Danish container shipping heavyweight Maersk has hailed the agreement reached on the new FuelEU Maritime regulation, a first-of-its-kind legislation designed to speed up the adoption of green fuels and promote decarbonisation in the shipping industry by the end of the decade.
FuelEU Maritime takes a comprehensive approach to the climate crisis and covers emissions from the entire process of producing and using fuel, including greenhouse gases such as methane and nitrous oxide. The legislation rewards investments in completely green ships, rather than requiring a smaller reduction in emissions from each individual ship, which will ensure that the necessary investments are made in the most effective areas.
“Local legislation such as FuelEU Maritime is supportive of cost-competitive renewable fuel development at scale and establishes an ambitious global rule framework and rigorous enforcement are essential to ensure a level playing field. A.P. Moller – Maersk hopes that FuelEU Maritime can be a launchpad for global action and the concept of a global fuel standard, which is on the IMO’s table at MEPC80 in July, where a climate strategy to decarbonise shipping globally is expected,” Maersk said.
The upcoming IMO’s 80th session of the Marine Environment Protection Committee (MEPC80) in July is expected to result in an agreement among member states on more stringent decarbonization targets for the shipping industry, aligned with the Paris Agreement.
Namely, the IMO is expected to adopt its revised GHG strategy, which will set out the regulatory framework and transitional path for the industry’s decarbonization.
Many countries, organizations, and businesses have set their own targets for achieving net-zero emissions by 2050 in order to help achieve the Paris Agreement’s long-term goal.
As for Maersk’s decarbonization efforts, the company is about to welcome into the fleet its first methanol-powered vessel.
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The company has 19 green vessels on order, which are expected to reduce greenhouse gas emissions by 2.3 million tonnes per year once they are operational.
Maersk is also partnering with other organizations to ensure sufficient supplies of green methanol and to push for climate-neutral shipping.
The company’s venture arm, Maersk Growth, has invested in technologies through C1 Green Chemicals to promote large-scale production of green methanol. Recently, the company signed a Memorandum of Understanding with Shanghai Port for a methanol marine fuel project.