Maersk commits to net-zero steel by 2040
A.P. Moller – Maersk has joined SteelZero, a global initiative bringing together forward-looking organisations to speed up the transition to the net-zero steel industry.
Led by the international non-profit Climate Group in partnership with ResponsibleSteel, organisations that join SteelZero make a public commitment to procure, specify, or stock 100% net zero steel by 2050.
To inspire peers and others across the supply chain to follow suit, the Danish shipping giant has committed to using 100% net zero steel by 2040, with an interim target of using 50% responsibly produced steel by 2030, joining eighteen other businesses, such as Barrett Steel in the UK and compatriot Ørsted.
A significant number of over 700 vessels operated by Maersk are projected to be recycled in the next decade, with a large proportion being the post-Panamax size ships, with steelmaking up approximately 90% of their weight.
“Global ship recycling volumes are projected to nearly double by 2028 and quadruple by 2033. Recycled steel will progressively be recognised as a viable raw material for steel consumers with net-zero emissions targets. At Maersk we have both strong decarbonisation ambitions and ships’ coming to end-of-life, which offer a great opportunity to reduce our Scope 3 emissions by driving circularity in the steel industry,” added Palle Laursen, senior vice president and chief technical officer at Maersk.