Trafigura details more strict green shipping targets

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.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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