Roadmap of our decarbonisation stratefy

Decarbonisation Roadmap

By 2030, we will not have any newbuilding that cannot achieve net-zero emissions during their lifetime.

BW LPG Fleet towards Net Zero carbon emissions by 2050

Responsible Transition

To commit to decarbonisation is to commit to a sea change in how we operate. At BW LPG, we are walking the talk – planning a long-term roadmap that not only protects the interests of our shareholders, but also positions us to seize opportunities from the global clean energy transition. 

Material Topic: Climate Change

We are committed to a proactive climate management strategy, addressing risks from extreme weather events in our operations and supply chain. Through advanced risk assessments, we fortify operations, prioritise asset resilience with sustainable practices, and integrate climate considerations into investment decisions. This comprehensive approach ensures resilience and environmentally conscious decision-making in the face of climate challenges. 

Environmental Impact Management

Reducing direct and indirect greenhouse gas emissions from our operations and supporting the global shift to cleaner energy is crucial in the near term as we navigate the global energy shift and needs of the industry. We want to reduce the negative environmental impact of business activities while increasing the positive influence we can have as we uphold responsible operations. 

Material Topic: Emissions and Energy

A responsible transition starts with our actions now. We are working towards our long-term decarbonisation goal by reducing emissions and increasing energy efficiency of our current business activities and assets. Through many operational and practical energy management initiatives, as well as investments to upgrade and digitalise our fleet – including our pioneering LPG dual-fuel propulsion technology – we are reducing our footprint in phases. 

Material Topic: Protecting Biodiversity

The oceans connect our markets. As we deliver cleaner-burning energy around the world, we must do so in ways that minimise the impact of our operations on marine biodiversity. Ship recycling is a fundamental part of the shipping value chain. At the end of a vessel’s commercially viable life, we have a responsibility to ensure that it is recycled responsibly and in a manner that minimizes impact to human health and the environment. 

Environmental Management

ISO 14001 is an internationally recognised Environmental Management System (EMS) standard designed to help organisations establish, implement, maintain, and continually improve their environmental performance. Our inhouse and external fleet managers are certified to this standard. A key component of the ISO 14001 EMS is to identify risks through an ‘aspect list’. This list refers to a comprehensive compilation of environmental aspects associated with the activities, products, or services of an organisation that interacts with the environment, leading to potential environmental impact. 

An aspect list helps us establish objectives, targets, and management programs to address environmental impacts effectively. It provides a foundation for ongoing monitoring, measurement, and improvement of environmental performance. Our aim is to systematically manage and reduce the environmental footprint of organisational activities while complying with all relevant legal and regulatory requirements. 

2023 At A Glance

Material TopicsActions2023 TargetsProgress2024 targets
Climate Change- Climate Change Management

- Decarbonisation Transition Plan
- Commitment to achieve IMO’s Initial GHG emission reduction goals

- By 2030 we will only have newbuildings that can achieve net-zero carbon emission during its lifetime
- Revised the company’s decarbonisation roadmap to incorporate concrete milestones, aligning to the revised IMO 2023 GHG strategy

- Established an Ammonia Task Force to explore potential opportunities in the segment for next
generation VLGCs and commercial opportunities

- Continued to explore investment opportunities in new technology and alternative fuels for net-zero emissions
- By 2030, we will not have any newbuilding that cannot achieve net-zero emissions during its lifetime

- BW LPG Fleet Towards Net Zero carbon emissions
by 2050
Emissions & Energy- Energy Management

- GHG and Toxic Emissions Management
- Fleet in compliance with EEXI requirements

- Fleet to have a CII rating of “C” or better
- Received approval for all vessel EEXI technical files

- Overall fleet carbon intensity achieved C rating

- Continued optimisation and operation of our LPG propulsion vessels to limit our emission footprint

- Use of LPG as bunker fuel translates into >US$11 million in fuel savings and ~28,000 tonnes reduction in CO2 emissions

- LPG-dual fuel use uptime steadily increased within the year as we increase our target by 3.2% for 2024 compared to 2023

- Enhanced IT capabilities to support new emissions related compliance requirements (CII, EU ETS and FuelEU Maritime)

- Achieved overall 2,535 MT of bunker savings over 278 voyages through weather routing
- All owned vessels to attain “C” or better rating under CII

- Average LPG dual fuel uptime above 85%

- Achieve overall net positive savings in fuel from weather routing

Protecting Biodiversity- Water Management

- Waste Management
- 100% compliance with the Ballast Water
Management Convention

- Complet Ballast Water treatment system installation / upgrade on all owned and BW LPG India

- 100% compliance with all MARPOL conventions

- 0 oil spills

- 100% of all ship recycling projects to be done with shipyards that operate in compliance with the Hong Kong Convention and certified to ISO 30000
fleet by end 2023
- 100% of owned and operated vessels installed/ upgraded ballast water treatment systems for
treatment of invasive species during ballast

- Full compliance with the Ballast Water
Management Convention and MARPOL conventions

- Zero oil spills

- No vessels were recycled in 2023
- 100% compliance
with the Ballast Water

- 100% compliance
with all MARPOL

- Zero oil spills at sea

- 100% of all ship
recycling projects
to be done with
shipyards certified to
ISO 30000 and Hong
Kong Convention