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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.”
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