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HMM vows to halve carbon emission by 2030

Top shipping company unveils carbon neutrality road map

By Bae Hyunjung

Published : May 27, 2021 - 16:57

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HMM CEO Bae Jae-hoon (right) speaks during a special session of the 2021 P4G summit, held Wednesday at Dongdaemun Design Plaza. (HMM) HMM CEO Bae Jae-hoon (right) speaks during a special session of the 2021 P4G summit, held Wednesday at Dongdaemun Design Plaza. (HMM)
South Korea’s top shipping company HMM -- formerly Hyundai Merchant Marine -- has vowed to halve carbon emissions by 2030, as part of its blueprint to attain carbon neutrality by 2050.

The announcement came during a preliminary session of the 2021 P4G, Partnering for Green Growth and the Global Goals 2030, an event held Wednesday at Seoul’s Dongdaemun Design Plaza, officials said Thursday in a release.

“HMM saw its carbon emission volume reduced by 40 percent from 2008 to 2020, and is now planning to reduce another 50 percent by 2030, under the goal of achieving carbon net zero by 2050,” said CEO Bae Jae-hoon at the session.

The company’s action plans include the establishment of GEEMS, or Green Energy Efficiency Management System, to keep a real-time watch on greenhouse gas emission. It will also enhance the role of its shipping management headquarters and the “vessel insight” function in order to optimize sea routes and fuel efficiency, the top official added.

P4G global initiative was launched in 2017 to accelerate the response to climate change and implementation of sustainable agendas.

The P4G this year is to run from May 30 to 31 held under the title “Building Back Bluer through Oceans,” including a special preliminary session led by Seoul’s Ministry of Oceans and Fisheries regarding eco-friendly vessels and marine garbage. The program also marked the first multilateral summit on environmental issues to be held here.

This year’s event, marking the second P4G summit, was originally slated for last year but was postponed due to the COVID-19 pandemic.

Attending Wednesday’s session were Oceans Minister Moon Seong-hyeok, the International Maritime Organization Secretary-General Lim Ki-tack, and Daewoo Shipbuilding & Marine Engineering CEO Lee Sung-keun. Representatives of global ocean-related organizations made presence via online.

During the panel discussion, participants addressed issues such as the shipping sector’s public-private partnership in achieving carbon neutrality, the development of carbon-free fuels and eco-friendly vessels, and solutions to reduce the carbon emission gap between countries.

“For the shipping industry, the reduction of carbon emission is no longer a matter of choice, but a crucial factor for the sake of sustainability,” said Bae.

By Bae Hyun-jung (tellme@heraldcorp.com)