Swiss commodities trading giant Trafigura has upped its emissions targets, something that will have significant implications for its many shipping partners.
Announcing a record $3.1bn net profit for its 2021 financial year yesterday, Trafigura also gave details of its new green targets, which now include reducing the intensity of total shipping emissions by 25% by 2030, compared to the International Maritime Organization’s 2019 adjusted baseline. The target encompasses over 70% of Trafigura’s reported Scope 3 emissions in 2020 and will see the emissions intensity profile of the group’s owned and third-party leased shipping fleet decline by 48% compared to the 2008 IMO industry baseline, considerably more than IMO’s industry target of a 40% emissions intensity reduction over the same timeframe.
As a founding member of the First Movers Coalition, launched by the US State Department and World Economic Forum at COP26, Trafigura has committed to convert six ammonia carrier vessels – amounting to 18% of the current owned fleet – to use zero emissions fuels as the primary fuel source by 2030.
Continuing Trafigura’s investments in hydrogen, a A$5m ($3.6m) front end engineering design study for the Port Pirie Green Hydrogen Project, jointly funded by Trafigura and the South Australian state government and located at the Nyrstar metals plant, will commence this month, with a final investment decision to be made by the end of 2022.
