HMM Becomes Member of Getting to Zero Coalition
- Business & Finance
South Korean shipping company Hyundai Merchant Marine (HMM) has joined the Getting to Zero Coalition, a new alliance that aims to accelerate international shipping’s decarbonization.
“Climate change is a defining issue of our time and the scale of the environmental regulation we are facing is unprecedented,” Jae-Hoon Bae, President & CEO of HMM, said.
“In order to ensure sustainable growth on the pathway to decarbonisation, all players need substantive reaction to the technological solution of ZEV (zero emission vessel) as well as the development of carbon neutral fuels. HMM is well prepared to cooperate with relevant authorities and institutions within the coalition,” he added.
As explained, HMM is committed to reducing carbon emission by 70% by the year 2030 compared to 2008 levels and thereby reach carbon neutrality by 2050 for its entire container fleet.
The company reorganized its R&D team to accelerate a range of research studies including the exploration of the commercial viability of hydrogen-powered systems and collaboration with DSME on smart ship development.
“HMM’s carbon emission target is ambitious but achievable. Along with Getting to Zero Coalition, HMM expects to make a better contribution to overall industry in moving towards carbon neutrality,” an official from HMM commented.
Comprising almost 100 members, Getting to Zero Coalition was launched at the UN Climate Action Summit in New York in September 2019. The coalition is committed to making the ambitious IMO Initial GHG Strategy a reality by getting commercially viable deep-sea zero-emission vessels powered by zero-emission fuels into operation by 2030.