Energy Storage, GHG Emissions, Sourcing Renewables  -  March 30, 2021

Gunvor Group pledges $500 million for clean energy

The Gunvor Group, traders of physical energy commodities announced significant cuts in the company's emissions by 2025 and a commitment to spend at least $500 million on clean energy programs.

In a statement, the organization says that it will effectively manage, limit, and, where possible eliminate emissions, given the role hydrocarbons play in today's energy mix. Their plans call for reducing and/or compensating Scope 1 and 2 emissions by 35% and 95%, respectively.

As part of its 2021 Sustainability Commitments charter, the group has taken the following steps:

• Established a dedicated vehicle, Nyera (Swedish: "New Era"), to formalize nonhydrocarbon investments comprising a minimum of 10% of net equity that, with leverage, is expected to amount to a commitment of at least half-billion dollars (USD).
• Areas of Nyera's focus include carbon capture and storage, renewable fuels, renewable power, and alternative fuels, including ammonia and hydrogen.
• Emissions from refineries will continue to decrease compared to 2019, through efficiency projects and a switch to renewable and carbon-neutral electricity.
• 100% of owned ships and 75% of time charter shipping fleet will be "eco-vessels" by 2022, with an overall 100% before 2027.
• Gunvor is in the process of finalizing its assessment of Scope 3 emissions, including those linked to the traded commodities and voyage charters; the company commits to follow the IMO improvement in efficiency targets of 40% by 2030, as per Gunvor's membership in the Sea Cargo Charter.
• That refinery emissions will continue to decrease compared to 2019, through efficiency projects and a switch to renewable and carbon-neutral electricity.
• Dedicate existing and establish new programs to reduce emissions and environmental impact while considering human rights considerations, in line with our commitment to the United Nations Guiding Principles on Business and Human Rights.