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Faced with increasing pressure Trafigura Group Ltd. has promised to reduce some of its greenhouse gases by 30 per cent by the end of 2023. This is expected to save up to 1 million tons of carbon emissions from its operations by 2024. The company plans to achieve emissions reduction by improving energy efficiency in its operations, securing more electricity from renewable sources and using carbon offsets. The commitment to reduce the greenhouse gases by 30 per cent by the end of 2023, compared to 2020 levels, includes Scope 1 and Scope 2 emissions, but not Scope 3 emissions.

To achieve its goal, the company is committed to invest up to $2 billion in 2 GW of renewable energy projects by 2025. However, it will continue to invest in oil and gas projects as well as metal and mineral mines. “We are committed to reducing greenhouse gas emissions from our own operations,” Jeremy Weir, CEO and president of Trafigura, said in the company’s 2020 Accountability Report.

Meanwhile, Trafigura’s rival Glencore Plc. is committed to reducing its Range 1, 2 and 3 emissions by 40 per cent by 2035.