Gunvor Group, one of the world’s leading physical energy commodities traders, has joined the Global Carbon Capture & Storage (CSS) Institute, an international think tank whose mission is to accelerate the deployment of carbon capture and storage, a vital technology to tackle climate change and deliver climate neutrality. Global CCS Institute’s diverse international membership includes governments, global corporations, private companies, research bodies and non-governmental organizations; all of whom are committed to CCS as an integral part of a net-zero emissions future.
“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, and included in Paris Agreement related scenarios,” said Shahb Richyal, Global Head of Portfolio. “Gunvor is committed to reducing greenhouse gas emissions across our businesses and activities, and we see investments in CCS as a key part of this.”
As the world’s leading CCS think tank, Global CSS Institute is an unparalleled source of research, data and information on all aspects of CCS deployment. It offers expertise and knowledge across every aspect of CCS, providing its Members with accurate, insightful and impactful information and data about CCS, assisting them to build knowledge, connect with the right people and make informed business decisions.
As a physical energy commodities trader, Gunvor’s business is inherently capable of being responsive to the changing needs of global energy markets. In recent years, the company’s trading has shifted to consist of up to 50% of “transitional commodities,” according to EU Taxonomy. Gunvor has a two-part strategy for the Energy Transition, of which CCS will be a part:
Pursuing investment in areas that support a shift in trading that capitalizes on opportunities related to the Energy Transition and reduces Gunvor’s emissions footprint
Investing in new areas that create sustainable value in the low-carbon world
The announcement follows the release of Gunvor’s commitment to target a 40% reduction in the company’s Scope 1 and 2 emissions by 2025, a part of the company’s Sustainability Commitments 2021 document, which outlines how the company is navigating the Energy Transition.