Dubai: DP World intends to invest up to $500 million to cut 700,000 tonnes of carbon dioxide emissions from its operations over the next five years, its Chairman and Group CEO Sultan Ahmed Bin Sulayem said on Monday.
The announcement was made as bin Sulayem addressed delegates at the COP 27 conference in Sharm El Sheikh, Egypt, by video. He also reinforced DP World’s commitment to sustainability by taking on the Green Shipping Challenge (GSC).
Launched earlier this year by US Special Presidential Envoy for Climate Change John Kerry and Norwegian Prime Minister Jonas Gahr Støre, the challenge encourages countries, ports, companies, and other actors in the shipping value chain to come forward with concrete announcements to further ocean-based climate actions.
“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. As a leading enabler of global trade, we have the tools, ingenuity and drive to lead a step change in logistics,” bin Sulayem said.
The planned reduction in carbon emissions by nearly 700,000 tonnes represents a 20 per cent cut from 2021 levels.
DP World’s plans include replacing its global fleet of assets from diesel to electric, investing in renewable power and exploring alternative fuels.
“‘Our World, Our Future’ is our sustainability strategy, one that is designed to deliver responsible operations. We have already committed to becoming a carbon neutral enterprise by 2040 and net zero carbon enterprise by 2050. We will work with our global partners to develop an action plan to advance the goals of the GSC and encourage industry players to devise plans to address climate change,” added bin Sulayem.
In January, DP World entered a strategic partnership with the Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping, an independent, not-for-profit organisation, undertaking intensive research and development to find practical ways to decarbonise the global maritime trade industry.