COPENHAGEN : EQUATE Petrochemical Company, a global producer of petrochemicals, and Maersk Line signed a partnership agreement to decrease CO2 emissions in ocean transportation.
The agreement, which is the first of its kind in Kuwait, is based on EQUATE’s and Maersk Line’s Sustainability priorities that include the shared vision to protect and safeguard the environment by decreasing CO2 emissions and confirms an aspiration to reduce EQUATE’s CO2 emissions per container transported with Maersk Line by 15% from 2017 to 2020.
During 2013-2016, the business collaboration between EQUATE and Maersk Line has already resulted in decreasing CO2 emissions by over 35%, which has been achieved through investments in environmentally improved vessels, network optimization, space utilization and other innovative best practices.
EQUATE’s Vice President for Technical Services Tareq Jafar Al-Kandari, “As we continuously encourage and support our business associates to have sustainable emission reduction programs, this agreement with Maersk Line is part of our ongoing business partnership. In accordance with EQUATE’s Sustainability Strategy, this agreement is a step in our plan to have a shared vision for CO2 emission reduction with our suppliers and cooperate with them to reduce emissions through applying best practices.”
Al-Kandari adds, “In line with the company’s continuous efforts to safeguard the environment, EQUATE constantly thrives to implement best practices and global standards aiming at CO2 emissions reduction in collaboration with all of its stakeholders. Based on our success with Maersk Line and other organizations, EQUATE is aspiring to implement CO2 emission reduction agreements with other contractors and suppliers, such as other ocean transportation companies, to ensure overall sustainability.”
On his part, Maersk Line’s Regional Managing Director Mohammad Shihab, “For Maersk Line jointly signing a Carbon Pact today is a milestone in our relationship with EQUATE. We are happy to contribute to EQUATE’s plans to reduce the emissions in the value chain, as well as to take our business relationship further through bringing more sustainability elements into procurement practices.”
Shihab adds, “With over 35% reduction in CO2 emissions since 2013 on our joint business, we aspire to further reduce 15% by 2020. With this we demonstrate that responsible business is good business.”
Maersk Line is driving similar agreements with a series of other selected strategic customers as a confirmation of mutual values and ambitions for achieving sustainable growth, aiming to enable more sustainable procurement and raising the bar for the entire industry.