Home

Translate

Open Translation

COPENHAGEN: The Science Based Targets initiative (SBTi) says Maersk’s greenhouse gas emissions’ (GHG) targets will meet the Paris Agreement 1.5˚C pathway.

The validation is an industry first under SBTi’s new maritime guidance published in late 2022.

Maersk’s goal is to achieve net-zero GHG emissions for its entire business by 2040. The latest SBTi validation includes specific and absolute targets to reduce emissions from the company’s own operations (Scope 1 & 2) and across its supply chains (Scope 3).

The SBTi is a collaboration of the CDP (Carbon Disclosure Project), UN Global Compact, World Resources Institute and the World Wide Fund for Nature enabling businesses to halve emissions before 2030 and achieve net-zero emissions before 2050.

“The Science Based Targets initiative represents the highest standard for corporate climate targets,” noted Maersk COO Rabab Raafat Boulos. “We are committed to do our share but we cannot do it alone [as] we are dependent on, and working with, the ecosystem that we are part of, including customers, suppliers, industry peers and regulators.

“Importantly, there is a need for global regulations from the International Maritime Organization (IMO) to close the price gap between fossil and green fuels to secure a level playing field,” he added.

Maersk says almost 60 percent of its top 200 customers have committed to or set science-based targets, including their supply chains. The company describes its net-zero goal as reducing Scope 1, 2, and 3 emissions to zero, or to a residual level that is consistent with reaching net-zero emissions at the global or sector level.

Group revenue for 2023 was US$51.06 billion – down from US$81.53 billion in 2022. Profit before interest and tax was US$3.93 billion compared to US$30.86 billion the previous year.

“2023 was a transitional year following the extraordinary market boom caused by the pandemic. We secured solid financial results despite significantly changed circumstances and we are well positioned to manage the expected headwinds in 2024,” commented CEO Vincent Clerc. “The current market remains one of robust volumes, but while the Red Sea crisis has caused immediate capacity constraints and a temporary increase in rates, eventually the oversupply in shipping capacity will lead to price pressure and impact our results.”
Story Type: News

Vote for my Story

Our Rating: 9% - 1 votes

1000 Characters left


Latest News

May 25, 2024
Transportation Editor

European Commission sets deadline for airline greenwashing claims

BRUSSELS: The European Commission has asked 20 European airlines to respond to greenwashing charges by the European Consumer Association (BEUC) in relation to their marketing of Sustainable Aviation Fuel. Alerted by BEUC in 2023, the Commission and the…
May 23, 2024
Energy Editor

U.S. corporate collusion ignores climate chaos for profit

WASHINGTON, DC: A report by advocacy non-profit group Oil Change International (OCI) says Chevron, ExxonMobil, Shell, TotalEnergies, BP, Eni, Equinor, and ConocoPhillips have no plans to meet the Paris Agreement goal of limiting global warming to 1.5°C. All…
April 18, 2024
Biodiversity Editor

Humans face 19 percent drop in income from climate impact.

POTSDAM, Germany: According to scientists at the Potsdam Institute for Climate Impact Research (PIK), climate change is going to cost the world economy US$38 trillion a year annually to 2050. Based on empirical data from more than 1,600 regions worldwide over…
April 09, 2024
People Editor

Top European court says ignoring climate impact violates human rights

STRASBOURG: The European Court of Human Rights has, for the first time in law, acknowledged government failure to implement sufficient measures to combat climate change. A case brought by the Swiss Climate Seniors Association (SCSA) claimed Swiss authorities…
April 05, 2024
Transportation Editor

Watchdog claims box carriers profit from EU carbon emissions charge

BRUSSELS: Following the introduction of the world’s first carbon market for maritime shipping in January, a study by Transport & Environment (T&E) suggests container shipping companies are making significant profits from charging customers a surcharge to…
April 05, 2024
Emissions Editor

No change by fossil fuel producers since Paris Agreement

WASHINGTON, DC: According to new analysis, 80 percent of global CO2 emissions produced since the Paris Agreement have been the responsibility of 57 corporate and state entities. Countries and their state-owned companies account for 75 percent of the total…
March 19, 2024
Food Editor

Still butchering the planet

LONDON, UK: A report by environmental organisation Feedback says the world’s 55 largest industrial livestock companies have received over US$615 billion in financing since the Paris Agreement was signed in 2016. As of March 2023, it included US$287.8 billion…
February 28, 2024
People Editor

83 million Americans breathe unhealthy air

BROOKLYN, NY/SAN DIEGO, CA: A report from research and technology company First Street finds 83 million Americans are exposed annually to air quality thresholds categorized as “unhealthy” by the U.S. Environmental Protection Agency’s (EPA) Air Quality Index.…
February 22, 2024
People Editor

Nearly 50 million Americans deny climate change

ANN ARBOR, MI/CHICAGO, IL: A study by the University of Michigan School for Environment and Sustainability (SEAS) has concluded 12-26 percent of Americans, depending on location, deny the reality of climate change. The researchers used Twitter (now X) data…
February 21, 2024
Biodiversity Editor

UAE renewables deal needs US$8 trillion

DUBAI/BERLIN: Abu Dhabi National Oil Company CEO and COP28 president Sultan Al-Jaber says he will work with the presidents-designate of COP29 (Azerbaijan) and COP30 (Brazil) to ensure the tripling of investment in renewables agreed in Dubai last December.…
February 19, 2024
People Editor

US$281 billion war profit in two years

LONDON: Five fossil fuel majors have made over US$281 billion net profit since Russia’s invasion of Ukraine two years ago. According to a new analysis by Global Witness, Shell, BP, Chevron, ExxonMobil and TotalEnergies paid US$200 billion to shareholders in…
February 15, 2024
Manufacturing Editor

New CMA CGM feeder fleet designed for less CO2

MARSEILLE: CMA CGM has taken delivery of the first of 10 dual-use 2,000 TEU container vessels to operate on Mediterranean and Northern Europe routes. Initially powered by LNG to reduce sulfur oxide emissions by 99 percent, nitrogen oxide 92 percent and fine…

We are using cookies

By continuing you are agreeing to our use of cookies

I understand