Maersk lauds IMO’s 2023 GHG strategy

IMO's revised GHG strategy calls on policymakers to develop and implement measures aimed at reducing maritime emissions within four years, Maersk said.

PHOTO: Maersk's 2,100 TEU dual-fuelled methanol feeder vessel. A.P. Moller-Maersk

IMO’s 2023 greenhouse gas (GHG) strategy will “serve as a catalyst for the transformation of the shipping industry,” said Danish shipping major A.P. Moller-Maersk (Maersk) in its second-quarter financial report.

It would outline a clear timeline for net-zero emissions by 2050 and ensure that the policy measures - GHG price levy and GHG fuel standard - necessary to eliminate shipping emissions by 2050 were implemented within four years.

The implementation of these measures could reduce investment risks in low- and zero-emission marine fuels and make them competitive with fossil fuels.

Maersk has set an ambitious goal of achieving net zero GHG emissions in 2040 - one decade ahead of the IMO's guided timeline. To support this effort, it currently has 25 methanol-fuelled vessels on its order book and has signed green methanol offtake agreements with 10 methanol producers.

Moreover, it is exploring the possibility of scaling up green methanol production for the shipping industry with multiple governments, including Spain and Egypt.

By Konica Bhatt

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