Decarbonization

Our Decarbonization Goals

Our reduction targets are based on 2019 Greenhouse Gas (GHG) Emissions.

2030:

We will reduce our GHG emissions by at least 25%. This will be achieved through a fleet efficiency program focused on reducing fuel consumption, increasing the use of biofuels, and deploying new, fuel-efficient vessels.

2040:

We will offer our customers climate-neutral transport solutions. GHG emissions will be further reduced by at least 75%. This is to be achieved by using a mix of renewable fuels. The remaining 25% of greenhouse gases must be offset through compensation programs.

2050:

We will be net-zero with no new fossil GHG emissions.

What to consider as we move towards decarbonization:

The importance of IMO and EU regulations

Decarbonization will not work without a legal framework, and compliance with this framework has top priority! The IMO and the EU are following their green agenda and successively implementing respective directives. We have taken this into account in our decarbonization strategy.

The need and the way to start now

It will take time before renewable fuels are more widely available. But we need to act now. With the options available to us today, we can already reduce GHG emissions by at least 25% by 2030. Waiting is not an option, that’s why we have already started with our fleet efficiency program.

The challenge with renewable fuels

The technology to use renewable fuels is not the bottleneck. It is the resources and facilities needed to produce the required renewable fuels, such as renewable electricity and the production facilities for green hydrogen and its derivatives methane, methanol and ammonia. We have accepted the challenge and will do our part as demand for renewable fuels grows.

New vessels for new fuels

The potential for reducing GHG emissions by lowering fuel consumption is valuable but limited. The big leap will come with renewable fuels, and this will require new vessels with the appropriate propulsion and fuel technology.

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Shipping contributes around 3% of global greenhouse gas emissions.