Trading giant Gunvor Group is joining the race to develop carbon capture technology.
The chartering major has signed up with the Global CCS Institute, an international think tank aiming to accelerate the deployment of carbon capture and storage (CCS).
Other members include governments, corporations, private companies, research bodies and non-governmental organisations.
"Given that hydrocarbons will remain a part of the global energy mix for the immediate and foreseeable future, carbon capture and storage solutions are required to meet zero-emissions goals," said Shahb Richyal, Gunvor's global head of portfolio.
The Global CCS Institute provides members with accurate, insightful and impactful information and data about carbon capture, the group said.
This will form a key part of Gunvor's energy transition strategy.
Emissions reduction targets
The group has already committed to reducing or compensating for direct Scope 1 and 2 emissions by 35% and 95%, respectively, by 2025, compared with 2019.
It is also working on drawing up reduction targets for indirect Scope 3 emissions.
In March, the company pledged to phase out its owned non-eco ships this year — and severely limit the number of older vessels it charters in.
The company revealed in its first sustainability report that 100% of owned ships will be eco tonnage by 2022.
100% eco fleet
And only 25% of the time-chartered fleet will be non-eco ships over the same time frame.
Before 2027, Gunvor has promised to have a 100%-eco chartered fleet.
UK shipbroker Clarksons defines eco-ships as those built from 2015. Gunvor said eco vessels meet standards for design, construction and operation beyond statutory requirements.
The trader has also pledged to make carbon intensity part of its ship-vetting process.
About 50% of Gunvor’s trading currently consists of "transitional" commodities, such as biofuels and LNG.
The group has ceased physical coal trading and acquired biofuels plants.
