VTTI focusses on developing and implementing sustainable solutions, fuelling the transition to the energy needs of tomorrow and building the emerging renewable value chain. Vitol is one of VTTI’s shareholders.
In 2021, VTTI carried out an assessment of the company’s GHG emissions to help better understand its sources of emissions and help address these most effectively. As a storage company, VTTI typically uses electricity for base operations at its terminals, occasionally supplemented by fuel consumption (natural gas or diesel). There are two assets with significant refining capacity which consistently consume fuel and contribute to the proportionally higher emissions.
Based on GHG footprint information, a 45% reduction target in emissions by 2030 (from a 2019 baseline) was agreed with the VTTI board, with the aim of becoming net-zero by 2050. This has led to the development of energy management and GHG reduction plans for each terminal.
Achieving this target will require a more efficient use of energy, smart electrification as well as sourcing decarbonised power and fuel.
More specifically, VTTI will deploy its net-zero strategy to new acquisitions and new business opportunities, whilst constantly reviewing its skillset to ensure it can meet these targets successfully.
End of 2021 there was a reduction of 10% in scope 1 and 2 GHG emissions vs the 2019 baseline. Most of this reduction is due to producing and procuring low carbon energy.
VTTI’s efforts on GHG and Energy management are part of a broader ESG strategy. Progress on its ESG targets will be reported in an ESG report as of 2022.