DP World Chairman and Group CEO, Sultan Ahmed Bin Sulayem announced the company intends to invest up to $500 million to cut CO2 emissions from its operations by nearly 700,000 tonnes over the next five years.
The announcement was made as part of DP World’s commitment to the Green Shipping Challenge (GSC). The planned reduction in carbon emissions by nearly 700,000 tonnes represents a 20% cut from 2021 levels.
The global decarbonisation strategy aims to first reduce absolute emissions as much as possible, then focus on replacing fossil fuel with renewable energy resources, and finally purchase offsets for the hard to abate remaining emissions for the 2040 carbon neutral target.
Complementing technology driven solutions such as replacing vehicles and fuels, DP World is also working with local communities where it operates to establish carbon offset schemes, and carbon sinks such as mangrove forests.
Global trade has been an enormous force for good, keeping our world connected and lifting millions out of poverty over the last few decades. But this growth is not without consequences – from the scale of energy required to make, move and use goods to the resource intensity of logistics and the challenges economic growth can bring
Bin Sulayem said.
DP World’s plans also include replacing its global fleet of assets from diesel to electric, investing in renewable power and exploring alternative fuels. The company has already committed to becoming a carbon neutral enterprise by 2040 and net zero carbon enterprise by 2050.
What is more in January, it entered a strategic partnership with the Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping, undertaking intensive research and development to find practical ways to decarbonise the global maritime trade industry.