Shipping industry leader Maersk is investing in green fuels to power its fleet as it strives to reach net-zero emissions by 2040, while the shipping industry, responsible for 3% of global greenhouse gas emissions, aims for net-zero emissions by 2050.
"This deal is a milestone for Maersk as it enables us to significantly reduce our emissions footprint in this decade," said Rabab Raafat Boulos, Maersk's chief infrastructure officer.
The production of green methanol is expected to begin in 2026 and will annually power half of the 24 methanol-enabled vessels that Maersk currently has on order.
In July, the Danish shipping group took delivery of the world's first methanol vessel named Maersk Laura. However, the company is still awaiting the arrival of its first large ocean-going vessel in the first quarter of 2024.
Green methanol is a fuel produced either from biomass or captured carbon and hydrogen from renewable power sources, and can reduce emissions from container vessels by 60% to 95% compared to conventional fossil fuels.
The volumes of fuel from Goldwind combine a mix of green bio-methanol and e-methanol, all produced by utilising wind energy at a new production facility located in Hinggan League, northeast China.
In September, Danish industrial group A.P. Moller Holding (APMH), majority-owner of Maersk, formed a new company called C2X to pursue large-scale green methanol operations.
The company, a month later, signed a framework agreement worth up to $3 billion for the production of green fuel in the Suez Canal economic zone.
