Energy transition

Energy transition

Powering progress and 
adapting to change

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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 and involves over 100 employees to deliver on our key priorities.

ObjectivesAmbitions2024 Highlights
Grow low-carbon opportunities
  • Sustainable investments : Keep developing new renewable projects
  • Trading opportunities : Grow volume of transitional and sustainable commodities
  • Environmental products and solutions : Provide route to market for high-quality carbon credits
  • Added 0.2 GW of renewable capacity in Europe and Asia and divested 0.7 GW in US assets, recycling $500m+ capital into new projects to launch construction of another 3+ GW solar and wind projects
  • Expanded our EV fleet solutions in Chile and California
  • Built up Europe and US RNG platforms with a 700+ GWh pipeline
Manage climate-related risks and decarbonisation¹
  • Investment portfolio : Integrate decarbonisation and climate risks into business plans
  • Transportation : Optimise shipping efficiency and abate emissions
  • Significantly cut methane emissions and flaring across our controlled upstream assets e.g. reducing carbon intensity by over 42% at VTX over the last two years
  • Reached the IMO 2030 target six years early, reducing the carbon intensity of our ocean-going fleet by over 41% vs 2008 baseline
  • Trialled new products to enhance vessel performance and efficiency e.g. durable graphene-based propeller paints and hull coatings
Provide transparency and take action
  • Data capture and internal reporting : Measure our footprint and monitor GHG performance
  • Energy transition planning : Adapt to climate change risks and opportunities
  • ESG communications : Engage with stakeholders to evolve our focus
  • Pursued our efforts to refine carbon intensity and life-cycle assessments of traded products’ carbon footprint
  • Increased resources dedicated to evaluating climate-related risks and opportunities, and conducting scenario analysis
  • Implemented mandatory ESG training for all new joiners to help them understand our strategy and framework

¹ Office decarbonisation workstream was decentralised at the local level in 2024, and is no longer monitored under the VETI project management office

Vitol's approach to the energy transition

Our energy transition ambitions

Investments

Invest in sustainable assets and grow pipeline of new projects.

Continue to install renewable power capacity.

Trading

Continue to increase the volume of sustainable and transitional commodities traded year-on-year.

Shipping

Optimise the operational, technical and fuel use performance of our controlled vessels to reduce emissions.

Achieve IMO’s 2030 target of -40% carbon intensity reduction as early as 2024 for Vitol ocean-going controlled fleet, and maintain progress over the following years.

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

Vitol’s GHG inventory is prepared using methodologies consistent with the GHG Protocol and the Ipieca guidelines. It follows an operational approach, which most closely reflects GHG emissions from assets that Vitol can directly influence and reduce, and aligns to our financial consolidation approach.

Vitol GHG Footprint 2024
Climate-related disclosures

Vitol recognises the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) to provide transparency for our stakeholders on the actual and potential impacts of climate-related risks and opportunities on our businesses. Every year, we report on our progress against our TCFD roadmap by providing an updated version of our disclosures.

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