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MarketScreener Homepage  >  Equities  >  OTC Bulletin Board  >  AP Moeller Maersk A/S       

AP MOELLER MAERSK A/S

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Maersk Line Pilots Biofuel to Cut CO2 Emissions

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06/20/2019 | 10:59am EST

By Dieter Holger

Container shipping company Maersk Line, a unit of AP Moeller-Maersk AS (MAERSK-B.KO), is piloting a first-of-its-kind biofuel for its vessels that it says would dramatically lower their carbon-dioxide emissions.

The Metter Maersk cargo ship will trial fuel made from a mixture of cooking oil and heavy oil as part of a broader plan to offer green transport, the Danish company said on Thursday.

Earlier this year, a partnership with Royal Dutch Shell PLC (RDSA.LN) and the Dutch Sustainability Growth Coalition validated the biofuel.

"While it is not yet an absolutely final solution it is certainly part of the solution and it can serve as a transition solution to reduce CO2 emissions today," Soren Toft, chief operations officer at Maersk, said.

The container shipping industry, which contributes up to 3% of global emissions, has recently come under fire for its environmental impact. On Tuesday, 11 banks said they would take CO2 emissions into account when extending loans to shipping companies.

Maersk said the biofuel offers 85% less emissions than bunker fuel. It will help clients, such as global retail company H&M Hennes and Mauritz (HM-B.SK), reach their carbon-neutral ambitions, Maersk said.

"We want to use our size to be a force for good and enable scaling innovative solutions, such as the carbon-neutral ocean product, for a greener commercial transport," Helena Helmersson, chief operations officer at H&M, said.

Write to Dieter Holger at dieter.holger@dowjones.com; @dieterholger

Stocks mentioned in the article
ChangeLast1st jan.
A.P. MØLLER - MÆRSK A/S 5.77% 9570 Delayed Quote.25.16%
HENNES & MAURITZ 0.04% 185.08 Delayed Quote.46.80%
ROYAL DUTCH SHELL 0.32% 26.975 Delayed Quote.5.15%
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