• Crude oil and products
    Crude oil and products
    For over 50 years Vitol has served the world’s energy markets.
    Overview
    Trading & distribution Shipping Production Downstream Refining Business solutions Storage & blending
  • Gas
    Gas
    As a displacement fuel, gas will be a key part of the energy transition.
    Overview
    LNG Biogas LPG Business solutions Pipeline gas
  • Power
    Power
    A strong and experienced power trading team in the world’s largest markets.
    Overview
    Renewables Business solutions Gas-fired generation
  • Sustainable energy solutions
    Sustainable energy solutions
    We are determined to be an active participant in the energy transition.
    Overview
    Renewables Biogas Carbon Hydrogen Carbon capture and storage Business solutions EVs
    • Vitol Energy Transition Initiative (VETI)

    Energy Transition

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    Implementing change

    Vitol Energy Transition Initiative (VETI)

    Launched in 2020 to evolve and implement our business strategy, we have structured our efforts through the VETI, which focuses on three core objectives underpinned by nine workstreams, involving over 100 employees to deliver on our key priorities.

    Launched in 2020, the VETI involves over 100 employees to deliver on our key priorities

    OBJECTIVES AMBITIONS 2023 HIGHLIGHTS

    Grow low-carbon opportunities
    Sustainable investments

    Keep developing new renewable projects
    • Invested over $700m additional Capex in 2023 ($2+ bn cumulatively since 2018) in sustainable assets, and raising capital commitments over $2.5bn
    Trading opportunities

    Grow volume of transitional and sustainable commodities
    • Grew share of transitional energy volumes to 33%
    Environmental products and solutions

    Provide route to market for high-quality carbon credits
    • Further developed voluntary carbon projects, with 75+ mtCO2e credit issuance financed by 2030

    Manage climate-related risks and decarbonisation
    Investment portfolio

    Integrate decarbonisation and climate risks into business plans
    • Reviewed physical climate risks for key upstream, power generation and downstream assets in our portfolio
    Transportation

    Optimise shipping efficiency and abate emissions
    • Pursued Vitol tanker fleet modernisation and formed partnerships with Wärtsilä and ZeroNorth to improve the energy efficiency of our vessels
    Offices

    Limit our office and travel impact and drive mindset change
    • Obtained Gold certification for Vitol Singapore office from the BCA Green Mark Healthier workplaces scheme

    Provide transparency and take action
    Data capture and internal reporting

    Measure our footprint and monitor GHG performance
    • Evolved in-house GHG engine in line with latest scientific and regulatory developments
    Energy transition planning

    Adapt to climate change risks and opportunities
    • Started aligning our financial reporting with our traditional, transitional and sustainable pillars
    ESG communications

    Engage with stakeholders to evolve our focus
    • Held a face-to-face event with 17 portfolio companies to share ESG knowledge and discuss best practices
    *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.

    Vitol GHG footprint

    GHG emissions calculation methodology; For GHG emissions consolidated reporting, we have set an organisational boundary according to the operational control approach, which aligns with our financial consolidation approach, and most closely reflects GHG emissions from assets that we can directly influence.

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    Climate-related governance

    The Vitol Board sets our business strategy. Climate-related matters are carefully considered and an integral part of the Board’s deliberations when reviewing our overall strategy, endorsing budgets, challenging business plans, and overseeing major capital expenditures, acquisitions and divestments.

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