Maersk signed a Memorandum of Understanding (MoU) with Egypt, in a joint bid to further accelerate the supply of green fuels and the global transformation to net-zero shipping.
This partnership comes after six fuel sourcing partnerships announced earlier this month, and with it Maersk joins forces with the General Authority for Suez Canal Economic Zone (SCZone), the Egyptian New and Renewable Energy Authority (NREA), the Egyptian Electricity Transmission Company (EETC), and the Sovereign Fund of Egypt for Investment and Development (TSFE).
The parties will be conducting a feasibility study before the end of 2022 to examine an Egypt-based hydrogen and green marine fuel production, powered by renewable energy with Maersk as committed offtaker.
Egypt has excellent conditions for renewable energy production and ambitions to become global leader in the green energy value chain. We are very excited to be able to explore options together, drawing on our more than 100 years of business relations in the country
said Henriette Hallberg Thygesen, CEO, Fleet & Strategic Brands, Maersk, adding that the availability of green energy and fuel in sufficient quantities and at cost competitive price levels is the single biggest challenge to the decarbonisation of global shipping.
As for Ayman Soliman, CEO of The Sovereign Fund of Egypt:
Maersk’s bid to accelerate the supply of green fuels and the global transformation to net-zero shipping will expand the Suez Canal’s service offering as a main global hub for green bunkering in the region
Maersk intends to explore similar opportunities in other regions with strong potential for renewable energy development, drawing on business and governmental relations to facilitate opportunities for nations and commercial players to embrace the rapid acceleration in green fuel production that is key to the decarbonisation of shipping.
Maersk recently announced new aspiring emissions targets expected to align the company with the pathway to limit global warming to 1.5°C. What is more, the company aims to achieve net zero supply chains to customers by 2040.
In December 2018, Maersk launched a pledge to be carbon neutral by 2050. Now, the company announced a new commitment to “act now and drive material impact in this decade, and a commitment to deliver net zero supply chains to customers by 2040.”
The targets go beyond previous efforts to reduce emissions related to the ocean fleet as they cover all direct and indirect emissions across the entire Maersk business.
