Path to Net Zero As industry leaders, we have a duty to spearhead decarbonisation and support a balanced energy transition. Achieving net-zero emissions by or around 2050, in line with the IMO’s targets, demands a strategic and data-driven approach. This includes regular evaluations of our initiatives to enhance focus, refine strategies, and effectively allocate resources towards our sustainability goals. Our continuous improvement efforts are aligned with best practices and emerging technologies, ensuring we make meaningful progress in reducing our GHG emissions. In the coming year, in line with CSRD, we will develop and disclose a comprehensive transition plan. The CSRD requires companies to outline clear, measurable steps for transitioning to a sustainable business model, including targets for reducing greenhouse gas emissions, timelines for achieving these targets, and the strategies and resources allocated to meet these goals. Our transition plan will provide transparency on how we intend to achieve net-zero emissions, detailing specific actions, milestones, and progress tracking mechanisms.
Measure At the core of V.’s strategy for managing greenhouse gas (GHG) emissions is the collection and analysis of data. This has become increasingly crucial with the introduction of the EU ETS. Accurate and efficient emissions measurement not only aids in compliance but also provides commercial advantages for us and our clients. As mandated by the EU ETS, ship owners must receive precise and verifiable emissions data. We’ve responded by enhancing our services to include seamless collection, verification, and reporting of emissions data, thus reducing the compliance burden on our clients and allowing them to concentrate on other business priorities. In anticipation of the FuelEU regulation, we are proactively preparing to handle increased compliance responsibilities and are committed to accurate GHG reporting across our fleet. To this end, measurement of emissions has been elevated to a strategic priority, with significant investments made in developing a centralised reporting system for all our offices to enhance data analysis and support our Scope 1 and 2 emissions reduction strategy. Beyond compliance, we recognise that transparent reporting builds credibility with stakeholders and affirms our commitment to a sustainable future.
Target
Emissions reduction targets are now a regulatory mandate rather than a discretionary choice.
Under the CSRD, companies are required to disclose a comprehensive climate transition plan that aligns with the Paris Agreement’s target of limiting global warming to 1.5°C. This plan must detail the strategies, goals, and resources necessary to achieve these targets. At V., it is essential to identify and understand our primary sources of emissions, which predominantly include purchased electricity and the direct emissions from our business operations. Reduce V. is keenly aware of the urgency of global efforts to combat climate change and is dedicated to reducing our GHG emissions. Our strategy involves both direct control of emissions within our operations and collaboration with partners to address indirect emissions throughout our value chain.
We fully commit to and support the IMO’s 2050 net-zero decarbonisation target.
IMO 2023 Strategy
-70% (Striving for 80%) Net Zero Offices
-20% (Striving for 30%)
-100%
2023
2030
2040
2050
Collaboration and Future Initiatives
Collaboration remains a cornerstone of our approach, engaging stakeholders, clients, partners, and industry peers to amplify our impact. In 2023, our fleet expansion includes several LNG and LPG fuelled vessels, alongside an LNG Bunker vessel and three dual-fuelled methanol vessels set to enter management by 2024, reflecting our commitment to alternative fuels and improved fuel efficiency.
16 | Path to Net Zero
Made with FlippingBook interactive PDF creator