Velesto Sustainability Profile
Velesto Energy Berhad, commonly known as Velesto, is a prominent player in the oil and gas industry, headquartered in Malaysia. Established in 2017, the company has rapidly evolved, focusing on providing integrated drilling solutions and services across Southeast Asia and beyond. Specialising in jack-up drilling rigs, Velesto distinguishes itself through its commitment to safety, efficiency, and technological innovation. The company has achieved significant milestones, including the successful deployment of advanced drilling technologies that enhance operational performance. With a strong market position, Velesto has garnered recognition for its reliability and expertise, making it a preferred partner for major oil and gas operators. As it continues to expand its footprint, Velesto remains dedicated to delivering exceptional value in the energy sector.
DitchCarbon Score
How does Velesto's carbon action stack up? DitchCarbon scores companies based on their carbon action and commitment to reducing emissions. Read about our methodology to learn more.
Industry Average
Mean score of companies in the Retail Trade Services industry. Comparing a company's score to the industry average can give you a sense of how well the company is doing compared to its peers.
Industry Benchmark
Velesto's score of 38 is higher than 60% of the industry. This can give you a sense of how well the company is doing compared to its peers.
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Velesto's reported carbon emissions
In 2024, Velesto Energy Berhad reported total carbon emissions of approximately 64,640,000 kg CO2e, comprising 62,264,000 kg CO2e from Scope 1, 609,000 kg CO2e from Scope 2 (purchased electricity), and 1,121,000 kg CO2e from Scope 3 (business travel). This reflects a slight decrease from 2023, where emissions were about 63,469,000 kg CO2e, with Scope 1 emissions at 63,469,000 kg CO2e, Scope 2 at 477,000 kg CO2e, and Scope 3 at 67,000 kg CO2e. Over the past few years, Velesto has demonstrated a commitment to monitoring and reporting its emissions across all three scopes. In 2022, the company recorded emissions of approximately 54,936,000 kg CO2e (Scope 1), 452,000 kg CO2e (Scope 2), and 33,000 kg CO2e (Scope 3). The trend indicates a focus on transparency and accountability in its environmental impact. Despite the detailed emissions reporting, Velesto has not set specific reduction targets or initiatives, as indicated by the absence of documented reduction targets or commitments to frameworks such as the Science Based Targets initiative (SBTi). This lack of formalised climate pledges suggests an opportunity for Velesto to enhance its climate strategy and align with industry standards for emissions reduction. Overall, Velesto's emissions data reflects its operational footprint, with a clear need for strategic initiatives to address climate commitments and reduce its carbon impact moving forward.
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| 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|
| Scope 1 | 53,008,000 | 00,000,000 | 00,000,000 | 00,000,000 |
| Scope 2 | 181,000 | 000,000 | 000,000 | 000,000 |
| Scope 3 | - | 00,000 | 00,000 | 0,000,000 |
How Carbon Intensive is Velesto's Industry?
How Carbon Intensive is Velesto's Location?
Velesto's Scope 3 Categories Breakdown
Velesto's Scope 3 emissions, which increased significantly last year and increased significantly since 2022, demonstrating supply chain emissions tracking. Their carbon footprint includes suppliers and value chain emissions, with Scope 3 emissions accounting for 2% of total emissions under the GHG Protocol, with "Business Travel" representing nearly all of their reported Scope 3 footprint.
Top Scope 3 Categories
Velesto's Climate Goals (2030 & 2050)
Climate goals typically focus on 2030 interim targets and 2050 net-zero commitments, aligned with global frameworks like the Paris Agreement and Science Based Targets initiative (SBTi) to ensure alignment with global climate goals.
Velesto has not publicly committed to specific 2030 or 2050 climate goals through the major frameworks we track. Companies often set interim 2030 targets and long-term 2050 net-zero goals to demonstrate measurable progress toward decarbonization.
