Gearbulk ESG Report 2023 - Report - Page 18
GEARBULK
CLIMATE CHANGE
PROGRESS AND
PERFORMANCE
OUR METHODOLOGY AND BOUNDARIES
OUR BASELINE YEAR
We adhere to the concept of “operational control,” as outlined
Scope 1 (Direct Emissions)
in the GHG Protocol, to consolidate emissions within Scopes 1,
2019 is our baseline year for vessels we own and charter as
2, and 3 stemming from our operations. Gearbulk accounts for
regulations and data requirements have been satis昀椀ed to
100% of greenhouse gas emissions from operations under our
actively monitor our performance and introduce measures
control, de昀椀ning control operationally rather than 昀椀nancially.
to reduce impacts caused by our operations.
Concerning vessel emissions (Scope 1), the reported 昀椀gures
Scope 2 (Indirect Emissions)
encompass all cargo-carrying vessels we own and chartered.
2021 is our baseline year as the complete dataset required to
These include those under short- or long-term charter (Time
accurately report and monitor our emissions was available.
Charter Vessels). Vessels chartered out to third parties are
excluded, as they lie beyond our operational control.
Scope 3 (Indirect Emissions - Category 6: Business Travel)
2021 is our baseline year as the complete dataset required to
Our understanding of the GHG Protocol has been amended
accurately report and monitor our emissions was available.
to re昀氀ect this as Gearbulk has previously reported on vessels
chartered to our Joint Ventures under Scope 1. New guid-
Scope 3 (Indirect Emissions – Category 13: Downstream
ance has been accepted by Gearbulk and to align with the
leased assets)
control de昀椀nition, Gearbulk reports these emission in Scope 3.
2019 is our baseline year for vessels we own and deploy to
Throughout this report, greenhouse gas quantities related to
our Joint Ventures as factors such as regulations and data
Scopes 1, 2, and 3 have been converted into carbon dioxide
requirements have been satis昀椀ed to actively monitor our
equivalents (CO2e), with all 昀椀gures denoted in metric tonnes.
performance and introduce measures to reduce impacts
caused by our operations.
In 2023, Gearbulk’s greenhouse gas emissions
amounted to 1,058k tons of CO₂e. De昀椀nitions, assumptions, formulas, and calculations for our Scope 1, 2,
and 3 emissions are elaborated on in the reporting
documentation in the appendix section on page 92.
SUMMARY OF OUR CLIMATE CHANGE ACCOUNT
2022*
Change from
Base Year *
2023
Change from
Base Year
tCO2e
17,158
-24%
17,793
-21%
Scope 2 Emissions (location based)
tCO2e
99
-11%
80.72
-28%
Scope 3 Emissions
tCO2e
1,041.4k
-4%
1,036.6k
-5%
Category 1: Purchased goods and services
tCO2e
n/a
n/a
n/a
n/a
Category 6 : Business travel
tCO2e
5,630.14
43%
7,314.62
85%
Category 13: Downstream leased assets
tCO2e
1,035.8k
-4%
1,029k
-5%
TOTAL EMISSIONS
tCO2e
1,058k
-5%
1,0545k
-4.9%
Greenhouse Gas Emissions
Unit
Scope 1 Emissions
* Figures have been restated to re昀氀ect the change in reporting methodology
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PART 2 – ENVIRONMENT