An industry first - Maersk's climate targets validated by SBTi
Validation covers specific targets to reduce emissions from Maersk’s own operations & across its supply chains
Maersk's greenhouse gas (GHG) emissions targets have been validated by the Science Based Targets initiative (SBTi) to be in line with the 1.5-degree pathway from the Paris Agreement.
"This marks an industry first under SBTi’s new Maritime Guidance," says an official release from Maersk.
While Maersk continues to aim for Net-Zero GHG emissions for the entire business in 2040 with significant milestones for 2030, the validated targets include new specific and absolute targets to reduce emissions from Maersk’s own operations and across its supply chains (covering all scope 1, 2 and 3 emissions), the release added.
"At Maersk, we feel a strong responsibility to take action in the climate crisis," says Rabab Raafat Boulos, Chief Operating Officer, Maersk. "The Science Based Targets initiative represents the highest standard for corporate climate targets, and we are very proud to have obtained validation. We are committed to do our share to reach these targets but we cannot do it alone. To succeed, we are dependent on and working with the ecosystem that we are part of including customers, suppliers, industry peers and regulators. Importantly, there is a need for global regulations from the International Maritime Organization (IMO) to close the price gap between fossil and green fuels to secure a level playing field."
Morten Bo Christiansen, Head of Energy Transition, Maersk adds: "These new targets are a proof-point that even as a company in a hard–to-abate sector, it is possible to adopt ambitious science-based targets and get them validated. We know that delivering on them will be a very difficult task, however, setting ambitious targets, both near- and long-term, is critical to our energy transition efforts as they drive action to secure material impact in this decade."
Almost 60 percent of Maersk’s top 200 customers have committed to or set science-based targets including their supply chains. A Green Balance Mechanism for shipping will support their efforts to decarbonise logistics supply chains as well as helping the shipping industry reach net-zero emissions, the release added.
(Video Credit: Maersk)