COSCO aims to be carbon neutral by 2060

Saronic Gulf, Greece - July 2, 2021: Container Ship Cosco Pride in Saronic Gulf on July 2, 2021. Cosco Pride is a Container Ship built in 2011, her gross tonnage is 141,823.

COSCO Shipping Holdings (COSCO) is aiming to achieve carbon neutrality by 2060 by using alternative fuels and renewable energy.

The target was announced in COSCO’s 2021 Sustainability Report and coincides with China’s carbon neutrality pledge.

However, this remains 10 years behind net-zero targets such as those announced by MOL earlier in April.

Before achieving the final goal, the state-owned organisation is also looking to reduce the greenhouse gas emission intensity of its container shipping business by 12 per cent (compared with 2019) and its holding terminals by 20 per cent (compared with 2020) by 2030.

COSCO is looking to achieve these aims through the use of clean fuel, renewable energy, and ships with green passports.

© COSCO Shipping Holdings

“As the pioneer of ecological and environmental protection in the global shipping industry, COSCO Shipping Holdings is committed to integrating the concepts of innovation, coordination, green, openness, sharing and sustainable development to the whole process of operation and management,” said COSCO in a statement.

“COSCO Shipping Holdings actively promotes high-quality development of the shipping industry in an environmentally friendly manner to help the international community cope with climate change, promote green transformation of the international shipping industry and achieve the goal of carbon neutrality”

Last month, COSCO Shipping Ports Limited (CSP) announced its annual financial and operational results for 2021, posting a significant improvement in revenue.

In Q4 2021, CSP saw its revenues increase by 25.1 per cent to $347.6 million. Gross profit also increased by 57.7 per cent to $99.4 million.

For calendar year 2021, the company posted revenues of $1.2 billion, a 20.7 per cent year-on-year increase over its income in 2020.

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