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Sustainability

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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 2023 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 2023, the Teekay Group reached a major milestone of becoming net debt-free, which provides Teekay with greater financial flexibility to pursue new opportunities in the shipping and broader maritime sector serving the growing demand for new transportation solutions.

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. 

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 2022

  • Zero fatalities
  • Zero fatalities, and TRCF of 2.52 in 2022. Target not met. Twenty-four recordable cases occurred in 2022, compared to our target of ten cases of fewer

Results in 2023

  • Zero fatalities. One LTI in Teekay Australia fleet
  • TRCF of 1.76 in 2023. Target not met

Actions for 2024

  • Implement electronic record-keeping logbooks across the fleet
  • Invest in our people, pursue Goal Zero, and enhance learning and skills
  • Promote inclusive collaboration by recognition and appreciation

 

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 2022

  • 100% of reported incidents were investigated and closed within 180 days
  • Sea staff retention of 97.4%
  • Shore staff retention target not met. Retention dropped to 85%, due to employee resignations following organizational changes and a more competitive job market
  • Pay equity efforts are ongoing. Annual compensation reviews include internal and external equity evaluations

Results in 2023

  • 100% of reported incidents were investigated and closed within 180 days
  • Shore staff retention rate of 91%
  • Group wide sea staff retention rate of 95%, slightly below target due to Australian seafarer shortage
  • Pay equity efforts are ongoing. Pay equity and fairness are evaluated with all compensation-related processes and decisions, and honored by legislation, where required.

Actions for 2024

  • Ensure employee awareness of labour and human rights policies and programs
  • Train additional Ratings in Teekay Australia to mitigate sea staff shortages

 

Our Ambition on Workforce Diversity

Further increase gender and national diversity within Teekay

Targets

  • Build awareness to ensure employees feel part of an organization that welcomes differences, provides equal opportunities, and fosters a sense of belonging for everyone.

Results in 2022

  • Due to organizational changes, Teekay’s diversity strategy was not developed as planned in 2022. Instead, our goal in 2023 is to continue building awareness to ensure employees feel part of an organization that supports diversity.
  • The Teekay Future Leaders (TFL) program has resulted in 11 female graduates to-date
  • Teekay Tankers engaged one female and one male intern in 2022

Results in 2023

  • Leadership and culture training focused on values, shared leadership language, and inclusive workplace behaviour
  • The Teekay Future Leaders (TFL) program has resulted in 17 female graduates to-date

Actions for 2024

  • Continue to build awareness to ensure employees feel part of an organization that welcomes differences, provides equal opportunities, and fosters a sense of belonging
  • Deliver Diversity, Equity & Inclusion Education Training to global shore employees

 

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 2022

  • Target achieved in 2022. Group-wide HRCF of 1.05
  • Launched Wellness Days for shore-based employees in select locations

Results in 2023

  • Target achieved in 2023. Group-wide HRCF of 1.55
  • Wellness Days for shore-based employees in select locations

Actions for 2024

  • Continue to support, communicate, and educate on 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 2022

  • All targets achieved in 2022
  • There were no vessel security or vessel cybersecurity incidents in 2022

Results in 2023

  • Target not met. One vessel security incident was recorded in 2023. Zero cyber security breaches occurred.

Actions for 2024—Ship Security

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

Actions for 2024—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
  • 100% of new vendors pre-approved through third-party due diligence process

Results in 2022

  • All targets achieved in 2022

Results in 2023

  • All targets achieved in 2023

Actions for 2024

  • Ethics training for shore staff
  • Continue to develop our partnership with the Marine Anti-Corruption Network to focus on managing port corruption risks

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, and achieve net-zero GHG emissions by 2050

Results in 2022

  • Emissions intensity has decreased by 26% and 13%, respectively, in the Suezmax and Aframax fleets since 2008
  • Further installation of Mewis Ducts, low leakage valves, and FuelOpt system
  • Successful test of ShipShave hull cleaning tool

Results in 2023

  • Emissions intensity has decreased by 27% and 22%, respectively, in the Suezmax and Aframax fleets since 2008. We recognize that ongoing efforts will be needed to achieve our 2030 target

Actions for 2024

  • Continue application of low-friction hull paints for all docking vessels
  • Continue installations of FuelOpt system, low leakage valves, low-load boiler operations equipment, and other energy savings devices
  • Train ship staff for managing EU ETS and FuelEU Maritime regulations

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
  • Continue reducing single-use plastic water bottle consumption onboard

Results in 2022

  • All targets achieved
  • Onboard consumption of single use plastic drinking bottles was reduced by 84% in 2022, and usage in Teekay offices has been eliminated

Results in 2023

  • All annual targets achieved
  • Onboard consumption of single-use plastic drinking bottles has been reduced >80% since 2021

Actions for 2024

  • Continue ballast water treatment system installation program

Our Ambition on Ship Recycling

Increase transparency and elevate standards in the ship recycling industry

Targets

  • Zero regulatory non-compliances
  • Regular on-site inspections at any active ship recycling facilities

Results in 2022

  • All targets achieved in 2022

Results in 2024

  • All targets achieved in 2023

Actions for 2023

  • Complete green recycling of the Petrojarl Foinaven
  • Continue our support of the Ship Recycling Transparency Initiative (SRTI)

 

 

Policies & Reports

  • Teekay HSSE & QA Policy
  • HSSE & QA Requirements for Suppliers and Contractors
  • Teekay’s Commitment to the UNGC Ten Principles
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Sustainability Reports

Teekay Sustainability Report 2023 6 MB

Sustainability Reports

Teekay Sustainability Report 2022 7 MB

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

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