Posted on November 29, 2023
DP World and the International Renewable Energy Agency (IRENA) have partnered to boost the use of renewable energy and cut emissions from the ports and maritime logistics sector.
The agreement will actively identify and implement decarbonisation solutions across the sector.
“We are honoured to partner with IRENA in this transformative journey towards a shared global vision of renewable energy powering the supply chain. DP World is working to shape the future of trade, building resilience and sustainability at every stage. We will leverage our extensive reach and influence to convene the supply chain industry, fostering solutions that resonate not only within our operations but across borders, ensuring a sustainable flow of trade worldwide. Together, we will drive meaningful change and set new standards for a greener future,” said DP World group chairman and CEO Sultan Ahmed bin Sulayem.
The shipping and logistics giant has committed to becoming carbon neutral by 2040 and net zero carbon by 2050.
Partnership with DP World to bolster renewables-based energy solutions
IRENA director-general Francesco La Camera said: “In our race to accelerate a renewables-based energy transition, the maritime sector remains one of the most challenging industries to decarbonise. DP World’s innovative use of smart electrification is spearheading the sector’s shift towards renewables and improvements in energy efficiency across ports and maritime logistics operations.
“Our partnership with the company is a ground-breaking step towards accelerating effective and innovative renewables-based energy solutions.”
The entities will share more on the initiatives at the 28th United Nations Climate Change Conference (COP28) starting on November 30, at Expo City Dubai.
In other news, in October, DP World raised $1.5bn through a green sukuk to support the ports operator’s global decarbonisation efforts. The sukuk, which was oversubscribed more than 2.3 times, will be listed on both Nasdaq Dubai and the London Stock Exchange.
The proceeds from the sukuk issuance will be used to fund eligible green projects in line with the company’s recently published sustainable finance framework.