- Anticipated increase in emissions in 2024 due to an uptick in refining operations.
- Unexpected challenges—some technical, some geopolitical—have influenced progress to the 2025 targets.
- Challenges in lowering Scope 3 emissions.
- Falling short of getting the fleet back on the reduction trajectory following 2022 disruptions.
Gunvor Group Ltd
Greenhouse gas emissions & sustainability report data
In its 2023 reporting, Gunvor Group Ltd disclosed greenhouse gas emissions of 2.5M tCO2e (Scope 3 shipping) + 1835000 tCO2e (Scope 1&2 Refining) + other Scope 3 emissions. By scope: Scope 1: 1.7M tCO2e; Scope 2: 107.9K tCO2e; Scope 3: 814.2K tCO2e. Figures are as stated in the company's own report and may use different boundaries, units or methods (for example market-based vs location-based Scope 2), so compare with care.
GHG Emissions
2.5M tCO2e (Scope 3 shipping) + 1835000 tCO2e (Scope 1&2 Refining) + other Scope 3 emissions
2023
Water Usage
1.51 million cubic meters
2023
Waste
39.2K tons
2023
📊 Emissions by Scope (2023)
| Scope | What it covers | Reported value |
|---|---|---|
| Scope 1 | Direct emissions from sources the company owns or controls (fuel combustion, company vehicles, process and fugitive emissions). | 1.7M tCO2e |
| Scope 2 | Indirect emissions from purchased electricity, steam, heat and cooling. | 107.9K tCO2e |
| Scope 3 | Other indirect emissions across the value chain (purchased goods, business travel, use of sold products, etc.). | 814.2K tCO2e |
New to scopes? Read Scope 1, 2 and 3 emissions explained and market-based vs location-based Scope 2.
📈 Emissions by Report Period
| Report period | Headline emissions figure reported |
|---|---|
| 2023 | 2.5M tCO2e (Scope 3 shipping) + 1835000 tCO2e (Scope 1&2 Refining) + other Scope 3 emissions |
Each row is the headline figure extracted from a different report; scope coverage and methodology can change between years.
✅ Reported Environmental Achievements
- Reduced Scope 1 and Scope 2 greenhouse gas emissions by 47.3% compared with 2019, exceeding the target of 40%
- Maintained zero spills larger than a barrel into the environment.
- Improved carbon intensity of the fleet by around 4% year on year.
- Time Chartering fleet composition improved to 52% eco ships.
🎯 Climate & Sustainability Targets
🔜 Short-term
- Reduce scope 1 and 2 emissions by 40% compared to 2019 by 2025
- Reduce the CO2 intensity of our time and voyage charter fleet by 7% compared to 2021 by 2024
- Conduct an assessment of Human Rights in 2 of Gunvor’s top suppliers by 2024
📅 Medium-term
- Reduce scope 1 and 2 emissions by 40% compared to 2019 by 2025
- Reduce the CO2 intensity of our time and voyage charter fleet by 10% compared to 2021 by 2025
- Conduct an assessment of in additional 3 of Gunvor’s top suppliers by 2025
- Reach $250mn of equity investment into non-hydrocarbon projects (cumulated) by 2025
🔭 Long-term
- Net-zero emissions by 2050
🌱 ESG Focus Areas
Climate Change and Energy TransitionHuman RightsCompliance