Yahoo Finance Maersk and CMA CGM join forces for greener shipping, setting ambitious net zero targets
Global shipping giants A.P. Moller - Maersk A/S (Maersk) and CMA CGM announced a collaborative effort aimed at accelerating the decarbonization of the shipping industry. The companies have set an ambitious net zero target for their shipping businesses, according to a joint press release.
Both Maersk and CMA CGM have been independently investing in greener fuel alternatives for their fleets. Maersk has been ordering vessels capable of operating on bio/e-methanol, while CMA CGM has placed orders for LNG-propelled vessels that can also run on bio/e-methane, a green equivalent of current LNG. Additionally, CMA CGM has ordered vessels that can be operated on bio/e-methanol.
The collaboration will focus on developing high standards for alternative sustainable green fuels, including lifecycle analysis and related greenhouse gases. The companies aim to set the framework for mass production of green methane and green methanol. They will also work towards developing and maintaining standards for operation of green methanol vessels with regards to safety and bunkering, as well as accelerating port readiness for bunkering and supply of bio/e-methanol at key ports around the world.
Furthermore, both shipping lines plan to jointly explore R&D on other components of the net zero solution such as new alternative fuels like ammonia or innovative technology for their ships.
The two companies acknowledge the fundamental role of regulation in securing the decarbonization of the sector. They welcomed the outcome of the recent Marine Environment Protection Committee of the International Maritime Organization (IMO), which adopted the IMO's 2023 strategy for reducing GHG emissions from ships with reinforced targets.
Maersk and CMA CGM remain committed to jointly advocating for and encouraging IMO member states to adopt ambitious measures. Regional measures such as EU's Fit for 55 and the Inflation Reduction Act in the US are welcomed by both companies to help stimulate demand for green shipping solutions.
The shipping giants affirmed their readiness to collaboratively engage with regulatory stakeholders in establishing a robust and sustainable international regulatory GHG framework. They invite other international shipping lines to join them in this cooperation with regulatory institutions, viewing such a framework as a prerequisite to reducing carbon emissions for the shipping industry and securing a level-playing field for a global business environment.
CMA CGM, led by Rodolphe Saadé, is a global player in sea, land, air and logistics solutions. The group serves more than 420 ports around the world across five continents, with a fleet of around 623 vessels. In 2022, the group transported 21.7 million TEU containers.
Maersk is an integrated logistics company operating in more than 130 countries and employing over 100,000 people. The company aims to reach net zero emissions by 2040 across its entire business with new technologies, new vessels, and green fuels.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Related Articles
Maersk and CMA CGM join forces for greener shipping, setting ambitious net zero targets
Citi launches token services to enhance cash management and trade finance
