Navigator Gas
Climate Impact & Sustainability Data (2023)
Reporting Period: 2023
Environmental Metrics
Total Carbon Emissions:1,128,918 tCO2e/year (Scope 1)
Scope 1 Emissions:1,128,918 tCO2e/year
Scope 2 Emissions:69.5 tCO2e/year
Scope 3 Emissions:159,940 tCO2e/year
Renewable Energy Share:<1%
Carbon Intensity:0.33 tonnes CO2e/NM (Scope 1)
ESG Focus Areas
- Decarbonization
- Diversity, Equity, and Inclusion (DEI)
- Governance
Environmental Achievements
- Invested over $3 million in data collection and analysis for fleet efficiency improvements.
- Committed approximately $5 million to efficiency improvements projected to reduce GHG emissions by at least 16%.
- Achieved average fuel savings of 2-4% for LPG carriers through trim optimization.
- Improved vessel efficiency with advanced silicone-based hull coatings (e.g., 7-10% fuel reduction on MV HAPPY OSPREY).
- Mean AER improved by 1.8% over 2022, resulting in a 4.4% improvement in fleet sustainability score.
Social Achievements
- Increased female representation in leadership roles to 28% (target 35% by 2028).
- Increased number of female staff among shore-based and seafaring colleagues.
- Brought crewing function in-house to improve crew retention and safety culture.
- Achieved a 14% reduction in the total recordable incident rate for seagoing personnel.
- Zero recordable incidents or fatalities among onshore teams.
Governance Achievements
- Established a dedicated ESG committee in 2022.
- Extended anti-bribery provisions with a new register for gifts and conflicts of interest.
- Became a member of the Maritime Anti-Corruption Network (MACN).
- Trained over 90% of employees and consultants in compliance and anti-corruption.
- No incidents or fines related to unfair competition and anti-corruption practices.
Climate Goals & Targets
Long-term Goals:
- Contribute to the shipping industry’s target to reach net zero by 2050.
Medium-term Goals:
- Derive one-third of revenues from carrying green and blue cargo by 2030.
- Achieve 35% women in onshore management roles by 2028.
Environmental Challenges
- Climate change and reducing emissions.
- Transition risks associated with global efforts to reduce carbon intensity in shipping (emerging cargo demand, regulatory dynamics).
- Maintaining a diverse and inclusive workforce.
- Achieving zero incidents in a high-risk industry.
Mitigation Strategies
- Developed an integrated climate strategy.
- Revised vessel lifetime accounting estimates to accommodate new fuel and cargo opportunities.
- Invested in data-driven efficiency improvements and new technologies.
- Implemented the WeCare safety culture program.
- Proactive recruitment strategies to improve gender balance.
Supply Chain Management
Responsible Procurement
- Building ESG assessment criteria into procurement processes.
Climate-Related Risks & Opportunities
Transition Risks
- Emerging cargo demand
- Regulatory dynamics
Opportunities
- Increased demand for transporting alternative cargoes (blue and green ammonia, CO2).
- Potential cost savings from efficiency improvements and carbon reductions.
Reporting Standards
Frameworks Used: GRI, SASB, TCFD
UN Sustainable Development Goals
- SDG 7 (Affordable and Clean Energy)
- SDG 8 (Decent Work and Economic Growth)
- SDG 9 (Industry, Innovation, and Infrastructure)
- SDG 13 (Climate Action)
- SDG 17 (Partnerships for the Goals)
Navigator's operations and investments contribute to these goals through various initiatives.
Awards & Recognition
- 2023 Green Finance Deal of the Year award