Sustainability at Teekay

Sustainability has long been a core value at Teekay, and our culture, values, and policies create a strong foundation for the work that lies ahead.

We expect that our stakeholders will increasingly evaluate us based on our commitment to and management of a broad range of environmental, social, and governance (ESG) issues. We also believe that having in place a strong and credible ESG strategy is becoming a competitive differentiator that can positively affect our ongoing access to capital, talent, and business opportunities.

In 2020, we created an ESG strategy foundation that will direct our efforts and performance in the years ahead. People from across our global organization contributed to establishing our ESG strategy and goals, and this work was supported by DNV along with participation from our Senior Leadership Team and feedback from our Boards of Directors.

Read the 2021 Sustainability Report

Our ESG strategy is focused on three broad areas to guide our efforts in the years ahead:

Allocate capital to support the global energy transition

Teekay has a track record of servicing the needs of an evolving global energy mix.

To serve the world’s growing demand for energy while also meeting the goals of the Paris Agreement will require a significant increase in global renewable and low-carbon energy.

Our strategy will be to use our capital, expertise, reputation, and partnerships to support this global energy transition.

In January 2022, we divested our interest in Teekay LNG. This transaction provides Teekay with greater financial flexibility to pursue new opportunities in both the shipping sector and in adjacent markets serving the growing demand for new transportation solutions enabling the shift to a lower-carbon world.

Operate our existing fleets as safely and efficiently as possible

Safety and Sustainability is our first core value. We will continue to promote a strong safety culture and adherence to our safety commitments. Also, we continue to invest in increasing the efficiency of our vessels and have been a leader in developing innovative vessel designs to reduce environmental impacts.

We have made significant progress in reducing the emissions intensity of our fleet and will make further efforts in years ahead to meet our long-term goals, which are aligned with the IMO 2030 and 2050 ambitions.

In 2021, Teekay joined the Vancouver Maritime Center for Climate (VMCC), and we plan to continue our involvement in shared industry decarbonization activities.

Further strengthen our ESG profile

Earning and maintaining the trust of all our stakeholders requires transparency about our commitments and performance in managing important environmental, social, and governance issues.

To strengthen our ESG performance and to provide greater transparency, we are committed to:

Adopting and elevating ESG best practices in the maritime industry
Setting clear and ambitious goals
Reporting our progress in line with recognized frameworks
Strengthening our engagement with stakeholders
Ensuring Executive accountability and Board oversight of ESG activities

Setting Clear Ambitions & Targets for our top ESG issues

Social & Governance

Personal Safety
Human & Labour Rights
Workforce Diversity
Health & Wellness
Vessel & Cyber Security
Business Ethics

Our Ambition on Personal Safety

Uphold our core value—Safety First. Look after each other and make sure everyone gets home safely.

Targets

Zero fatalities
Total Recordable Case Frequency (TRCF) < 1.0
Safety performance within the top quartile of industry benchmarks

Results in 2020

All targets achieved in 2020
Zero fatalities, and TRCF of 0.86

Results in 2021

Zero fatalities
TRCF of 1.21 in 2021. Target not met. Twelve recordable cases occurred in 2021, compared to our target of ten cases or fewer

Actions for 2022

Implement virtual reality training for lock-out-tag-out procedures
Publish alerts and best practices in the TNK SPOT bulletin
Ensure senior leadership engagement with our seafarers

Our Ambition on Labour & Human Rights

Respect and support all internationally-proclaimed human rights

Targets

100% of reported incidents related to labour or human rights are investigated and closed within 180 days
≥97% staff retention at sea
≥90% staff retention on shore

Results in 2020

All targets achieved in 2020
100% of reported incidents were investigated and closed
Sea staff retention of 98.7%
Shore staff retention of 91.5%

Results in 2021

All targets achieved in 2021
100% of reported incidents were investigated and closed
Sea staff retention of 97.0%
Shore staff retention of 92.5%

Actions for 2022

Increase employee awareness of labour and human rights policies and programs
Conduct a global pay equity review and demonstrate how we ensure pay equity

Our Ambition on Workforce Diversity

Further increase gender and national diversity within Teekay

Targets

Develop a diversity strategy and target in 2021 to further promote gender and national diversity within Teekay

Results in 2020

Participated in a pilot program to support the advancement of female leaders
Teekay Future Leaders (TLF) program has resulted in nine female graduates to date
We recognize that further efforts are needed in 2021 to develop our group-wide diversity strategy and targets

Results in 2021

Due to organizational changes, Teekay’s diversity strategy was not released in 2021 as planned
Future Leaders Program (FLP) has resulted in eleven female graduates to date
Teekay Tankers engaged two female interns and employed two female maritime studies graduates

Actions for 2022

Develop a global Diversity and Inclusion Strategy
Continue to support and sponsor female maritime university graduates and interns

Our Ambition on Health & Wellness

Provide healthy working conditions that promote well-being for employees

Targets

Health repatriation case frequency (HRCF) for sea-staff ≤1.8

Results in 2020

Target achieved in 2020
Group-wide HRCF of 1.67

Results in 2021

Target achieved in 2021. Group-wide HRCF of 1.21
Flexible workplace policies established and rolled out
Human Capital Management (HCM) system rollout completed
Mental health support and education provided to employees for identifying and addressing mental health risks and concerns

Actions for 2022

Develop a monitoring indicator for shore employee wellness
Continue and expand employee health and wellness support programs

Our Ambition on Vessel & Cyber Security

Protect the security of our seafarers, ships, and digital assets

Targets

Zero vessel security incidents
Zero vessel security related non-conformances in external audits and zero security-related Port State Control (PSC) detentions
Zero vessel cyber security incidents

Results in 2020

All targets achieved in 2020
There were no vessel security or vessel cybersecurity incidents in 2020

Results in 2021

All targets achieved in 2021
There were no vessel security or vessel cybersecurity incidents in 2021

Actions for 2021—Ship Security

24/7 monitoring of security risk situation and guidance to vessels and crew
Continue our participation in Intertanko Security Committee

Actions for 2021—Cyber Security

Further enhance our cybersecurity awareness program
Roll out new solutions in our cyber security roadmap

Our Ambition on Business Ethics

Manage all our business activities with integrity and do what is right

Targets

100% of business ethics breaches are investigated and closed within 180 days
≥95% invited shore-based employees attend online delivery of ‘Doing Business with Integrity’ presentation
≥90% of survey respondents agreeing that management actively supports integrity objectives

Results in 2020

All targets achieved in 2020

Results in 2021

All targets achieved in 2021

Actions for 2022

Continue to develop our partnership with the Marine Anti-Corruption Network to focus on managing port corruption risks
Follow-up on actions from our internal ethics survey
Realign Teekay’s risk, audit, and compliance services following the sale of Teekay LNG

Environment

Climate Change
Spills & Pollution
Ship Recycling

Our Ambition on Climate Change

Achieve the IMO greenhouse gas ambitions and support the global energy transition

Targets

40% reduction in fleet-wide greenhouse gas emissions per tonne-mile by 2030 compared to 2008
50% reduction in total fleet greenhouse gas emissions by 2050

Results in 2020

Supported the decarbonICE maritime carbon capture and storage project
Emissions intensity has decreased by 21%, 17%, and 10%, respectively, in the LNG, Suezmax, and Aframax fleets since 2008
We recognize that further efforts will be needed to achieve our 2030 target

Results in 2021

Emissions intensity has decreased by 26% and 9%, respectively, in the Suezmax and Aframax fleets since 2008
SeaTrend data logger now installed on 47 vessels and ultrasonic propeller cleaning installed on 24 vessels
Mewis duct pilot installation showed 5-7% fuel savings
FuelOpt trials showed 3-5% fuel savings
Variable Frequency Devices (VFD) installed on 27 vessels

Actions for 2022

Digital flowmeters to be installed on 40 vessels by the end of 2022
Mewis ducts to be installed on five more vessels
FuelOpt system to be installed on three more vessels
Test new energy savings initiatives identified in 2021
Continue preparing vessels for EEXI compliance

Our Ambition on Spills & Pollution

Zero spills and full compliance with regulations

Targets

Zero spills greater than one barrel
Zero ballast non-compliances
Zero SOx and NOx non-compliances
50% reduction in single-use plastic water bottle consumption onboard and eliminated in Teekay offices by 2023

Results in 2020

All annual targets achieved in 2020
Tracking of onboard plastic reductions will begin in 2021

Results in 2021

All annual targets achieved in 2021
Onboard consumption of single-use plastic drinking bottles was reduced 55% in 2021, and usage in Teekay offices has been eliminated

Actions for 2022

Continue ballast water treatment system installation program
Continue plastics reduction campaign

Our Ambition on Ship Recycling

Increase transparency and elevate standards in the ship recycling industry

Targets

Zero regulatory non-compliances
At least one on-site inspection per month of any active ship recycling facilities

Results in 2020

No vessels were recycled in 2020
The Petrojarl Banff FPSO will be recycled at an EU-approved facility in 2021]

Results in 2021

All targets achieved in 2021

Actions for 2022

Prepare for expected future green recycling of the Petrojarl Foinaven FPSO
Continue our support and engagement on the Ship Recycling Transparency Initiative (SRTI) Steering Committee

Policies & Reports

2021
2020
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010

Sustainability Reports

Teekay Sustainability Report 2021

8.4 MB

Sustainability Reports

Teekay Sustainability Report 2020

8.4 MB

Sustainability Reports

Teekay Sustainability Report 2019

8.4 MB

Sustainability Reports

Teekay Offshore Production Sustainability Report 2018	4.6 MB
Teekay Sustainability Report 2018	4.6 MB

Sustainability Reports

Teekay Sustainability Report 2017

13.5 MB

Sustainability Reports

Teekay Sustainability Report 2016

4.2 MB

Sustainability Reports

Teekay Sustainability Report 2015	22.8 MB
Teekay Offshore Production Sustainability Report 2015	15 MB
G4 Content Index 2015	203 KB

Sustainability Reports

Teekay Sustainability Report 2014	6.43 MB
Teekay Petrojarl Sustainability Report 2014	2.38 MB
GRI G4 Table of Disclosures	588 KB

Sustainability Reports

Teekay Petrojarl Sustainability Report 2013	8.36 MB
Teekay Sustainability Report 2013	2.44 MB

Sustainability Reports

Teekay Petrojarl Sustainability Report 2012	4.73 MB
Teekay Sustainability Report 2012	4.92 MB

Sustainability Reports

Teekay Petrojarl Sustainability Report 2011	3.51 MB
Teekay Sustainability Report 2011	3.27 MB

Carbon Disclosure Reports

Teekay Petrojarl ASA CDP 2011 Information Request	113 KB
Teekay 2011 CDP Report	141 KB

Sustainability Reports

Teekay Sustainability Report 2010	2.69 MB
Teekay Petrojarl Sustainability Report 2010	4.04 MB

Carbon Disclosure Reports

Teekay Petrojarl ASA CDP 2010 Information Request	243 KB
Teekay 2010 CDP Report	222 KB