A.P. Moller-Maersk will work with Egyptian authorities to investigate large-scale manufacturing of green fuel for ships in Egypt. On Monday, Maersk signed a Memorandum of Understanding (MoU) in a cooperative effort to speed up the supply of green fuels for ships as part of the shipping industry’s transition to net-zero emissions.
Following six fuel sourcing partnerships announced earlier this month, the MoU was signed with the Suez Canal Economic Zone (SCZone), the Egyptian New and Renewable Energy Authority (NREA), the Egyptian Electricity Transmission Company (EETC), and the Sovereign Fund of Egypt for Investment and Development (TSFE). Around the Suez Canal, the SCZone contains ports and industrial parks.
“Egypt has excellent conditions for renewable energy production and ambitions to become global leader in the green energy value chain,” said Henriette Hallberg Thygesen, CEO of Fleet & Strategic Brands at Maersk. “We are very excited to be able to explore options together, drawing on our more than 100 years of business relations in the country.” “The availability of green energy and fuel in sufficient quantities and at cost competitive price levels is the single biggest challenge to the decarbonisation of global shipping. For Maersk, our recently announced strategic partnerships with six industry leading companies are key in addressing this challenge, but to stay on the 1.5-degree pathway even more scale is needed within this decade. That is what this partnership is exploring,” Thygesen added.
