Launched in 2020, the VETI involves over 100 employees to deliver on our key priorities
OBJECTIVES | WORKSTREAMS | 2022 ACHIEVEMENTS |
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Grow low-carbon opportunities |
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Sustainable investmentsInvest capital and acquire sustainable projects and assets |
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Trading opportunitiesStructure innovative transitional and sustainable products |
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Environmental products and solutionsRoute to market for the highest quality compliance |
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Manage climate-related risks and decarbonisation |
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Investment portfolioDrive climate-risk management and decarbonisation across our assets |
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TransportationReduce GHG footprint of our vessel fleet and optimise logistics |
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OfficesLimit the environmental impact of our offices and business travel (e.g. power consumption, waste, flights) |
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Provide transparency and take action |
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Data capture and internal reportingMeasure our GHG footprint and provide internal transparency on climate-related metrics and trends |
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Energy transition planningAdapt our approach to emerging trends and new science, and integrate climate change impacts into decision-making |
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ESG communicationsCommunicate with stakeholders on our ESG efforts |
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*E.g., renewable power purchase agreements (PPAs), sustainable aviation fuels (SAF), carbon offset bundling with energy products. |
**Removals (carbon sinks, e.g., afforestation and reforestation projects), avoidance (e.g., energy-efficient cookstove and water purifier distribution projects). |
Our energy transition ambitions
VITOL'S APPROACH TO THE ENERGY TRANSITION
Investments
- Continue to increase investment in sustainable solutions.
- Keep developing additional renewable power generation projects.
Trading
- Continue to increase the volume of sustainable and transitional commodities traded year-on-year.
- Grow our carbon trading volumes to reach a size that is comparable to our presence in crude oil and products trading.
Shipping
- Optimise the operational, technical and fuel use performance of our controlled vessels to reduce emissions.
- Continue to reduce the carbon intensity of our vessel portfolio and to introduce on-board efficiency programmes across the fleet. Achieve IMO’s 2030 carbon intensity reduction target of -40% from a 2008 baseline as early as the end of 2024.
Decarbonisation
- Monitor carbon intensity across shipping, upstream, power generation and refining. Report on this in future years.
- Use our Board membership in companies in which we are invested to integrate decarbonisation into business plans.
Governance
- Keep embedding TCFD recommendations into our energy transition strategy, in line with our roadmap.
The energy value chain



Traditional
Crude oil & products, e.g. gasoline, naphtha, jet, gasoil, fuel oil, bitumen
Transitional
Natural gas & LNG, NGLs & LPG, biofuels & recycled carbon fuels, non-renewable power
Sustainable
Renewable power & batteries, EV charging and services, green fuels, e.g. hydrogen, biogas, methanol, ammonia, carbon capture, utilisation, and storage, carbon credits & offsets, renewable energy certificates (RECs)
Investments ensuring reliable energy production
- ~60 kboepd oil & gas upstream assets in the US and West Africa
- 3.3 GW of gas-fired power generation capacity
- 1.2 GW of operational renewable power generation capacity
Investments ensuring reliable energy access across markets
- Controlled fleet of 60+ ships, and
- 6,000+ sea voyages in 2022
- 17+ M m3 in oil & products storage including LNG and LPG
Investments ensuring reliable energy delivery to end-users
- 500+ kbpd nameplate capacity from 6 refineries
- ~7,000 service stations worldwide
Traditional
Crude oil & products, e.g. gasoline, naphtha, jet, gasoil, fuel oil, bitumen
Transitional
Natural gas & LNG, NGLs & LPG, biofuels & recycled carbon fuels, non-renewable power
Sustainable
Renewable power & batteries, EV charging and services, green fuels, e.g. hydrogen, biogas, methanol, ammonia, carbon capture, utilisation, and storage, carbon credits & offsets, renewable energy certificates (RECs)
Investments ensuring reliable energy production
- ~60 kboepd oil & gas upstream assets in the US and West Africa
- 3.3 GW of gas-fired power generation capacity
- 1.2 GW of operational renewable power generation capacity
Investments ensuring reliable energy access across markets
- Controlled fleet of 60+ ships, and
- 6,000+ sea voyages in 2022
- 17+ M m3 in oil & products storage including LNG and LPG
Investments ensuring reliable energy delivery to end-users
- 500+ kbpd nameplate capacity from 6 refineries
- ~7,000 service stations worldwide