GlobalData offers a comprehensive analysis of Teekay, providing key insights into its Environmental, Social, and Governance(ESG) factors. By closely monitoring and aggregating mentions of climate change and associated ESG keywords, GlobalData delivers valuable information on Teekay‘s ESG performance. GlobalData’s company profile on Teekay offers a 360-degree view of the company, SWOT analysis, key financials, and business strategy including insights on ESG implementation among other information. Buy the report here.
Teekay, a global shipping company, is dedicated to reducing its greenhouse gas (GHG) emissions and the company acknowledges the importance of reducing its carbon emissions. The data provided only includes CO2 emissions, which account for approximately 99% of Teekay's scope 1 GHG emissions. In 2022, the company's gross global Scope 1 GHG emissions amounted to 1,166,344 Metric tons.
The company is actively pursuing environmental sustainability goals for its fleet operations. By 2030, it aims to achieve a substantial 40% reduction in greenhouse gas emissions per tonne-mile compared to the levels recorded in 2008. Looking further ahead, the company is committed to an even more ambitious target, aiming for a 50% reduction in the total greenhouse gas emissions from its fleet by 2050. These initiatives reflect the company's dedication to addressing climate impact and promoting long-term environmental responsibility within its operations.
Teekay has taken steps to reduce its emissions and has achieved some notable results. The company reports a decrease in emissions intensity by 26% and 13% in its Suezmax and Aframax fleets, respectively, since 2008. It has also implemented measures such as the installation of Mewis Ducts, low leakage valves, and the FuelOpt system to further reduce emissions. Teekay has successfully tested the ShipShave hull cleaning tool and made modifications to its auto-pilot system to reduce fuel consumption.
In terms of pollution prevention, Teekay has achieved its targets of zero spills greater than one barrel and zero non-compliances with ballast regulations, SOx, and NOx. The company has also made significant progress in reducing the consumption of single-use plastic water bottles onboard its vessels, with an 84% reduction in 2022. Additionally, Teekay has implemented recycling practices in full compliance with regulations.
Looking ahead, Teekay plans to continue its efforts to reduce emissions and the company aims to continue installing low-friction hull paints, Mewis Ducts, FuelOpt systems, and low leakage valves. It also plans to test a platform for improved voyage, route, and weather optimizations.
In conclusion, Teekay is actively working towards reducing its GHG emissions and the company has implemented various measures and achieved significant results in emission reduction and pollution prevention. Teekay's commitment to sustainability and its efforts to address climate change and environmental concerns demonstrate its dedication to responsible and sustainable shipping practices.