Maersk and Decarbonization
Shipping giant Moller-Maersk is working on a plan towards becoming carbon-neutral by the year 2050. Denmark, the home of Maersk, is one of the leaders in taking action towards climate change. The country has one of the most ambitious goals in the world of cutting its carbon emissions by 70% by 2030. In order to achieve such aggressive goals, Denmark will need its corporate sector to do some heavy lifting.
Maersk recently announced that it would donate $60 million to fund a new research center that would help bring together knowledge from academia, industry, and regulators to aid the development of important carbon-neutral technologies and fuel. The donation has been made by the A.P. Moller Foundation and Maersk has partnered with ABS, Cargill, Mitsubishi Heavy Industries, MAN Energy Solutions, NYK Lines, and Siemens Energy to set up the research center in Copenhagen.
Søren Skou, CEO, A.P. Moller-Maersk, said “The founding partners and the A.P. Møller Foundation share a long-term ambition to decarbonize the shipping industry. The establishment of the center is a quantum leap towards realizing that ambition.”
The shipping industry is responsible for transporting around 80% of global trade. The industry accounts for 3% of total global carbon emissions. Maersk Line, Maersk container businesses, and other Maersk subsidiaries together form the largest container shipper in the world.
Maersk is also working on other fronts to achieve its decarbonization goals. It has committed an entire fleet of company-owned vessels to help research efforts on weather patterns and climate change. According to Aslak Ross, Head of Marine Standards, Maersk, “As a global container logistics company, our vessels form a vital role in keeping supply chains moving safely and timely. Helping weather forecasting and climate science advance makes great sense to us, since both of these areas affect our operations in various ways.”
AP Moller Maersk stock closed at DKK 7604, up 9.54% for the past month.
