Gunvor makes first steps toward sustainable future
Commodities trader Gunvor announced March 30 that it was making a major investment in efforts to reduce its emissions over the next few years.
“For Gunvor, the two most significant activities that generate greenhouse gas emissions are the company’s industrial activities, specifically its European oil refineries, and its shipping fleet, both owned and chartered,” the company stated. “Gunvor has committed to taking significant steps to reduce and/or compensate Scope 1 and 2 emissions by 35% and 95%, respectively, by 2025.”
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Scope 1 emissions relate to direct emissions of greenhouse gases by companies from sources such as fuel combustion. Scope 2 emissions are non-point emissions associated with things like the purchase of electricity.
As part of its effort, Gunvor has set up an entity called Nyera that will commit at least $500mn to non-hydrocarbon investments. Nyera’s focus will include renewable fuels and power, alternative fuels such as ammonia and hydrogen, as well as carbon, capture and storage.
Gunvor’s history is in the oil trade, though it stated that about half of its trading today is in things such as biofuels, natural gas and LNG.
Apart from the Nyera vehicle, the company said it was in the process of assessing its environmental footprint in the transportation sector. All of its ships will be so-called eco-vessels by 2027.
The commitments outlined by the oil trader are part of a sustainable commitment programme, a first for the company as it embarks on the energy transition pathway.