Global energy company Vitol, which for more than 50 years focused primarily on the movement of crude oil and products around the world, this week issued its first Environmental, Social, and Governance (ESG) Report.
In the ESG report, the company recognizes that “[c]limate change poses a financial risk to traditional energy companies, but the transition also provides opportunities in which we can participate and, in turn, enhance our sustainability.”
In light of the fact that transportation accounts for more than 60% of oil demand, and recognizing the world’s diversification to other less carbon-intensive fuels such as electricity, Vitol is investing in electric vehicle (EV) fleets such as municipal buses, and corporate fleets and taxis, in developed and emerging markets.
The company also states in the ESG report that it is providing financing and servicing for EVs, and investing in charging infrastructure alongside energy management and power procurement services. One example is a recent successful tender, under which Vitol and Enel will provide nearly 600 electric buses to Columbia.