Gunvor Group eyes $500M in nonhydrocarbon investments and GHG reduction of 40% by 2025

In Switzerland, Gunvor Group has announced commitments in the areas of environment, social, and governance (ESG) targeting a 40% reduction in the company’s Scope 1 and 2 emissions by 2025. The commitments come as a part of Gunvor’s Sustainability Commitments 2021 document, which outlines how the company is navigating the Energy Transition.
Gunvor Group has already begun to undertake the following: 

— Established 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 US dollars 

— Areas of Nyera’s focus include carbon capture and storage, renewable fuels, renewable power, and alternative fuels, including ammonia and hydrogen. 

– Company’s major credit lines will continue to embed specific sustainability-linked goals with linked KPIs. 

— For existing and new trading, dedicated programs will be established to reduce emissions and environmental impact, while taking into account human rights considerations, in line with our commitment to the UNGPs on Business & Human Rights. 

–- 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.