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Emission Reduction Goal
1. Greenhouse gas emissions:
In accordance with the revised greenhouse gas emission reduction strategy released by IMO in 2023, the SBTI's recommended targets for the maritime industry, and the Paris Agreement's emission reduction curve, the company has updated its emission reduction targets based on the decarbonization path approach for the maritime/logistics industry. The new targets are more explicit and ambitious to align with the implied temperature rise target of below 1.5 degrees Celsius by 2050.
Achieved goals:
Starting from 2023, all existing ships will meet the latest IMO requirements for energy efficiency index (EEXI) and carbon emission intensity (CII).
Short-term goal:
The original target was to reduce greenhouse gas emission intensity by 65% by 2030 compared with 2008.
New target: Reduce the intensity of greenhouse gas (Scope 1, 2 and 3) emissions by 51% by 2030 compared with 2020; Adopt technologies, fuels and/or energy sources with zero or near-zero greenhouse gas emissions, accounting for at least 5% of the energy used in shipping operations by 2030, and strive to reach 10%.
Medium-term goal:
The original goal was to reduce greenhouse gas emission intensity by 70% by 2040 compared with 2008.
New targets: By 2040, the intensity of greenhouse gas (Scope 1, 2 and 3) emissions will be reduced by 70% compared to 2020, and the emissions of greenhouse gas (Scope 1, 2 and 3) will be reduced by 50% compared to 2020.
Long-term goal:
New target: By 2050, the intensity of greenhouse gas (Scope 1, 2 and 3) emissions and total emissions will be reduced by 96% compared to 2020. And bridge this gap through other means such as carbon sinks, carbon credits, carbon offset trading or carbon capture to achieve the zero-carbon goals (Scope 1, 2 and 3).
Our company is committed to achieving the goals of the Paris Agreement and net zero emissions by 2050.
The above targets have been scientifically calculated through pathways by internal environmental professionals and have been recognized by management and the Board, in line with the shipping industry emission reduction curve guidance provided by SBTI. We believe these targets are science-based and aligned with a well below 1.5°C warming trajectory. We will seek external validation of our science-based carbon targets in the future.
Note:
Greenhouse gas scope (1, 2 and 3) targets are valid both in aggregate and independently. For example, our long-term target can also be interpreted as a 96% reduction in greenhouse gas (scope 1+2) and scope 3 emission intensity and total emissions in 2050 as compared with 2020, combined with other measures to achieve the net zero emission target of 100% total emission reduction.
As the implementation year of the carbon credit to bridge the net zero Gap program is relatively long, we do not specify the type or market of carbon credits to be used.
2. Emission of harmful gases:
Corresponding to the NOx and SOx emission intensities of KPI2 and KPI3, the company has also set challenging targets:
The NOx emission intensity KPI2 (grams/TEU kilometers) will be reduced by 50% by 2030 compared to 2018.
2) The total SOx emissions will be reduced by 75% by 2030 compared to 2018, and the SOx emission intensity KPI3 (grams/TEU kilometers) will be reduced by 90% by 2030 compared to 2018.
3. Fuel consumption of Marine container ships:
The original goal was to reduce fuel consumption per 10,000 nautical miles of transport capacity by 15% by 2030 compared to 2020.
Current goal: Reduce fuel consumption per 10,000 nautical miles of transport capacity by 20% by 2030 compared to 2020.
The fuel consumption intensity of maritime business (grams per TEU kilometer) will be reduced by 40% by 2030 compared with 2020.
4. Fuel consumption for yard operations:
The original goal was to reduce the fuel consumption per container by 30% by 2030 compared to 2020.
Current goal: Reduce fuel consumption per container by 45% by 2030 compared to 2020.
5. Oily water and waste:
By 2030, the density of the company's harmless waste (grams /TEU kilometers) will decrease by 40% compared with that in 2020.
By 2030, the company's hazardous waste density (grams per TEU kilometer) will decrease by 65% compared to 2020, and the total amount will be reduced by 20%.
6. Save water resources:
Objective: By 2030, the water intake density will be reduced by 20% compared to that in 2020.