Compass Energy

Compass Fuel Oils Ltd’s Commitment to Net Zero Emissions by 2050

Publication Date: September 4, 2024

 As the world pivots toward a sustainable future, Compass Fuel Oils Ltd proudly reaffirms its commitment to achieving Net Zero carbon emissions by 2050. This pledge underscores the company’s dedication to environmental responsibility and marks an important milestone in the energy sector’s transformation toward more sustainable practices.

Baseline Emissions Footprint: Establishing the Starting Point

Compass Fuel Oils Ltd’s baseline emissions, based on calculations from 2019, serve as a reference for future emission reduction efforts. These estimations mark the company’s initial steps in carbon footprint measurement, setting the benchmark for ongoing improvements.

Graph for illustrative purposes only

Baseline Year: January 1, 2019 – December 31, 2019

Baseline Emissions (in tCO₂e):

  • Scope 1: 14 tCO₂e (55.6%)
  • Scope 2: < 0.1 tCO₂e (0.1%)
  • Scope 3: 11.2 tCO₂e (44.4%)
  • Total: 23.1 tCO₂e

Current Emissions Reporting: Progressing Toward Sustainability

In 2024, Compass Fuel Oils Ltd recorded significant reductions across all emission scopes. The reduction in Scope 1 and Scope 2 emissions reflects the initial impact of the company’s transition toward more sustainable practices.

Reporting Year: January 1, 2024 – December 31, 2024
Current Emissions (in tCO₂e):

  • Scope 1: 1.344 tCO₂e
  • Scope 2: 0.128 tCO₂e
  • Scope 3: 6.528 tCO₂e
  • Total: 8 tCO₂e

This data indicates a considerable decrease in total emissions, from 23.1 tCO₂e in the baseline year to 8 tCO₂e in 2024.

Emissions Reduction Targets: Pathway to 2030

Compass Fuel Oils Ltd has set ambitious yet achievable carbon reduction targets as part of its journey toward Net Zero. By 2030, the company aims to reduce its carbon emissions by 13%, targeting a total emissions footprint of 6 tCO₂e. Regular progress reports and emission monitoring will help ensure that the company remains on track.

Carbon Reduction Projects and Initiatives

Since establishing the 2024 baseline, Compass Fuel Oils Ltd has implemented several impactful carbon reduction measures. Notably, the company has adopted Hydrotreated Vegetable Oil (HVO) fuel, which has the potential to reduce emissions by up to 90%. These measures have resulted in a 6 tCO₂e reduction—a 13% improvement relative to the baseline.

Key Initiatives:

  • Renewable Fuel Transition: The company plans to convert its entire 14-vehicle fleet to renewable HVO fuel by 2026, further supporting its emissions reduction target.
  • Major HVO Projects: Compass Fuel Oils Ltd is currently supplying 100% renewable fuel to two of its largest clients, Mems Power Generation and Falcon Tower Crane Services Ltd. These ongoing projects in London contribute significantly to reducing emissions, benefiting both Compass and its clients.

Looking Ahead: A Roadmap for Sustainability

Moving forward, Compass Fuel Oils Ltd will continue its dedication to environmental stewardship by implementing further carbon reduction strategies. By expanding its use of renewable fuels, the company seeks not only to minimize its carbon footprint but also to support clients in achieving their sustainability goals.

Declaration and Sign-Off

This Carbon Reduction Plan has been completed in line with PPN 06/21 and adheres to the standard reporting guidelines set forth for Carbon Reduction Plans. All emissions have been recorded in compliance with SECR requirements, the GHG Reporting Protocol, and the Corporate Value Chain (Scope 3) Standard.

This plan has been reviewed and signed off by the board of directors, underscoring Compass Fuel Oils Ltd’s firm commitment to a sustainable future.

Signed on behalf of Compass Fuel Oils Ltd