Wallenius Wilhelmsen is a publicly listed company headquartered in Norway. In 2021 its revenue was USD 3.88 billion. It is a shipping company specialising in the transportation of cars, trucks and rolling equipment. In 2021 its operated fleet’s capacity accounted for around 20% of the global car carrier fleet. Vehicle transportation has a significantly higher emissions intensity than other forms of shipping such as container, cargo and bulk shipping.
Wallenius Wilhelmsen has set a medium-term decarbonisation target aiming to achieve a 27.5% reduction in emissions intensity by 2030 compared to 2019. This does not align with its 1.5°C pathway. The company has not set any long-term targets and does not have a net-zero target. The company should set intermediate 1.5°C-aligned targets at gaps of no more than five years to incentivise near-term action towards a longer-term target.
Wallenius Wilhelmsen has developed a transition plan, however, the plan lacks financial information and details of how the company will achieve this transition. The company’s plan should include medium and long-term targets, verifiable and quantifiable key performance indicators and financial commitments. The company should also use scenario analysis to ensure that the plan’s ambition is sufficient for a 1.5°C pathway.
Wallenius Wilhelmsen discloses details of some research and development (R&D) projects it is involved in such as the development of a partially wind-powered vessel and a collaborative project to develop a lignin-based maritime biofuel. However, the company does not disclose financial information related to its R&D spending therefore the scale of its investment could not be assessed. The company should improve its disclosure to aid accountability.
Wallenius Wilhelmsen receives a trend score of =. If the company were reassessed in the near future, its score would likely remain the same. The company has succeeded in reducing its emission intensity over the last five years though not at a rate fast enough to align with its 1.5°C pathway and it is currently not on track to achieve its target. The company is projected to greatly exceed its carbon budget for the period 2022-2036. The company has integrated climate change into its management structure and executive incentives and has established a sustainability-linked finance framework.
Wallenius Wilhelmsen has set a target to reduce its emissions intensity by 27.5% by 2030 compared to 2019. The company does not have any long-term decarbonisation targets but has stated that it will set a science-based target in the future.
The company plans to achieve the majority of its emissions reductions by improving energy efficiency through technical upgrades and operational improvements. It has longer-term plans to replace current assets with lower-carbon alternatives such as partially wind-powered ships. It plans to have four of these in operation by 2030.
Wallenius Wilhelmsen is using digital solutions to gather data to improve the efficiency of ship operation and is improving voyage planning with weather routing systems. The company is currently collaborating with partners on the development of its flagship partially wind-powered vessel, “Orcelle Wind”.
The company has successfully decreased its emissions intensity by 4% since 2008. However, the rate of reduction over the last five years did not align with its 1.5°C pathway and the company greatly exceeded its carbon budget over the period 2016-2021.
Wallenius Wilhelmsen is making efforts toward achieving its medium-term target through efficiency improvements and has made some commitments to replacing its fleet. However, the company has no long-term targets and its planning lacks financial commitments.
No evidence was found of the company’s commitment to social dialogue or of the categories of stakeholders the company engages with on a just transition. Furthermore, no evidence was found to demonstrate the company’s ongoing social dialogue and meaningful engagement with affected stakeholders.
No evidence was found of the company undertaking low-carbon transition planning to mitigate the social impacts of the transition on workers, affected stakeholders and its business relationships. Additionally, no evidence was found to demonstrate the company’s engagement in social dialogue and with stakeholders in its just transition planning.
No public commitment by the company was found stating its intention to create and support access to green and decent jobs as part of the low-carbon transition. Moreover, no evidence was found of the company’s action to promote these jobs in a way that ensures gender balance and inclusion of vulnerable groups. Additionally, no relevant disclosure was found of the company’s assessment of employment dislocation risks.
No public commitment by the company was found stating its intention to re- and up-skill workers displaced by the transition to a low-carbon economy. Additionally, no evidence was found that the company re- and up-skills workers in a way that ensures gender balance and inclusion of vulnerable groups.
No relevant disclosure was found to show if the company identifies impacts of the low-carbon transition on social protection for workers and affected stakeholders, nor how it contributes to social protection. Additionally, no evidence was found that the company expects its business relationships to contribute to the social protection of their workers and affected stakeholders.
No relevant disclosure was found to show how the company identifies any misalignment of its lobbying activities with policies and regulations that support the just transition, nor of the measures it takes to address misalignment. Furthermore, no evidence was found that the company lobbies for policies and regulations for green and decent job creation; retention, education and reskilling; and social protection for workers.
The company commits to respecting human rights and the ILO fundamental rights at work, and it expects its business relationships to respect the ILO fundamental rights at work.
While the company has a process to identify human rights risks in its own operations and supply chain, no evidence was found of the company’s process to assess and mitigate salient human rights risks in its own operations and supply chain. Moreover, no evidence was found of the company disclosing the stakeholders whose human rights have been affected by its activities. The company does however have a grievance mechanism available to workers.
The company expects its suppliers to commit to respect the health and safety of their workers, and it discloses some workforce diversity information, namely the gender of its workforce by employee category. However, the company can strengthen its disclosure on these topics and other decent work issues. This includes the provision of secure, safe and healthy workplaces, where workers are fairly remunerated and have a meaningful say in decision-making.
The company has a policy prohibiting bribery and corruption and it specifies that it does not make political contributions. However, the company can strengthen its disclosure on these subjects and other key ethical business topics including personal data protection, tax, bribery and corruption, and lobbying and political engagement.