COSCO SHIPPING Energy’s sustainability initiative, “The World’s First LNG Dual-Fuel VLCC Leading Sustainable Shipping Innovation” has been honored by its inclusion in the United Nations Global Compact’s “20 Best Corporate Sustainability Cases in 20 Years” report.

The report was unveiled during a high-profile release ceremony held alongside the first Global Compact Sustainable Development Action Global Roadshow in China. COSCO SHIPPING Energy presented its case to a global audience via a live broadcast from the United Nations.

The year 2024 marks the 20th anniversary of the UN Global Compact’s introduction of ESG principles. To celebrate this milestone, the organization launched the “20 Best Corporate Sustainability Cases in 20 Years” initiative, inviting Chinese enterprises to showcase exemplary sustainability practices. The goal was to explore innovative approaches, highlight actionable sustainability measures, and amplify the voice of sustainable development worldwide. After four months of review by a panel of senior UN representatives and academic experts, 20 outstanding cases were selected based on criteria such as economic viability, operability, scalability, innovation, and inclusiveness. Among the winners was COSCO SHIPPING Energy's groundbreaking initiative, "The World's First LNG Dual-Fuel VLCC Leading Sustainable Shipping Innovation."

At the event, COSCO SHIPPING Energy delivered a keynote speech, highlighting the story of the “Yuan Rui Yang” and its role in driving sustainable shipping innovation and the green, low-carbon transition. Technical Innovation: As the world’s first LNG dual-fuel VLCC, the Yuan Rui Yang represents a milestone in sustainable shipping, achieving critical breakthroughs in LNG fuel tank design, intelligent energy efficiency systems, and Energy Efficiency Design Index (EEDI) compliance. The vessel marks a transition in tanker operations from merely meeting environmental regulations to proactively driving environmental innovation. Environmental Impact:Since its delivery in February 2022, the vessel has completed 18 voyages, consuming 12,000 tons of LNG. This has resulted in a 30% reduction in CO₂ emissions and near-zero sulfur oxide emissions compared to traditional fuel oil, demonstrating its substantial contribution to cleaner shipping. Economic Value: Over its lifecycle, the Yuan Rui Yang is expected to deliver significant cost savings through extended main engine maintenance intervals and durable hull coatings, reducing operational expenses.

The event marked the first time the UN Global Compact showcased corporate sustainability actions in China via a global live stream. Sanda Ojambo, Assistant Secretary-General of the United Nations and Executive Director of the UN Global Compact, commended the selected cases, stating:

“These cases highlight the economic efficiency, innovation, and inclusiveness of Chinese enterprises while demonstrating their efforts to balance social responsibility, environmental protection, and economic growth.” Liu Meng, Head of the UN Global Compact for the Asia-Pacific region, emphasized:

“We are introducing 20 exemplary cases to the international community, showcasing how companies transform their sustainability commitments into actions, uphold ESG principles, and say ‘No’ to greenwashing.”

Since the UN Global Compact’s introduction of the motto “Who Cares Wins” in 2004, the mantra “Who Acts Gains” has become a global consensus. The green, decarbonized transition requires a gradual, collaborative effort across the entire value chain. COSCO SHIPPING Energy emphasizes that fostering deeper collaboration among industry stakeholders is essential for advancing green decarbonization. As carbon-reduction technologies and green fuel supplies continue to evolve, shipping companies will move forward together toward their emission reduction goals, creating greater value for global sustainable development.