Maersk Line, EQUATE to Cut CO2 Emission in Shipping
Line and Kuwaiti petrochemicals firm Equate have signed a partnership agreement to decrease CO2 emissions from their joint projects.
According to MANA, under the terms of the agreement, Equate has pledged to reduce its CO2 emissions per container transported with Maersk Line by 15% from 2017 to 2020.
During 2013-2016, the business collaboration between Maersk Line and Equate has already resulted in decreasing CO2 emissions by over 35%.
Maersk Line’s regional managing director Mohammad Shihab said that the company’s CO2 emission cuts to date prove “responsible business is good business.”
Equate’s vice president for Technical Services Tareq Jafar Al-Kandari said, “This agreement is a step in our plan to have a shared vision for CO2 emission reduction with our suppliers and cooperate with them to reduce emissions through applying best practices.”
CO2 reduction is one of the most pressing challenges facing the shipping industry currently. Low sulphur regulations with a 0.5% cap are due to come in globally from 2020.
The International Maritime Organisation’s decision in October 2016 to introduce the cap on marine fuels from 2020 took many industry professionals by surprise, as the organisation had previously said it was also considering implementing the cap from 2025.