Bunker Holding Targets 'Very Low Carbon Fuels' as 5% of Supply Portfolio by 2030

Keld Demant is CEO of Bunker Holding. Image Credit: Bunker Holding

Bunker Holding, the world's largest marine fuel seller by volumes, is aiming for at least 5% of its sales to be of 'very low carbon fuels' by 2030.

The company included the target in its latest ESG report, published on Wednesday.

"We aim to have the total product portfolio make up at least 5% of very low carbon fuels (by energy content) by 2030," the company said in the report.

The target aligns Bunker Holding with the revised IMO strategy adopted earlier this year, which sets an ambition for uptake of zero- or near-zero-GHG emission technologies, fuels or energy sources to reach at least 5%, striving for 10%, of total energy demand from international shipping by 2030.

The firm is also targeting a reduction in the carbon intensity of the fuel it supplies of at least 4.5%, striving for 8.5%, by 2030, and will invest at least $50 million to support decarbonisation between now and 2028.

"We are putting more effort into building partnerships and taking a leap of faith with new technologies," Keld Demant, CEO of Bunker Holding, said in the report.

"Now, we are deeply involved in more than ten projects with the aim of making low- and zero-carbon fuels available to shipping, and we have allocated funds in the double-digit million USD range towards low- and zero-carbon fuel initiatives."

Bunker Holding's fuel sales resulted in 71.2 million mt of CO2 equivalent emissions in the 2022/23 financial year, down from 85.1 million mt the previous year, according to the report.

The firm has not revealed its sales volumes data for 2022/23 compared to the previous year. Ship & Bunker's Top 10 Bunker Companies for 2023 report estimated the company's volumes for the 2022 calendar year at 30 million mt, little changed from calendar 2021.