DP World joins First Movers Coalition to decarbonise shipping
DP World has joined the First Movers Coalition (FMC), setting a target of 5% of its 5% of its marine power will come from hybrid engines and zero-emission fuels by 2030, making clear its commitment to decarbonisation 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 decarbonisation 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.
Members of the Coalition commit to developing or implementing a percentage of near-zero or zero-carbon solutions, despite the associated premium costs. Building early market demand for these solutions by 2030 will be critical to scaling to mainstream adoption across carbon-intensive sectors. This collective commitment by global companies is designed to create a market tipping point, advancing the affordability of clean technologies and catalysing a long-term, net zero transformation across industrial value chains.
The FMC currently has more than 90 members, whose commitments will represent an annual demand of $15 billion for emerging climate technologies and 29 million tonnes of CO2 equivalent in annual emissions reductions by 2030.
