Game Changer 2024

In 2024, geopolitical instability, protectionism, and security concerns continued to challenge the operating environment. Regulatory volatility, slow emergence of new markets for renewable energy and high costs for energy transition slowed investments, despite strong long-term drivers within the EU. A stable regulatory environment is urgently needed for companies to profitably execute the energy transition and meet sustainability requirements. Our new operating model and energy transition roadmap are designed to navigate these challenges, ensuring successful execution and profitability.

Achieving net zero by 2050 requires a comprehensive transformation of the entire energy system, driven by innovation, capacity development, cooperation, and effective regulation. Massive carbon removal and significant investments in R&D and nature-based solutions are just some of the things needed. Accelerating the energy transition demands a skilled workforce in research, innovation, and renewable energy technologies, supported by education and training in STEM fields.

We are committed to uncovering new avenues for sustainable growth and shaping a profitable business for the long-term. Our energy transition roadmap is a crucial tool in planning and executing this transition, outlining how we will progress and achieve our ambition profitably while meeting regulatory and stakeholder requirements. Built on global frameworks and updated annually, it provides a contemporary view of our energy transition efforts and scenarios to reach net zero.

Our business operations are structured around four value chains: Oil Products, HVO, Biogas, and Electrification – the latter being a platform and a value chain in the development phase. HVO and Biogas are end-to-end value chains enabling commercial decision-making that accounts for every stage – from feedstock sourcing and production, to trading, logistics, and end-customer sales. Currently, we aim to get the most out of our new value chain structure ensuring the profitability through value chains.

Sustainability at St1 boils down to understanding our own impact and collaborating with our partners and other stakeholders across our entire value chain. In 2024, St1 advanced sustainability by executing strategic focus areas such as HVO, biogas and EV charging, and through preparing for Corporate Sustainability Reporting Directive (CSRD) and for the Corporate Sustainability Due Diligence Directive (CSDDD).