Maersk Line Pilots Biofuel to Cut CO2 Emissions
June 20 2019 - 12:14PM
Dow Jones News
By Dieter Holger
Container shipping company Maersk Line, a unit of AP
Moeller-Maersk AS (MAERSK-B.KO), is piloting a first-of-its-kind
biofuel for its vessels that it says would dramatically lower their
carbon-dioxide emissions.
The Metter Maersk cargo ship will trial fuel made from a mixture
of cooking oil and heavy oil as part of a broader plan to offer
green transport, the Danish company said on Thursday.
Earlier this year, a partnership with Royal Dutch Shell PLC
[RDSA.LN] and the Dutch Sustainability Growth Coalition validated
the biofuel.
"While it is not yet an absolutely final solution it is
certainly part of the solution and it can serve as a transition
solution to reduce CO2 emissions today," Soren Toft, chief
operations officer at Maersk, said.
The container shipping industry, which contributes up to 3% of
global emissions, has recently come under fire for its
environmental impact. On Tuesday, 11 banks said they would take CO2
emissions into account when extending loans to shipping
companies.
Maersk said the biofuel offers 85% less emissions than bunker
fuel. It will help clients, such as global retail company H&M
Hennes and Mauritz [HM-B.SK], reach their carbon-neutral ambitions,
Maersk said.
"We want to use our size to be a force for good and enable
scaling innovative solutions, such as the carbon-neutral ocean
product, for a greener commercial transport," Helena Helmersson,
chief operations officer at H&M, said.
Write to Dieter Holger at dieter.holger@dowjones.com;
@dieterholger
(END) Dow Jones Newswires
June 20, 2019 12:59 ET (16:59 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
AP Moller Maersk AS (PK) (USOTC:AMKBY)
Historical Stock Chart
From Apr 2024 to May 2024
AP Moller Maersk AS (PK) (USOTC:AMKBY)
Historical Stock Chart
From May 2023 to May 2024