DP World joins First Movers Coalition to spur decarbonization
DP World joins First Movers Coalition to spur decarbonization - Offshore Energy
DP World joins First Movers Coalition to spur decarbonization
Dubai-based port operator DP World has 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.
By joining FMC, DP World makes its commitment to decarbonization through the adoption of emerging technologies to accelerate a green and inclusive transition to a net zero future.
Led by the World Economic Forum and the US Government, the FMC is dedicated to addressing the decarbonization challenges of seven hard-to-abate sectors — aluminium, aviation, chemicals, concrete, shipping, steel and trucking — which collectively contribute to 30% of global emissions. As a collective of leading industry players, the members work to aggregate their purchasing power, prompt more investments in zero-emission solutions and scale their production.
DP World has committed that by 2030, at least 5% of its short-sea shipping will be powered by zero-emission fuels through the introduction of two hybrid-electric and five methanol-enabled vessels.
This year, P&O Ferries, part of DP World’s Marine Services arm, introduced the world’s first ferry designed with a hybrid diesel-electric power plant. DP World expects its total demand for clean methanol to power the five vessels will be around 38,000 tonnes per year by 2030.
Unifeeder Group, another part of DP World Marine Services, has already signed a long-term time-charter agreement for two new methanol-capable container feeder vessels, which will be deployed in Europe.
“Joining the First Movers Coalition is a clear signal of our intent to tackle the climate impact of our operations while maintaining the efficient flow of global trade. Electrification and alternative fuels are integral components of our sustainability strategy, playing a pivotal role in significantly reducing emissions in our business and tracking towards our ambitions to be carbon neutral by 2040 and net zero by 2050. Driving demand for new fuels and technology will be key to creating an efficient market that works for everyone,” Sultan Ahmed bin Sulayem, DP World Group Chairman and CEO, commented.
“Decarbonisation is a core focus for DP World, and as part of the First Movers Coalition, we’re able to work collectively with like-minded organisations to actively drive positive change. The entire supply chain, from producers to distributors to shipping companies must come together to facilitate the decarbonisation transition – this is because the ambition to drive this change can only happen when all players of the supply chain move from commitment to action together,” Jesper Kristensen, Group Chief Operating Officer, Marine Services at DP World, said.
This year, DP World managed to cut carbon emissions from its UAE operations by nearly 50% by accessing renewably produced power from the Dubai Electricity and Water Authority (DEWA).
DEWA has issued more than 200,000 International Renewable Energy Certificates (I-RECs) to DP World so far this year. They guarantee that the electricity consumed is generated from renewable sources, with each equivalent to 1 megawatt-hour of electricity.
Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”