Energy Efficiency, GHG Emissions, Industrial  -  October 11, 2023

Excelerate Energy Sets 2050 Goals

Excelerate Energy, Inc., a U.S.-based LNG company, is committed to reducing its environmental impact and is preparing for the new International Maritime Organization (IMO) rule focusing on energy efficiency and emissions reduction. 

The rule seeks to cut the carbon intensity of all ships by at least 50% by 2050 compared to 2008 levels. Excelerate Energy has also contracted a new-build Floating Storage and Regasification Unit (FSRU) that will join the fleet in mid-2026.

In its 2022 Sustainability Report, Excelerate Energy highlights company-wide efforts to minimize GHG emissions.

The company’s onboard emissions are largely a function of the amount of gas that its customers request. LNG is stored in the company's purpose-built fleet of FSRUs, which are specialized vessels with insulated tanks that are specifically designed to maintain the low temperature required for LNG. 

While operating at an LNG import terminal, the regasification system is used to convert LNG to natural gas. The regasification systems onboard most of the FSRUs have two operating modes: open loop and closed loop. The company’s steam ships utilize boilers and steam turbines for power generation, while its dual-fuel, diesel-electric ships utilize generator sets for power generation.

Most of Excelerate Energy’s vessels utilize natural gas as the fuel for power generation. While LNG is a cleaner burning fuel than diesel in terms of its CO2 impact, the company is exploring ways to reduce that impact even further. 

Nine of the vessels that Excelerate Energy owns or operates are included in its Scope 1 emissions. The company's Scope 2 emissions represent the power purchased for offices. Other vessels that are used in company operations but are managed by third parties will be included in its Scope 3 emissions. 

“Publishing our first Sustainability Report is an important milestone for Excelerate Energy and an opportunity for us to share how our business is changing the lives of millions of people around the world,” said Steven Kobos, President and CEO, in a statement. “Excelerate Energy’s sustainability efforts are driven through the lens of our core values of Stewardship, Accountability, Improvement, and Leadership.”