Maersk targets green marine fuels produced in Egypt
A.P. Moller-Maersk has signed Memorandum of Understanding (MOU) agreements with four Egyptian authorities to explore prospects for scaling up green fuel production in Egypt.
PHOTO: Maersk aims to operate 12 methanol-fuelled vessels by 2024. Maersk
“The availability of green energy and fuel in sufficient quantities and at cost-competitive price levels is the single biggest challenge to the decarbonisation of global shipping,” says Maersk’s Fleet and Strategic Brands chief Henriette Hallberg Thygesen.
The partners will conduct a feasibility study on green marine fuel production capabilities in Egypt by the end of the year, focusing on hydrogen produced with renewable energy.
Egyptian authorities have previously outlined plans to ramp up electricity production from renewable energy sources to 20% by this year, and further to 42% by 2035. With significant potential for solar power and wind power, these two souces are expected to produce 25% and 14% of the country's electricity, respectively. Hydropower will play a smaller part, at 2%.
The four Egyptian authorities to have partnered with Maersk are:
- General Authority for Suez Canal Economic Zone (SCZone)
- Egyptian New and Renewable Energy Authority (NREA)
- Egyptian Electricity Transmission Company (EETC)
- Sovereign Fund of Egypt for Investment and Development (TSFE)
Maersk says it intends to adopt similar partnerships in other regions to develop green fuel production.
Earlier this month, Maersk announced agreements with six methanol suppliers to source at least 730,000 mt annually by the end of 2025, which it claims is sufficient to power 12 container vessels that it currently has on order.
