Mercuria CSR Report 2020 - Flipbook - Page 22
GOVERNANCE & ORGANIZATION
| CO2 intensity of commodities traded
Using a Tank-To-Wheel (TTW) approach, we assess the impact of our traded energy commodities on the environment
by our end customers when they actually use them. The following Emission Factors (EFs) have been used:
TTW EMISSION FACTORS (EFS) USED
CRUDE OIL
3.1660 MT CO2e/MTOE1
REFINED PRODUCTS
2.7360 MT CO2e/MTOE2
COAL
4.1402 MT CO2e/MT Coal3
GAS
0.1805 MT CO2e/MWh Gas4
POWER
0.1815 MT CO2e/MWh Power5
Global Warming Potential (GWP) of Oil when released (source EPA 2019)
GWP of Refined Oil when released (source Federal Register 2010)
3
GWP of Coal when released (source REGENERATIVE ENERGIESYSTEME 2019)
4
GWP of Gas when released (source EPA 2019)
5
GWP of Power from average TTW electricity factor (source: Our World in Data 2020)
1
2
By dividing with the MTOE traded, we obtain the “Overall Products CO2 Intensity”:
OVERALL PRODUCTS* CO2 INTENSITY IN TCO2E/MILLION MTOE
3.2
3.1
3
3.00
2.9
2.8
2.7
2.6
2.5
2.4
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
*only energy products are considered (crude oil, refined oil, coal, CO2, gas and power)" similarly as for the table above
The overall intensity of our commodities traded is generally decreasing (see trendline in dashed blue). We have
gone from 3.11 in 2004 to 2.50 in 2020. The decrease will never be linear year-on-year due to natural variance in
trading activity across different markets between years. For example, a slight increase is seen in 2020 as a result
of us having traded 0.7 MTOE more oil, 0.6 MTOE more coal, 15 MTOE less gas and 0.6 MTOE less power. Overall
though, the trend shows a significant decrease of our impact on our customers’ CO2 emissions. By handling less
CO2 intensive products, we participate in this reduction.
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