Maersk becomes the first major shipping company to have its climate targets validated
Par Ibrahima DIALLO
12 February 2024 / 08:45

A.P. Moller - Maersk's (Maersk) greenhouse gas emission targets have been validated by the Science Based Targets (SBTi) initiative to be in line with the Paris Agreement's 1.5 degree trajectory. This is an industry first under the new SBTi marine guidelines.

While Maersk continues to aim for carbon neutrality* of greenhouse gas (GHG) emissions for all its activities by 2040, with milestones for 2030, the validated targets include new specific and absolute goals for reducing emissions from its own operations and from all its supply chains (covering all scope 1, 2 and 3 emissions).

Rabab Raafat Boulos, Chief Operating Officer of A.P. Moller - Maersk, said: "At Maersk, we feel a strong responsibility to act on the climate crisis.

"The Science Based Targets initiative represents the highest standard for corporate climate targets, and we're very proud to have achieved this validation. We're determined to do our part to achieve these targets, but we can't do it alone.

"To succeed, we depend on and work with the ecosystem of which we are a part, including customers, suppliers, industry peers and regulators. Importantly, the International Maritime Organization (IMO) needs to adopt global regulations to close the price gap between fossil fuels and green fuels to ensure a level playing field.

Since 2019, Maersk has been committed to setting climate targets in line with the science and guidelines of SBTi, a widely recognized and adopted voluntary framework for corporate climate targets.

When SBTi published guidelines for the shipping sector at the end of 2022, Maersk then submitted short- and long-term targets for achieving absolute reductions by 2022.

Morten Bo Christiansen, Head of Energy Transition at A.P. Moller - Maersk, said: "These new targets are proof that, even as a company in a sector that is difficult to reduce, it is possible to adopt ambitious science-based targets and have them validated.

"We know it will be very difficult to achieve them, but it's essential to set ambitious short- and long-term targets for our energy transition efforts, as they give us the incentive to take action to ensure a significant impact over the course of this decade."

Maersk and the entire shipping industry are working hard to ensure effective implementation of the International Maritime Organization's greenhouse gas strategy.

Today, nearly 60% of Maersk's top 200 customers have committed to achieving or setting science-based targets, including their supply chains. A green balance mechanism for shipping will support their efforts to decarbonize their logistics supply chains and help the shipping industry achieve net zero emissions.

Within the company's operations, the most important levers are green fuels and continuous improvement in energy efficiency, while solutions throughout the supply chain require close commitment and collaboration with suppliers.

TLME

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