Shipping giant Maersk moves net-zero target forward 10 years
Danish shipping giant AP Moller-Maersk has moved its target to become a net-zero business forward 10 years, pledging to align with the advice of the Science Based Targets initiative (SBTi) and reach net-zero by 2040.
Maersk was previously aiming to reach net-zero by 2050, but has this week updated its target to move the deadline forward by a decade. The shipping firm will aim to align with criteria from the SBTi in line with 1.5C and commit to delivering a net-zero supply chain by 2040.
The company will also set targets for 2030 to reduce emissions per transported container in the Maersk Ocean fleet by 50% and a 70% reduction in absolute emissions from fully controlled terminals. Maersk claims this will account for an absolute emissions reduction of between 35% and 50% from a 2020 baseline, depending on company growth.
Additionally, the shipping firm will invest in natural climate solutions that will contribute to around five million tons of CO2 savings per year by 2030.
“As a global provider of end-to-end logistics services across all transport modes, it is a strategic imperative for Maersk to extend our net-zero ambition to the total footprint of the business,” Maersk’s chief executive Soren Skou said.
“The science is clear, we must act now to deliver significant progress in this decade. These very ambitious targets mark our commitment to society and to the many customers who call for net-zero supply chains.”
Maersk last year announced its intention to operate a carbon-neutral liner vessel by 2023, building on an existing commitment to achieving net-zero emissions across its business by 2050. It then outlined plans for sourcing the e-methanol to power that vessel from European Energy subsidiary REintegrate, which produces the fuel from green hydrogen and CO2 from bio-based sources.
The company confirmed that it will source the e-methanol used to power the vessel from a facility in Denmark operated by European Energy subsidiary REintegrate. The facility is due to begin production in early 2023, producing around 10,000 tonnes of e-methanol annually.
Maersk last year received communication from the Institutional Investors Group on Climate Change (IIGCC), pressing for better disclosure around its decarbonisation plans and climate risks. 35 other high-emitting companies also received the IIGCC’s call to action.
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