The Science Based Targets initiative (SBTi) has validated A.P. Moller – Maersk (Maersk)’s GHG emissions targets to be in line with the 1.5-degree pathway from the Paris Agreement.
This reportedly marks an industry first under SBTi’s new Maritime Guidance.
According to Maersk, the validated targets include additional specific and absolute targets for lowering emissions from the company’s own activities and supply networks. The carrier is working intensely to drive an effective implementation of the International Maritime Organization (IMO)’s GHG Strategy.
Given that green fuels are more expensive than fossil fuels, a regulatory framework that accelerates the sector’s energy transition while paying the bulk of the cost difference for green fuels is critical. In this regard, Maersk and its industry partners in the World Shipping Council will present a specific green balance proposal to IMO MEPC81.
READ: Inditex, Maersk team up for greener seaborne logistics
Almost 60 per cent of Maersk’s top 200 clients have reportedly committed to or established science-based objectives for their supply chains.
A Green Balance Mechanism for Shipping will support their efforts to decarbonise their logistical supply chains while also assisting the shipping sector in reaching net-zero emissions.
In the 2023 Sustainability Report, Maersk discusses its current climate targets. From this year, Maersk will begin reporting on the new SBTi verified objectives.
READ: Maersk, Flying Tiger Copenhagen partner for green cargo transport
Morten Bo Christiansen, Head of Energy Transition, A.P. Moller – Maersk, said: “These new targets are a proof-point that even as a company in a hard–to-abate sector, it is possible to adopt ambitious science-based targets and get them validated.
“We know that delivering on them will be a very difficult task, however, setting ambitious targets, both near- and long-term, is critical to our energy transition efforts as they drive action to secure material impact in this decade.”
Recently, Maersk reported strong financial results for 2023, in line with its expectations for the year.
