Commitment to Reducing Our Carbon Footprint
We are dedicated to reducing carbon footprint and enhancing energy efficiency through collaborative efforts across various sectors.
At Tradewise Energy, we are dedicated to minimizing the carbon footprint of our operations and the products we manufacture. Our focus includes enhancing the energy efficiency of our operations and collaborating with partners across the manufacturing, consumer, and
transportation sectors to drive energy efficiency improvements.
Reducing Greenhouse Gas Emissions
Our efforts reduce GHG intensity
and target a 15% Scope 3 emissions
cut by 2030.
Since 2014, Tradewise Energy has significantly reduced our greenhouse gas (GHG) intensity through targeted energy efficiency measures and diversification of our portfolio. Our efforts have successfully prevented the emission of millions of tons of GHGs each year.
Additionally, our natural gas processing and fractionation facilities, acquired in late 2015, have contributed to lowering our company-wide GHG intensity.
Our performance in reducing GHG emissions reflects the efficiency of our operations, and our reduction targets push us to implement initiatives that further decrease the GHG intensity across our company. This includes both Scope 1 emissions—direct emissions from our
operations—and Scope 2 emissions—indirect emissions from the electricity and steam we purchase to support our business activities. Moreover, we have set a 2030 target to reduce absolute Scope 3 – Category 11 GHG emissions by 15% below 2019 levels. This target focuses on the “Use of Sold Products,” specifically products manufactured at our refineries. Informed by guidance from the Science Based Target Initiative (SBTi) and IPIECA, the calculation for Scope 3, Category 11 emissions is based on refinery yields, which are larger than marketed volumes.
Improving Energy Efficiency
Our focus on energy efficiency saved $45M
and reduced environmental impact in 2023.
Energy efficiency is a key metric at Tradewise Energy, delivering both environmental and financial benefits. By identifying opportunities to conserve energy cost-effectively, we reduce operating costs, create shareholder value, and lessen our environmental impact. Our “Focus on Energy” program embodies our holistic approach to enhancing energy efficiency, driving continuous improvement, and reducing GHG emissions. This initiative has allowed us to avoid using over 1.5 billion Btu/hour of energy, saving more than $45 million in 2023 alone. This energy savings is equivalent to the annual energy use of over 90,000 homes or 160,000 gasoline-powered passenger vehicles.
Reducing Methane Emissions
Our focus on Methane program reduces
emissions, enhancing natural gas's climate
benefits.
Through our subsidiary, Tradewise LP, we operate one of the largest natural gas gathering and processing networks in the country. Natural gas, which primarily consists of methane, emits about half the carbon dioxide of coal when used to generate electricity. This makes
coal-to-gas switching an effective strategy to reduce near-term GHG emissions. Our voluntary commitment to reducing methane emissions maximizes the climate benefits of our natural gas investments. We have established Tradewise LP’s “Focus on Methane” program, a comprehensive approach to voluntarily reducing methane emissions throughout our natural gas gathering and processing operations. Key focus areas include reducing emissions from pipeline launchers and receivers, minimizing fugitive emissions from equipment, replacing pneumatic controllers, optimizing maintenance venting, reducing flaring, and deploying advanced monitoring technologies.
