Our Future

Committed to reducing our environmental footprint

CoolCo remains steadfast in its commitment to reducing its environmental impact and fulfilling its vision of becoming the chosen carrier of cleaner, more secure energy solutions.

Our vision at CoolCo aligns seamlessly with the interests of our charterers, investors, and wider stakeholders.

Almost 100% of CoolCo’s scope 1-3 GHG emissions to air are generated from fuel consumption on board our LNG carriers or from the production of the fuel itself, and we focus our emission reduction efforts on decarbonizing our fleet accordingly.

CoolCo has outlined a high-level decarbonization plan and targets as shown under the “Focus area” page.

The decarbonization plan’s actions beyond 2030 are founded on upgrading the existing fleet to be compliant until 2040 and the delivery of carriers that can be upgraded to net-zero emissions.

Carbon intensity down to 8.11(grams of CO2 per tonne-mile)

COOLCO ESG OBJECTIVES

CoolCo has an objective to reduce CO2 emissions by 35% by 2030 compared to 2019 levels. This equates to an average AER for the fleet of 6.4. The reduction in AER will be achieved through a combination of investment in existing and new vessels, working with charterers on voyage optimisation and improving technical operations.

Fundamentally, CoolCo believes in reducing its carbon footprint and in doing so, further strengthening the case for LNG being the transition fuel of the future. Initially, we will upgrade five vessels at a cost of over $70 million.

Industrial drivers for reduced emissions and LNG storage

The opportunities in LNG trading are expanding rapidly:

Increasing seasonality, particularly driven by the LNG demand growth in northern Europe
LNG is gaining prominence as a reliable source for renewable power generation
LNG plays a vital role in ensuring energy security

IMO REGULATIONS SET TO IMPACT OLDER VESSELS

Clear industry-wide target of achieving net zero by 2050
Modern vessel upgrades are widening the performance gap and increasing pressure on older vessels to leave the market
LNG-E upgrades place CoolCo’s vessels comfortably in the A-C range for CII today while extending period to D/E rating by up to six years
EU ETS, EU FuelEU Maritime and IMO new GIF regulation (Fuel carbon tax) regulations increasingly favour efficient, modern vessels
Direct benefit to charterer from reducing fuel consumption and emissions

IMO regulation set to impact older vessels