Science Based Targets initiative (SBTi) validates company targets that are in line with the 1.5-degree emissions pathway from the Paris Agreement at COP21 in 2015
Maersk´s (Maersk) greenhouse gas 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.
While Maersk continues to aim for Net-Zero* greenhouse gas (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).
Rabab Raafat Boulos is Chief Operating Officer at A.P. Moller – Maersk. He said: “At Maersk, we feel a strong responsibility to take action in the climate crisis. 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.”
Since 2019, Maersk has been committed to setting climate targets in line with science and guidance from SBTi, a widely recognized and adopted voluntary framework for corporate climate targets. When SBTi published the guidelines for the maritime transport sector in late 2022, Maersk subsequently submitted the near- and long-term targets to reach absolute reductions from a 2022 baseline.
“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,” Morten Bo Christiansen, said Head of Energy Transition at Maersk. “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.”
Maersk and the wider maritime sector are working intensely to drive an effective implementation of the International Maritime Organization’s Greenhouse Gas Strategy. As green fuels** come with a higher price than fossil fuels, a regulatory regime accelerating the energy transition of the sector and covering the majority of the cost gap for green fuels is paramount. In this context, Maersk, along with its industry peers in the World Shipping Council, will put forward a concrete green balance proposal at IMO MEPC81 addressing this.
Today, almost 60% 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 their logistics supply chains as well as help the shipping industry reach net-zero emissions.
Within the company’s own operations, the most important levers are green fuels and continued improvements in fuel efficiency, while solutions across the supply chain require engagement and close collaboration with suppliers.
In the 2023 Sustainability Report, Maersk reports on its existing climate targets. From 2024, Maersk will commence reporting on the new SBTi validated targets.
About the Science Based Targets initiative
The Science Based Targets initiative (SBTi) is a global body enabling businesses to set ambitious emissions reductions targets in line with the latest climate science. It is focused on accelerating companies across the world to halve emissions before 2030 and achieve net-zero emissions before 2050.
The initiative is a collaboration between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF) and one of the We Mean Business Coalition commitments. The SBTi defines and promotes best practice in science-based target setting, offers resources and guidance to reduce barriers to adoption, and independently assesses and approves companies’ targets.
About Maersk
A.P. Moller – Maersk is an integrated logistics company working to connect and simplify its customers’ supply chains. As a global leader in logistics services, the company operates in more than 130 countries and employs around 100,000 people. Maersk is aiming to reach net zero emissions by 2040 across the entire business with new technologies, new vessels, and green fuels.
** Maersk defines green fuels as: Maersk defines “green fuels” as fuels with low to very low GHG emissions over their life cycle compared to fossil fuels. Different green fuels achieve different life cycle reductions, depending on their production pathway. By ‘low’ we refer to fuels with 65-80% life cycle GHG reductions compared to fossil fuels. This covers, e.g., some biodiesels. ”Very low” refers to fuels with 80-95% life cycle GHG reductions compared to fossil fuels.
