Golar LNG: Best ESG Energy Business Strategy North America 2021
Golar LNG presents natural gas – cleaner and cheaper than high-polluting fossil fuels like coal – as an ideal transitional energy source for a world moving towards carbon neutrality. Golar is a pioneer in the liquefied natural gas (LNG) market having moved up and downstream along the value chain, starting with the conversion of an older LNG carrier into a floating storage and regasification unit (FSRU) in 2007 and another into a floating liquefaction vessel (FLNG) in 2014. The fleet now includes nine LNG carriers, one FSRU and two FLNGs. Golar also continues to manage and operate the fleet of downstream assets that it sold in April 2021. Golar aims to commoditise and democratise access to cleaner LNG-based energy, taking advantage wherever possible of natural gas that would otherwise be flared or re-injected. Celebrating its 75th anniversary in 2021, the company believes that sustainable value creation will be key to celebrating its centenary. It is constantly evaluating new tech and taking action to accelerate energy-efficiency and carbon-capture technologies. Golar recovers the heat waste from ships’ generators for reuse providing up to 80% of the energy required to run its current FLNG units and has developed a seawater turbine unit for FSRUs that can save up to 5,000 tons of CO2 annually. Repurposing the two LNG carriers into FLNGs is estimated to save over 120,000 tons of greenhouse gas emissions relative to a newbuild of the same specification, equivalent to removing over 25,000 cars from the road for a year. Golar is also investigating the feasibility of marinized hydrogen and ammonia production with a long-standing business partner. The company has a board with a high ratio of women and a workforce with a mix of local and international talent. It has notably high levels of seafarer retention and has never scrapped an LNG ship: Golar understands the importance of repurposing assets. The CFl.co jury presents Golar LNG as the 2021 Best ESG Energy Business Strategy (North America) award winner.
