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The global energy trader says that all its owned ships and three-quarters of its time charter shipping fleet will be ‘eco-vessels’ by 2022, rising to 100% before 2027.

The Gunvor Group has outlined its ESG commitments as part of its Sustainability Commitments 2021 document, and these include a 40% reduction in its Scope 1 and 2 emissions by 2025 (or a reduction in Scope 1 and 2 emissions by that date by 35% and 95%, respectively).

Gunvor is also establishing a new unit, Nyera, which will focus on non-hydrocarbon investments that will comprise a minimum of 10% of net equity. This is expected to amount to a commitment of at least $500,000. Nyera’s remit will cover carbon capture and storage, renewable fuels, renewable power, and alternative fuels, including ammonia and hydrogen.

The group also said that emissions from refineries will continue to decrease compared to 2019, ‘through efficiency projects and a switch to renewable and carbon neutral electricity’.

Gunvor also noted that it is now finalising its assessment of Scope 3 emissions, including those linked to traded commodities and voyage charters. It noted its commitment to follow the IMO improvement in efficiency targets of 40% by 2030.

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