware that our workspaces are inherently high risk and continually ensure that safety awareness is always to the forefront of how we operate.

All reported safety incidents are investigated internally to ensure all necessary steps are taken to improve and to prevent reoccurrences. Where required, we also report incidences to external authorities and co-operate fully with any inquiries.

Health

Our Commitment to Health

The health of our customers, employees, and contractors is of utmost importance to us. We are unwavering in our commitment to comply with all health regulations mandated by regulatory authorities. Our goal is to minimise the risk of illness within our sphere of operation.

Rigorous Food Safety Measures

Onboard our vessels, we have implemented Hazard Analysis and Critical Control Point (HACCP) systems in all food handling areas. These systems are designed to identify, monitor, and control critical points in food preparation to ensure the highest standards of safety and hygiene. We subject ourselves to regular third-party inspections to validate the effectiveness of our food safety protocols, providing an additional layer of assurance to our customers and stakeholders.

Society

Corporate Social Responsibility (CSR)

At ICG, our commitment to corporate social responsibility (CSR) remains unwavering. We take pride in being active members of the local communities in which we operate. Over the past year, we have continued our support for charitable partners through our CSR program.

Support for Dublin Wicklow Mountain Rescue Team (DWMRT)

ICG has a long-standing partnership with the Dublin Wicklow Mountain Rescue Team (DWMRT). This dedicated team shares our commitment to the safety of our communities. Irish Ferries plays a crucial role in assisting the DWMRT by providing transport services for rescue dogs, volunteers, and essential equipment needed for critical search and training operations in Ireland.

Contributions to Good Causes

We extend our gratitude to our customers who also contribute to important causes. Onboard our Irish Ferries vessels, we conduct collections to support the Royal National Lifeboat Association (RNLI), the largest charity dedicated to saving lives across the seas of the United Kingdom, the Republic of Ireland, the Channel Islands, and the Isle of Man. Additionally, our customers contribute to the Irish Heart Foundation by choosing healthy meal options onboard. A percentage of proceeds from these specially marked heart-healthy meals on our menu is donated to the Irish Heart Foundation.

Support for the Irish Whale and Dolphin Association

Over the past year, we have continued to support the Irish Whale and Dolphin Association in their vital monitoring work. We provide assistance to the association by facilitating their onboard activities, including viewing exercises aimed at monitoring the behaviour and populations of whale and dolphin species around our coastline.

Involvement in St. Patrick’s Festival

ICG proudly supports the St. Patrick’s Festival in Ireland and offers transportation services for some of the participating bands and acts traveling from the UK to the event. The festival continues to be a highlight of our visitors trips to Ireland and a great event for all the family.

Special Assistance Passengers

At ICG, we are dedicated to providing assistance to passengers who may require special support through our Special Assistance Program. This program is designed to offer individualised assistance to passengers with unique needs, such as reduced mobility or other special requirements. Our commitment to inclusivity includes the following provisions:

Wheelchair Access: We provide wheelchairs for passengers’ use within our ports and on our ships to ensure comfortable mobility.

Dedicated Seating: Our ships offer dedicated seating areas to accommodate passengers with special needs, ensuring a comfortable and accessible journey.

Specially Adapted Cabins: On the majority of our cruise ferries, we have specially adapted cabins designed to meet the needs of passengers with unique requirements.

Assistance Animals: Registered assistant animals are welcome on our passenger decks, ensuring that passengers have the support they need.

Last year, our Disability Officer handled just under 1,400 customer cases for special assistance. Each request is handled with meticulous planning to anticipate and address the specific needs of the individual, ensuring a seamless and accommodating experience.

Sunflower Lanyard Scheme

One of the special programmes that we have become involved in, is the Sunflower Lanyard scheme, being the first Irish Travel operator to do so. This discreet lanyard enables our specially trained crew members to readily identify passengers who may require extra assistance, additional time, or specialised aid. We are committed to finding innovative ways to ensure that all customers can enjoy our services comfortably.

Supporting Tourism and Local Economies

Irish Ferries collaborates closely with state tourism agencies in Ireland, including Tourism Ireland and Fáilte Ireland, as well as tourism source markets in Wales (Visit Wales) and France (Normandy Tourism and Cotentin Tourism). We are enthusiastic about showcasing the finest offerings from our local artisan producers to delight our customers in our onboard restaurants. Our commitment to sourcing local and sustainable products includes:

Local Suppliers: We partner with local seafood suppliers from Howth, Irish beef and dairy producers, and breakfast meat suppliers from counties Kilkenny and Cork. All our food products are Origin Green certified, reflecting our dedication to sourcing from independently monitored and verified producers under Ireland’s pioneering food and drink sustainability program.

Irish Beverages: We promote Irish beverages, including both well-known brands and craft beers and spirits from smaller producers. Our coffees are sourced from a Dublin-based roastery known for its carbon-neutral production. All coffees and teas served onboard are fair trade certified.

Local Support: For our new Dover-Calais route, we work with local UK-based suppliers, including our coffee supplier engaged in social projects supporting farmers in Guatemala, Tanzania, and Peru.

Wine Selection: Our onboard wines come from a distributor in Cherbourg, offering a diverse selection from large and small French wineries. We actively promote local French wines through special wine tasting events in partnership with our Cherbourg partner.

Plant-Based Options: We offer a wide variety of plant-based food and drink options in all our cafés and restaurants to cater to diverse dietary preferences.

Our commitment to supporting local producers and sustainability is an integral part of our dedication to offering high-quality experiences to our customers while contributing positively to local economies and communities.

ICG places a high value on its reputation and is firmly committed to upholding the highest ethical standards in the conduct of its business activities. The actions and behaviour of our staff, as well as those acting on our behalf, are integral to maintaining these ethical standards.

Competition Policy

At ICG, we are committed to fair competition and compliance with all applicable national and international laws, in particular with regard to competition, bribery and corruption law. We seek to ensure compliance with laws, standards and regulations using our compliance structures. We tolerate no violations of these laws and regulations.

Anti-bribery

We maintain a zero-tolerance stance against bribery and corruption and are dedicated to conducting our business dealings and relationships professionally, fairly, and with integrity, regardless of our location. To counteract bribery effectively, we have established an Anti-Bribery Policy that applies to all employees, partners/directors, agents, consultants, and contractors. The full policy can be accessed on our website. We strictly prohibit all forms of bribery and business courtesies that may give the appearance of a bribe. We have imposed limits and pre-approval requirements on the amount and frequency of business courtesies received by our staff.

In 2023, there were no investigations initiated by external parties into allegations of bribery, corruption or competition laws. We remain committed to upholding the highest ethical standards in all our business activities.

Whistleblowing

At ICG, we are dedicated to upholding the highest standards of integrity and transparency in our operations. To reinforce this commitment, we have established a Protected Disclosure Policy, which encourages employees, board members, shareholders, job applicants, and individuals who have previously worked with ICG to report any genuine concerns they may have. This policy also ensures protection for those who make such disclosures.

We are steadfast in conducting our business honestly and with integrity at all times. As an employer, it is our policy to ensure that our business adheres to all legal requirements governing our activities at every level of management. Nevertheless, we recognise that all businesses may face occasional risks of activities going awry or unknowingly harbouring malpractices. We consider it our duty to take appropriate measures to identify and address such situations. By fostering a culture of openness and accountability, we aim to prevent such occurrences. You can find the complete details of our Protected Disclosure policy on our website. No disclosures under this policy were received by the Group during 2023.

Human Rights

At ICG, we uphold the highest standards of business and ethical conduct, and we are deeply committed to respecting internationally recognised human rights, as outlined in the Universal Declaration on Human Rights and the International Labour Organisation’s Core Conventions. Our commitment to human rights is formalised in our Human Rights Policy and Modern Slavery and Human Trafficking Policy, which extends to all ICG employees, contractors, agents, and business partners. You can access these policies on our website. We maintain a strict zero-tolerance policy against modern slavery, human trafficking, or the use of child labour within our supply chain.

We are committed to a transparent and open approach and actively take measures to identify and address any instances of modern slavery or human trafficking within our supply chain, as outlined in our Supplier Code of Conduct. ICG and its ship management service providers regularly undergo training, including sessions provided by the United Nations Migration Agency, to enhance our awareness and understanding of human trafficking and labour exploitation.

In our day-to-day operations, we have implemented a range of measures to ensure that modern slavery and human trafficking do not occur within our business or supply chains. These measures include:

  • Providing guidance to our employees to support immigration and border agency initiatives aimed at reducing human trafficking. We also encourage the observation of unusual behaviour in our ports and on board our vessels, including signs of distress or other indicators that may highlight potential issues. We promote awareness of this issue across all Group businesses.
  • Collaborating with other companies and organisations to share knowledge, best practices, and learnings, as well as participating in law enforcement projects aimed at combating human trafficking and modern slavery.
  • Regularly updating management and committees on modern slavery matters to ensure that directors and key individuals understand their roles and responsibilities in preventing modern slavery within our businesses and supply chains.
  • Actively monitoring our initiatives to prevent modern slavery and human trafficking by reviewing reports and alerts from our staff, the public, and communication with law enforcement agencies.

Our commitment to upholding human rights and preventing modern slavery and human trafficking is unwavering, and we are dedicated to ongoing efforts to ensure these principles are upheld throughout our operations and supply chains.

Taxation

Tax Management

At ICG, we take a balanced and responsible approach to managing our tax affairs and associated risks. Our primary focus is to align our tax strategies with our business objectives, ensuring long-term sustainability and value creation. We are unwavering in our commitment to complying with all legal and regulatory tax obligations.

To ensure compliance with our tax obligations, we have implemented robust procedures and processes for tax filing, reporting, and payment. In cases where uncertainties arise regarding a specific tax treatment, we seek advice from qualified external advisors to make informed decisions.

We are committed to maintaining a cooperative relationship with tax authorities and promptly addressing any expressions of doubt or differences of opinion that may arise. In the event of disagreements with tax authorities, we take a constructive and proactive approach, working closely with them to achieve an early resolution.

Our approach to tax planning is grounded in commercial and economic activities. We consider transactions that offer tax efficiencies through the use of incentives and exemptions, always in alignment with commercial operations. In cross-border transactions, we adhere to the terms of Double Taxation Agreements and relevant OECD guidelines. We do not engage in artificial transactions whose sole purpose is tax liability reduction.

ICG has a zero-tolerance policy for tax evasion or the facilitation of tax evasion by any individual acting on our behalf. We are committed to upholding the highest ethical standards in our tax practices and ensuring full compliance with all applicable laws and regulations.

Supplier Relationships

At ICG, we place great emphasis on cultivating enduring and mutually beneficial relationships with our key suppliers and contractors. Central to these relationships is the alignment of our suppliers with our ethical principles.

Our ICG Supplier Code of Conduct clearly outlines our expectations for suppliers in areas such as the environment, ethics, human rights, and health and safety. You can find comprehensive details of this code on our website. We engage with our most significant suppliers to ensure their values align with those of ICG.

In our day-to-day operations, we maintain continuous communication with our principal contractors, including port operators and ship managers. This close collaboration enables us to work together seamlessly to develop and execute on our business priorities, ensuring flexibility and adaptability in response to evolving situations.

We uphold strict payment practices with all our suppliers, regardless of their size, ensuring that payments are made within the agreed credit terms. Depending on the nature of the contracts, payment may occur upon delivery or within credit terms of up to 60 days. This practice reflects our commitment to treating our suppliers as strategic partners, fostering trust and reliability in our relationships.

We set out our disclosures that are aligned to the Task Force on Climate-Related Financial Disclosures framework.

Details of how ICG is making progress in implementing the recommendations of the TCFD are set out below. In addition to the four key areas of governance, strategy, risk management and metrics and targets, a complete Appendix cross referencing disclosure against the 11 recommendations is included below.

Governance

Climate-related risks and opportunities are managed and being integrated as a core component of strategy and performance from the highest level of the business. As a leading maritime transport group, in what is an increasingly regulated industry, we recognise how important it is for us to play a leading role in driving more sustainable shipping. Our purpose and strategy are fully aligned to this goal. Oversight of climate-related issues is provided by the Board as a whole, with support from the Audit and Risk Committee, in particular in relation to climate risks and opportunities. In terms of management, we have dedicated significant resources to ensuring that climate risks and opportunities are at the forefront of day-to-day activities and operations. Management provides regular updates to the board on the wider sustainability agenda. We continue to review the governance of climate-related risks and opportunities to ensure our frameworks evolves with the demands of the outside world as well as relevant regulation.

Strategy

Through our purpose, commitments to contribute to the UN SDG and from regulation, ensuring our strategy is aligned with reduced impact on the environment is a core component of our efforts. It is for this reason we have made significant strides in detailing our environmental impact over the past years while also committing to reducing that impact, with data and effective governance at the heart of those steps.

To gain a better understanding of how climate change might impact our business, we have qualitatively reviewed different scenarios occurring over the coming years. These assessments looked at potential physical and transitionary risks of a changing climate such as flooding and water stress, as well as the risks associated with a transition to a low-carbon economy such as international climate policy and the impacts of carbon pricing. As an industry with stringent environmental-related regulations, the implications of regulatory steps have been a core part of our scenario analyses since before the introduction of the TCFD.

The analysis evaluated the implications for ICG’s facilities, fleet and suppliers, as well as the impacts on our consumers. The analysis of both physical and transition risks showed that in both scenarios there is likely to be some financial risks which would need to be managed, but none that would materially impact our business model.

Risk management

Climate-related risk management is integrated into our enterprise risk management process, as detailed extensively in the Risk Management section. The enterprise risk management process is designed to identify, assess, monitor and report on all risk related to the business. Through the TCFD lens, ICG prioritised the climate risk and opportunity assessment, and set out the following risks and opportunities related to climate change:

A summary of the main climate related risks is set out:

Type

Description

Potential financial impact

Metrics and Targets

Physical Risks

Extreme weather events

Decreased schedule integrity, asset damage, increased costs

Schedule integrity, Gross margin

Biodiversity loss

Increased cost of goods due to shortages

Gross margin

Transition Risks

Carbon emission allowances

Increased costs to maintain service levels

Gross margin

Meeting EEXI/EEDI requirements

Asset devaluation, additional capital investment

EEXI Ratings

Failure of carbon reducing investments

Increased costs due to higher carbon intensity

Gross margins

Poor ESG ratings

Increase financing costs due to limited debt options

Achieved ESG Rating

Transition Risks

Unavailable debt financing for capital projects

Increased financing costs

Interest cover

Opportunities

Investment in fuel-efficient capital assets

Cost reduction, reduced emissions

GHG Emissions

Gross margin

Opportunities

Market leadership and operational excellence

Increased revenues and profits

Gross margin

Metrics and targets

Over the past number of years, we have commenced collection and disclosure of a range of measures used to assess and manage climate-related risks and opportunities. We have disclosed our scope 1 and scope 2 emissions and intend to develop our reporting to disclose our scope 3 emissions over time. ICG also adheres to limits on sulphur content of fuel oils, in relation to sulphur oxide (Sox) emissions from the shipping sector, investing approximately €25 million on the installation of exhaust gas cleaning systems (EGCS) in our owned and operated fleet.

Targets

Vessel operations

Our targets are based on the IMO (International Maritime Organisation, a UN body) 2018 specific targets. We note the updated 2023 strategy on reduction of GHG emissions from ships. We are still in the process of assessing the impact of this updated ambition for ourselves.

For 2023, our targets were based on the 2018 IMO ambition:

  • 40 percent reduction in carbon intensity from shipping operations by 2030 compared to 2008 levels.
  • 50 percent reduction of all GHG from shipping operations by 2050 compared to 2008 levels.

The IMO’s strategy to achieve these goals is to require ever greater levels of efficiency standards from the global fleet. As our starting point we aim to be compliant with all these initiatives over the coming years and will work to achieve the ever-greater levels of technical efficiency requirements set in the years to come. We expect these initiatives on their own will have a significant impact on our carbon intensity target for 2030. We have set the operational and technical measures that we are employing to further achieve these goals in the report above.

These will be challenging targets for us to achieve considering our expansion onto the Dover – Calais route which significantly expands our business footprint. We are confident as we optimise our operations and new technologies become available and come online, we will achieve our targets in due course.

Terminal operations

We have also set the following targets for our terminal operations:

  • 70 percent reduction in Scope 1 and 2 emissions by 2025.
  • Net zero Scope 1 and 2 operations by 2030.

Baseline years data

Given the length of time since our baseline years and the type of data required, there are challenges to estimate reliably our carbon metrics from those years due to the availability of data. We have made a best estimate of our footprint from our baseline years based on best available data.

Our Progress to date

For our vessel targets, we are measuring our performance against baseline targets using intensity metrics that are based on using “RoRo units” carried for the RoRo fleet (RoRo Fleet: gC02/ RoRo Units/ NM) and TEU’s carried for the Container Fleet (Container Fleet: gC02/ TEU’s/ NM). Our current progress is set out below. Our performance on Ro Ro’s has improved slightly to 39% while our intensity values for our container vessels has decreased to 46%, the decrease is driven by decreased load factors in 2023 compared to 2022.

On our 2050 absolute reduction ambitions of 50% from our 2008 baseline, it will only be when our propulsion technology changes that we will achieve meaningful progress on this metric, given the growth of our business since 2008 and our resulting expanded GHG footprint.

Terminals Decarbonisation plan progress

On our terminal 2025 reduction targets, we have achieved approx. 52% of the target required to date, 14% of which was achieved during 2023. To achieve our 2025 goal, we are investigating the use of biofuels in our yard tractors, the other major component of our terminal carbon footprint, the major barrier being security of supply and cost. It is only as a last resort that we will consider a carbon offsetting programme to achieve our target.

Task Force on Climate-Related Financial Disclosures Appendix

Governance

Strategy

Risk Management

Metrics and Targets

Disclose the organisation’s governance around climate related risks and opportunities.

Disclose the actual and potential impacts of climate-related risks and opportunities on the organisation’s businesses, strategy, and financial planning where such information is material.

Disclose how the organisation identifies, assesses, and manages climate-related risks.

Disclose the metrics and targets used to assess and manage relevant climate-related risks and opportunities where such information is material.

Recommended Disclosures

(a) Describe the board’s oversight of climate-related risks and opportunities.

Refer to

Task Force on Climate-Related Financial Disclosures

Managing Climate Change Risks

Group Strategy and Corporate Governance

(a) Describe the climate-related risks and opportunities the organisation has identified over the short, medium, and long term.

Refer to

Task Force on Climate-Related Financial Disclosures

Managing Climate Change Risks

(a) Describe the organisation’s processes for identifying and assessing climate-related risks

Refer to

Task Force on Climate-Related Financial Disclosures

Managing Climate Change Risks

(a) Disclose the metrics used by the organisation to assess climate related risks and opportunities in line with its strategy and risk management process

Refer to

Task Force on Climate-Related Financial Disclosures

Managing Climate Change Risks

(b) Describe management’s role in assessing and managing climate-related risks and opportunities.

Refer to

Managing Climate Change Risks

(b) Describe the impact of climate related risks and opportunities on the organisation’s businesses, strategy, and financial planning.

Refer to

Task Force on Climate-Related Financial Disclosures

Managing Climate Change Risks

(b) Describe the organisation’s processes for managing climate-related risks.

Refer to

Managing Climate Change Risks

(b) Disclose Scope 1, Scope 2, and, if appropriate, Scope 3 greenhouse gas (GHG) emissions, and the related risks.

Refer to

Task Force on Climate-Related Financial Disclosures

Environmental Data

(c) Describe the resilience of the organisation’s strategy, taking into consideration different climate-related scenarios, including a 2°C or lower scenario.

Refer to

Task Force on Climate-Related Financial Disclosures

Managing Climate Change Risks

(c) Describe how processes for identifying, assessing, and managing climate-related risks are integrated into the organisation’s overall risk management.

Refer to

Risk Management

Managing Climate Change Risks

(c) Describe the targets used by the organisation to manage climate-related risks and opportunities and performance against targets.

Refer to

Metrics and targets

Background

The EU Taxonomy (Taxonomy Regulation (Regulation (EU) 2020/852)) goal is to create a “definition” of what is considered environmentally sustainable for a business and allow for a redirection of capital flows to more sustainable economic activities. At its most basic form, the taxonomy creates a list of economic activities and then sets out a list of criteria/ standards that each activity must achieve to be taxonomy aligned and be deemed to be environmentally sustainable. Transport including maritime transport has been included in the list from the start, recognising its importance to wider economy and its potential impact on the environment. The Group has voluntary applied the requirements of the EU Taxonomy Regulation and provided the necessary disclosures.

The EU Taxonomy is a classification system for environmentally sustainable economic activities and covers the following six environmental objectives:

  • Climate change mitigation
  • Climate change adaptation
  • The sustainable use and protection of water and marine resources
  • The transition to a circular economy
  • Pollution prevention and control
  • The protection and restoration of biodiversity and ecosystems

The process to calculate the disclosures requires us to:

  • identify what activities are eligible and non-eligible under the taxonomy meaning whether our businesses are included on the taxonomy list or not.
  • assess whether the technical criteria or standards set out in the legislation for each activity is met by the business for example one of the key criteria of activity 6.10 ‘Sea and coastal freight water transport, vessels for port operations and auxiliary activities’ are whether the ships in use have Zero tail pipe emissions.
  • assess the criteria for no significant harm done to any of the other objectives while also ensuring the minimum safeguards are met. These are discussed in further detail below.

As the reporting practice develops and expands, we will review and update the reporting of taxonomy-eligible KPIs and related accounting policies accordingly.

Our Economic Activities

We examined the relevant taxonomy-eligible economic activities under the Delegated Regulation on the basis of our activities as a Ro-Ro Ferry operator and container shipping company (and related Terminal activities). All integrated services necessary to and dependent on the operation of vessels for the combined transport of freight and passengers on sea or coastal waters are also considered. This includes service activities incidental to water transportation such as; on board passenger services, group stevedoring services and door-to-door container transport services that are component activities embedded within our sea transport offerings to customers. This business activity aligns itself to activity 6.10 Sea and coastal Freight including passenger activity. We have primarily screened for climate change mitigation technical screening criteria when assessing our economic activities.

None of the Group’s activities are “aligned” for the remaining environmental objectives of Sustainable use and protection of water and marine resources, Transition to a circular economy, pollution prevention and control, protection and restoration of biodiversity and ecosystems. This means that our business activities are not listed on the areas targeted under these objectives.

We have assigned our activities to the following economic activities in accordance with Annex I and II of the Climate Delegated Act.

The following table shows the environmental objective to which the activities are relevant:

Economic Activity

Climate Change Mitigation

Climate Change Adaption

Protection of water and marine resources

Circular Economy

Pollution Prevention

Restoration of Biodiversity

6.10 Sea and coastal freight
including passenger activity

Yes

No

N/a

N/a

N/a

N/a

Taxonomy Disclosures

Activity

Total ‘M

Proportion Taxonomy eligible

Proportion Taxonomy non eligible

Proportion Taxonomy Aligned

Proportion Taxonomy Non Aligned

6.10 Sea and coastal freight
including passenger activity

Turnover

572.0

100%

0%

0%

100%

Capex

54.1

100%

0%

0%

100%

Op ex

503.6

100%

0%

0%

100%

Turnover KPI

The total turnover of €572.0 million for the financial year ending 31 December 2023 is the basis for the denominator for the turnover KPI as presented in the Consolidated Income Statement.

Assessment of Eligible activities

The Group determines it has Taxonomy-eligible undertakings in accordance with activity 6.10 ‘Sea and coastal freight water transport, vessels for port operations and auxiliary activities’ (Annex I: climate change mitigation/ Annex II: climate change adaptation).

All integrated services necessary to and dependent on the operation of vessels for the combined transport of freight and passengers on sea or coastal waters are also considered eligible and are therefore included within the reported metrics below. This includes service activities incidental to water transportation such as; on board passenger services, Group stevedoring services and quay-to-door container transport services that are component activities embedded within our sea transport offerings to customers. As a result, 100% of our operations are deemed eligible.

Assessment of Aligned Activities

We have assessed the substantial contribution criteria for both the climate change mitigation criteria, as set out in the delegated acts. We have found that none of the eligible activities are aligned given the various technical criteria tests. Given the age of our vessels, notwithstanding the significant investments made, for example the installation of scrubbers to improve their technical ability minimising the output of sulphur and other particulate matters, they do not meet the technical criteria set out in the delegated acts for mitigation or adaption.

OpEx KPI

The amounts reflecting direct non-capitalised costs relating to short-term leasing, maintenance and repair expenses and any other direct expenditures relating to the day-to-day servicing of Group assets or third parties to whom the activities are outsourced that are necessary to ensure the continued and effective functioning of such assets were considered for the denominator calculation.

The numerator is derived from an analysis of the operating expenses associated with Taxonomy-eligible activities. As with our turnover, 0% of eligible OpEx is aligned.

CapEx KPI

The capital expenditures amount to €54.1 million, comprising strategic and maintenance capital expenditures. The sum of the additions that reflect investments in Taxonomy-eligible activities forms the numerator. As with our turnover, 0% of eligible CapEx is aligned. Notwithstanding for example the work carried out on electrification of the terminals and the impact this has had on reducing our carbon footprint, our interpretation of the taxonomy legislation this expenditure is not eligible for inclusion.

EU Taxonomy Accounting policies

The taxonomy KPIs are calculated as followed:

  • Taxonomy revenue KPI = Eligible revenue / Total revenue
  • Taxonomy opex KPI = Eligible opex / Total opex
  • Taxonomy capex KPI = Eligible capex (additions) / Total capex (additions)

Turnover

Turnover consists of Total operating revenues. See the Consolidated Income Statement in our Annual Report alongside note 4 for details of the Groups revenue generation. The associated critical accounting policies are set out in note 2 of our Annual Report.

Capex

Capex consists of additions to fixed assets and right-of-use assets. See note 12 of the Consolidated financial statements.

Opex

Opex consists of Total operating expenses. See the Consolidated Income Statement of our Annual Report. The associated critical accounting policies are set out in note 2 of our Annual Report.

The following represents our data, the operations included, represents all assets and operations that ICG have operational control for the year ended 2023.

Environmental Data

Shipping Operations

Topic

Relevant Metric

2023

2022

2021

Unit of measure

SASB Reference

Greenhouse gas emissions

Gross global Scope 1 shipping emissions

544,663

519,082

399,796

Metric tons (t) CO2-e

TR-MT-110a.1

Total energy consumed

6,960,046

6,665,199

5,111,364

Gigajoules (GJ)

TR-MT-110a.3

Percentage heavy fuel oil

76.91%

62.99%

75.97%

Percentage (%)

TR-MT-110a.3

Average Energy Efficiency Design Index (EEDI) for new ships

N/a

N/a

N/a

TR-MT-110a.4

Air quality

NOx (excluding N20)

11,242

10,614

7,882

Metric tons (t)

TR-MT-120a.1

SOx

1,177

830

623

Metric tons (t)

TR-MT-120a.1

Particulate Matter (PM10)

711

448

396

Metric tons (t)

TR-MT-120a.1

Ecological Impacts

Shipping duration in marine protected areas or areas of protected conservation status

*

*

*

Number of travel days

TR-MT-160a.1

Percentage of fleet implementing ballast water exchange

100%

94.12%

94.12%

Percentage (%)

TR-MT-160a.2

Percentage of fleet implementing ballast water treatment

100%

68.75%

29.41%

Percentage (%)

TR-MT-160a.2

Number of spills and releases to the environment

Nil

Nil

1

Number

TR-MT-160a.3

Aggregate volume of spills and releases to the environment

Nil

Nil

0.01

Cubic meters (m3)

TR-MT-160a.3

Workforce health and safety

Lost time incident rate from seafaring operations

2.2

0.8

1.0

Rate

TR-MT-320a.1

Business ethics

Number of calls at ports in countries that have the 20 lowest rankings in Transparency International’s Corruption Perception Index

Nil

Nil

Nil

Number

TR-MT-510a.1

Total amount of monetary losses as a result of legal proceedings associated with bribery or corruption

€Nil

€Nil

€Nil

Euro

TR-MT-510a.2

Accident and safety management

Number of marine casualties

3

1

0

Number

TR-MT-540a.1

Percentage classified as very serious

0%

0%

0%

Percentage (%)

TR-MT-540a.1

Number of port state detentions

Nil

3

Nil

Number

TR-MT-540a.3

Activity

Number of shipboard workers

720

725

501 

Number

TR-MT-000.A

Total distance travelled by vessels

1,017,471

996,292

824,132

Nautical miles (nm)

TR-MT-000.B

Operating days

4,430

4,450

3,744

Days

TR-MT.000.C

Deadweight tonnage

125,739

121,039

100,485

Deadweight tons

TR-MT-000.D

Number of vessels in total shipping fleet

14

15

16

Number

TR-MT-000.E

Owned

11

12

12

Number

Chartered in

3

3

4

Number

Number of vessel port calls

14,234

14,089

6,423

Number

TR-MT-000.F

Twenty-foot equivalent (TEU) capacity (Container fleet)

4,890

5,462

5,502

TEU

TR.MT.000.G

Land Based Operations

Relevant Metric

2023

2022

2021

Unit of measure

Scope 1 emissions from land based operations

2,752

2,890

3,117

Metric tons (t) CO2-e

Scope 2 emissions from land based operations

  • Located based

2,138

2,252

2,388

Metric tons (t) CO2-e

  • Market based

104

Nil

Nil

Metric tons (t) CO2-e

Total Scope 1 and 2 emissions from land based operations

(Using Market based scope 2 emissions)

2,825

2,890

3,117

Metric tons (t) CO2-e

Total energy consumed

66,347

69,268

74,373

Gigajoules (GJ)

Percentage renewable

43.95%

43.59%

43.21%

Percentage (%)

Overall Group

Relevant Metric

2023

2022

2021

Unit of measure

Gross Global Scope 1 emissions

547,415

521,985

402,913

Metric tons (t) CO2-e

Gross Global Scope 2 emissions

(Using Market based scope 2 emissions)

104

31

82

Metric tons (t) CO2-e

Total Scope 1 and 2 emissions

547,519

522,016

402,995

Metric tons (t) CO2-e

Total fuel consumed

171,911

163,410

126,519

Metric tons (t)

Total energy consumed

7,026,946

6,735,200

5,187,201

Gigajoules (GJ)

Waste

Total municipal Solid waste

9,465

11,571

7,736

Cubic metres (Cm)

Total waste and oil sludge

6,198

5,226

4,144

Cubic metres (Cm)

Total Freshwater consumption

107,746

107,374

64,680

Cubic metres (Cm)

Total Water discharge

107,746

107,374

64,680

Cubic metres (Cm)

Social: Employee Health and Safety and Diversity and Inclusion

Safety Data

2023

2022

2021

Incidents

Exposure hours

Lost Time Injury Frequency

Fatalities

Incidents

Exposure hours

Lost Time Injury Frequency

Fatalities

Incidents

Exposure hours

Lost Time Injury Frequency

Fatalities

ICG employees and visitors

1

536,400

1.9

0

0

595,200

0

0

1

595,200

1.7

0

Key contractors

Total

21

6,208,998

3.4

0

10

5,684,380

1.76

0

7

3,627,720

1.9

0

22

6,745,398

3.3

0

10

6.279,580

1.59

0

8

4,222,920

1.9

0

2023

2022

2021

LTIF on land

8.2

4.6

4.6

LTIF at sea

2.2

0.8

1.0

Employee Statistics

31 Dec 2023

31 Dec 2022

31 Dec 2021

Total number of employees

288

290

284

Male

168

177

173

Female

120

113

111

% Female

41%

39%

39%

Full time

272

271

260

Part time

16

19

24

% Part Time Female

83%

83%

83%

Board members

6

6

6

Male

4

4

5

Female

2

2

1

% Female

33%

33%

17%

Management staff

51

51

52

Male

40

40

41

Female

11

11

11

% Female

22%

22%

21%

Total number of new employee hires

25

38

42

Total number of departures

31

48

47

Turnover rate

10.7%

16%

16%

Male

12%

8.5%

19%

Female

9%

13%

13%

Key Terms, Definitions and Commentary

Terms

Definitions

Commentary

Scope 1 emissions

Direct GHG emissions from sources that are controlled by the Group.

The Group determines its Scope 1 emissions boundary in line with the Greenhouse Gas Protocol (GHG Protocol) using the principle of operational control. In establishing assets under operational control, consideration is given to the length of any charter arrangements, the responsibility for the purchase and consumption of the fuel and the responsibility for the operational activity of the asset being used. CO2 emissions from shipping are calculated using emission factors referenced in IMO Resolution MEPC 245 (66) 2014 “Guidelines on the method of calculation and the attained Energy Efficiency Index (EEDI) for new ships”. Scope 1 emissions from land-based activities are calculated in line with GHG Protocol calculation tools.

There are some locations which are leased and have bundling arrangement on some costs, which means that activity-based data are not always available. We expect data availability to improve in the future.

Scope 2 emissions

GHG emissions from the generation of purchased electricity consumed by the Group.

Scope 2 emissions are calculated in line with the GHG Protocol.

Location based (CO2e):

All indirect emissions related to purchased energy; electricity or heating/cooling where ICG has operational control as defined by the Greenhouse Gas Protocol – calculated based on the emission intensity of local grid area where the electricity usage occurs.

Market based (CO2e)

All indirect emissions related to purchased energy; electricity or heating/cooling where ICG has operational control as defined by the Greenhouse Gas Protocol – calculated based on electricity consumption including contractual purchases of renewable energy

CO2-e

Carbon dioxide equivalent units.

CO2-e includes direct CO2 emissions plus emissions of other gases converted to CO2 based on their equivalent global warming potential.

NOx

Nitrogen Oxides

NOx emissions from shipping are calculated using guidance from the NOx Technical Code and MARPOL Annex VI Regulation 13, Nitrogen Oxides (NOx). Emissions from land-based activities are calculated in line with GHG Protocol calculation tools.

SOx

Sulphur Oxides

SOx emissions are calculated by fuel-based emission factors. For vessels with exhaust gas cleaning systems (EGCS), a reported SO2/CO2 emission ratio is used to determine the level to which the sulphur content has been scrubbed down. Group SOx emissions have significantly reduced since the installation of exhaust gas cleaning systems.

PM10

Particulate matter

The mass of PM10 is calculated by means of an energy-based emission factor depending on engine type, engine tier and type of fuel consumed. Default emission factors proposed by the Fourth IMO GHG Study July 2020 were applied.

Lost Time Incident Rate

Lost time incidents per 1 million hours worked

A lost time incident is an incident that results in absence from work beyond the date or shift when it occurred.

Marine Casualties

An event, or sequence of events, that occurs directly in connection with the operations of a ship and results in death, serious injury or loss of a person from a ship or material damage to a ship, collision of a ship or material damage to marine infrastructure external to a ship or to the environment.

The reported marine casualties in 2023, related to incidents that occurred during operations, resulting in some light damage to our ships. None were deemed serious.

Shipboard workers

Those who work on aboard operated vessels (including direct employees and contractors)

The Group discloses an average number of shipboard workers per vessel across operating vessels per year. Shipboard workers have remained consistent year on year.

Operating days

The number of available days in a reporting period minus the aggregate number of days vessels are off-hire due to unforeseen circumstances

Operating days have remained consistent year on year.

Shipping duration in marine protected areas or areas of protected conservation status

The number of days in Marine protected areas.

*We currently do not have the technology to measure this accruately, we aim to do so in future years.

Ballast water exchange

The number of vessels who have implemented Ballast water exchange onboard over the total fleet.

All our vessels have Ballast water exchange on board.

Vessels like the Dublin Swift and the Isle of Innisfree do not use ballast water or use internal tanks as a result have no requirement to deploy this technology.

Ballast water treatment

The number of vessels who have implemented Ballast water treatment system onboard over the total fleet number.

During the year, the last remaining vessels who are capable of implementing a Ballast water treatment system had them installed. Vessels like the Dublin Swift and the Isle of Innisfree do not use ballast water or use internal tanks, eliminating this associated risk with foreign species transfer across locations.