The agreement, effective immediately, will run for an initial five years with the potential to extend thereafter.
Wayne Jones OBE, Chief Sales Officer and Gaby Hanna, Senior Vice President and Head of Region in the Middle East and Africa acted as signatories on behalf of MAN Energy, while DP World was represented by Sultan Ahmed Bin Sulayem, Group Chairman and CEO.
“To achieve net-zero emissions, we must recognise the importance of taking urgent and immediate steps to decarbonise shipping and the way to do that is by identifying opportunities to forge partnerships with leading industry players and governments to develop solutions that will allow us to reap tangible results,” said Sulayem.
As per the agreement, both parties will investigate areas of interest including green fuels infrastructure, future-proof conversions, hybrid drives, electric engines, R&D and training, and investigation of their respective, global carbon footprints to further reduce the environmental impacts.
Jones added, “We have worked closely with DP World on many projects over the years and are very happy to enter into this formal agreement. In the transition towards a carbon-neutral future, we aim to achieve sustainable value-creation by addressing the challenges inherent to the marine, energy, and industrial sectors.
“Ultimately, we intend to develop pioneering solutions to the issues posed by decarbonisation and will work with selected partners to achieve this.”
DP World has also collaborated with CDC Group to develop and establish a new platform to invest in ports and logistics across Africa. Announced in October 2021, DP World will initially contribute its stakes in three existing ports in Dakar (Senegal), Sokhna (Egypt) and Berbera (Somaliland), while CDC is committing approximately $320 million.