The business plans to invest up to US$500 million to reduce CO2 emissions from its activities by roughly 700,000 tonnes over the following five years, according to Sultan Ahmed Bin Sulayem, Chairman and Group CEO of DP World.
During his video presentation to attendees of the United Nations Climate Conference (COP 27) in Sharm El Sheikh, Egypt, Bin Sulayem made the news. By accepting the Green Shipping Challenge, he furthered DP World’s dedication to sustainability (GSC).
Sultan bin Sulayem, DP World’s chairman and chief executive, told the conference attendees that the Dubai-based business wants to reduce emissions by approximately 700,000 tonnes, or 20%, from 2021 levels, over the next five years. The conference got underway on Sunday in Sharm El Sheikh.
DP World has plans to switch its fleet of diesel-powered equipment to electric, invest in renewable energy, and investigate alternate fuels.
“Over the past few decades, global commerce has been a tremendous force for good, keeping our world connected and rescuing millions from poverty. But this expansion has drawbacks, including the amount of energy needed to produce, transport, and consume commodities, the resource-intensive nature of logistics, and the difficulties that economic progress may engender, according to Mr. bin Sulayem.
The action was taken at a time when representatives from almost 200 nations convened in the Egyptian coastal resort town to talk about the climate change threat. Countries have experienced extreme weather conditions recently, reminding policymakers to take quick action.
90% of global trade is transported by shipping, which is also responsible for 3% of global CO2 emissions.
In 2021, DP World promised to attain net zero carbon emissions by 2050 and to become a carbon-neutral business by 2040.