Gearbulk ESGreport 2024 Paperturn - Flipbook - Page 18
GEARBULK
CLIMATE CHANGE
PROGRESS AND
PERFORMANCE
has been accepted by Gearbulk and to align with the control
OUR METHODOLOGY AND BOUNDARIES
We adhere to the concept of “operational control,” as outlined
de昀椀nition, Gearbulk now reports these emissions in Scope 3.
in the GHG Protocol, to consolidate emissions within Scopes 1,
Throughout this report, greenhouse gas quantities related to
2, and 3 stemming from our operations. Gearbulk accounts for
Scopes 1, 2, and 3 have been converted into carbon dioxide
100% of greenhouse gas emissions from operations under our
equivalents (CO2e), with all 昀椀gures denoted in metric tonnes.
control, de昀椀ning control operationally rather than 昀椀nancially.
In 2024, Gearbulk’s greenhouse gas emissions amounted to
Gases included in the calculation is CO2 and HFCs. The GWP
1,114,516 tons of CO2e. De昀椀nitions, assumptions, formulas,
for CO2 is de昀椀ned as 1 according to the IPCC’s Fifth Assess-
and calculations for our Scope 1, 2, and 3 emissions are elab-
ment Report (AR5, 2014), which serves as the baseline for
orated on in the appendix page 92.
comparing the global warming potentials of other greenhouse
gases. HFC emissions included in Scope 1 calculations are
OUR BASELINE YEAR
limited to R410A. Scope 3 emissions, however, include refrig-
Scope 1 (Direct Emissions)
erants: R22, R404A, R407C, R410A, and R417A. Emissions are
2019 is our baseline year for vessels we own and charter as
calculated using standard GWP values from the IPCC’s Fourth
regulations and data requirements have been satis昀椀ed to
Assessment Report (AR5, 2014).The GWP for these gases
actively monitor our performance and introduce measures
varies, with values ranging from 1,430 (for R134A) to 3,922
to reduce impacts caused by our operations.
(for R404A).
Scope 2 (Indirect Emissions)
Biogenic CO2 emissions are currently not reported due to
2021 is our baseline year as the complete dataset required to
data limitations. We aim to include this information in future
accurately report and monitor our emissions was available.
reports as data availability improves.
Scope 3 (Indirect Emissions - Category 6: Business Travel)
Concerning vessel emissions (Scope 1), the reported 昀椀gures
2021 is our baseline year as the complete dataset required to
encompass all cargo-carrying vessels we own and charter.
accurately report and monitor our emissions was available.
These include those under short- or long-term charter
(Time Charter Vessels). Vessels chartered to third parties
Scope 3 (Indirect Emissions – Category 13: Downstream
are excluded, as they lie beyond our operational control.
leased assets)
2019 is our baseline year for vessels we own and deploy to
Our understanding of the GHG Protocol has been amended
our Joint Ventures as factors such as regulations and data
to re昀氀ect this as Gearbulk has previously reported on vessels
requirements have been satis昀椀ed to actively monitor our
chartered to our Joint Ventures under Scope 1. New guidance
performance and introduce measures to reduce impacts
caused by our operations.
SUMMARY OF OUR CLIMATE CHANGE ACCOUNT
Greenhouse Gas Emissions
Unit
Baseline
Year*
2023
Change from
Base Year
2024
Change from
Base Year
Scope 1 Emissions
tCO2e
22,546
17,793
-21%
17,206
-24%
Scope 2 Emissions (location based)
tCO2e
112
81
-28%
76
-32%
Scope 3 Emissions
tCO2e
1,086.2K
1,036,616
-5%
1,097,310
1%
Category 1: Purchased goods and services
tCO2e
n/a
n/a
n/a
n/a
n/a
Category 6: Business Travel
tCO2e
3,944.8
7,315
85%
4,168
6%
Category 13: Downstream leased assets
tCO2e
1,082.2K
1,029,301
-5%
1,093,142
1%
TOTAL EMISSIONS
tCO2e
1,108K
1,054,490
-5%
1,114,592
0.1%
*Figures have been restated to re昀氀ect the change in reporting methodology.
18
PART 2 – ENVIRONMENT
