Maersk to become net zero by 2040, a decade before the initial target

Shipping giant Maersk has announced that, alongside its whole supply chain, it will become net zero by 2040, 10 years before the initial 2050 target.

To dramatically cut its environmental impact, Maersk has set both near and medium-term targets, including a 50 per cent reduction in emissions per transport container as well as 70 per cent cut in absolute emissions from fully controlled terminals.

By 2023 the company will have the world’s first liner operating on green methanol, while a year later 16,000 TEU vessel will be capable of using the green technology.

“The science is clear, we must act now to deliver significant progress in this decade,” said Maersk’s chief executive Soren Skou. “Our updated targets and accelerated timelines reflect a very challenging, yet viable pathway to net zero which is driven by advances in technology and solutions.

According to a report by the International Maritime Organisation (IMO), in 2020 international shipping accounted for around 2.89 per cent of the world’s CO2 emission. To mitigate the industry’s environmental impact, in 2018 the IMO adopted the Initial IMO GHG Strategy which aims to reduce greenhouse gas (GHG) emissions by 70 per cent on 2008 levels.

In November the UN agency agreed to review the strategy as it recognised the need to accelerate environmental efforts following COP26.

The final strategy will be considered by the Marine Environment Protection Committee in 2023.