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Sunday 16 December 2018

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Shipping giant will go carbon neutral following talks with investor initiative

Written by Sunniva Kolostyak
07/12/2018

Shipping giant A.P. Møller Mærsk has announced plans to cut net carbon emissions to zero by 2050 after talks with Danish fund MP Pension and other Climate Action 100+ investors.

MP Pension has been in dialogue about setting ambitious goals to combat climate change with both Mærsk and Shell, who recently agreed to cut its net carbon footprint and the scheme is pleased to see that measures are being taken.

MP CIO Anders Schelde said: “MP and a coalition of other investors is in climate dialogue with both Mærsk and Shell. We call it Climate Action 100+. The focus is on the worlds 100+ biggest CO2 emitting companies. Two down, 98 to go, and the world is certainly on a new path.”

The fund, who acted as lead engager together with Hermes EOS, was supported by investors such as Nykredit, PFA and Skandia in its aim to seek disclosure on how significant emitters such as Mærsk are aligning with the 2-degree transition and disclosing climate risks and opportunities.

During Mærsk’s annual general meeting this spring, Schelde said Mærsk is setting an example which can inspire beyond the shipping industry.

“The case also shows the benefit of engagement, where Mærsk’s leading role in climate change has been aligned with investor’ long-term interest. We look forward to see the plan for implementation towards year 2050 and continued constructive dialogue with Maersk,” he said.

The announcement means that the shipping company has to abandon fossil fuels, which aligns with MP Pension’s decision from this spring where the fund decided to divest from listed equities in companies involved in extraction of coal and tar sands.

By the end of year 2020, MP Pension will also divest from listed equities in upstreaming oil activities.

Schelde said: “We will continue to work with Mærsk and other companies to ensure that they are minimising risks and take advantage of the opportunities presented by climate change.

“We are encouraging change, as climate change presents serious financial risks to the global economy, and we as investors have a role to play. By doing so, we believe that high return and responsible investments go hand in hand.”



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