UAE-based logistics giant DP World has signed a partnership agreement with compatriot clean energy company Abu Dhabi Future Energy Company (Masdar) to explore and implement renewable energy systems across DP World’s global port operations in the Middle East and Africa.
As disclosed, the agreement aims to facilitate the widespread adoption of renewable energy and battery energy storage systems (BESS) within DP World’s global supply chain.
Over the course of the three-year partnership, DP World and Masdar will work together to identify optimal sites for the potential deployment of solar and energy storage systems, with an initial focus on Saudi Arabia, Senegal, and Egypt.
The partnership also seeks to accelerate the deployment of renewable energy systems in DP World’s supply chain by sharing knowledge of the regulatory landscape and other challenges, particularly in emerging economies.
“Our partnership with Masdar represents a significant step forward in our commitment to sustainable operations at our ports and terminals. By exploring renewable energy solutions, we aim to reduce our carbon footprint and drive positive change in the supply chain industry,” Sultan Ahmed bin Sulayem , DP World Chairman and CEO, said.
“Masdar and DP World are leading the way in the decarbonisation of the company’s port operations and supply chain, to explore all options to advance the development and deployment of renewable energy power and storage systems in hard-to-abate sectors. Following a successful COP28 hosted in the UAE, it is vital that we take action to drive the global energy transition towards tripling renewable energy by 2030,” Mohamed Jameel Al Ramahi , Masdar Chief Executive Officer, added.
DP World works with logistics companies, NGOs, governments and cargo owners to showcase new technologies and solutions, and exchange ideas to mitigate and build resilience against climate change. The logistics giant wants to drive the energy transition and promote environmental stewardship while ensuring continued trade flow worldwide.
DP World has committed to becoming carbon-neutral by 2040 and net-zero carbon by 2050, aligned to the UNFCCC’s Race to Zero and UAE’s 2050 net-zero initiative. As part of the decarbonization agenda, the company raised $1.5 billion through a Green Sukuk, an Islamic financial instrument representing ownership and profit-sharing in asset-backed, Sharia-compliant investments.
The proceeds from the Sukuk will be earmarked for eligible green projects in line with DP World’s Sustainable Finance Framework. Current projects cut across electrification, renewable energy, clean transportation, and energy efficiency. Last December, the port operator also joined the First Movers Coalition (FMC), setting a target of 5% of its marine power to come from hybrid engines and zero-emission fuels by 2030.