On Tuesday, energy trader Gunvor Group revealed its emission curb target by 2025 and announced the setting up a new subsidiary for investments in non-hydrocarbon projects.
Gunvor will cut its Scope 1 and 2 emissions by 40% in absolute terms by 2025. It will cut the emissions it produces directly and the result of the electricity it consumes from the 1.9 million tonnes of carbon dioxide equivalent of its total in 2019.
The company’s new subsidiary Nyera will invest in biofuel, renewable power projects such as solar and biomass. It will also commercialize alternative fuels like hydrogen and ammonia. Gunvor will allocate a minimum of 10% off its net equity to the new company, amounting to at least USD500 million with leverage over the upcoming three years.
Another effort to reach its sustainability goals is its shipping arm Clearlake planning to convert its fleet to low or zero-emission vessels.
