Bae Jae-hoon, HMM CEO, "We Will Achieve Carbon Emission Neutrality by 2050"

Bae Jae-hoon, President of HMM (right in the photo), is attending as a panelist and giving a presentation at the '2021 P4G Summit' maritime special session held on the 26th at Universal Studios in Dongdaemun Design Plaza (DDP), Seoul.

[Asia Economy Reporter Dongwoo Lee] HMM CEO Bae Jae-hoon announced an action plan to achieve carbon neutrality by 2050. The company plans to monitor greenhouse gas emissions in real time and strengthen the acquisition of high-efficiency vessels.

On the 26th, at the '2021 P4G (Partnership for Green Growth and the Global Goals 2030) Summit' Marine Special Session held at the Dongdaemun Design Plaza (DDP) Universal Studio in Seoul, CEO Bae stated, "By 2020, we reduced carbon dioxide emissions by 40% compared to 2008 levels, and we aim to reduce emissions by 50% by 2030."

CEO Bae emphasized, "We have established a comprehensive greenhouse gas management system to monitor and analyze emissions in real time, and by utilizing the Vessel Insight system and the ship comprehensive control room, we optimize navigation routes and vessel efficiency to minimize emissions." Vessel Insight is a deep learning system that analyzes optimal routes through artificial intelligence (AI).

He added, "We will continuously acquire new and high-efficiency vessels to steadily improve energy efficiency and promote high-efficiency operations by early retirement of low-efficiency vessels."

HMM explained that it is actively working on related technology development to achieve carbon neutrality by 2050, including joint research on ammonia-fueled vessels, conducting a bio heavy oil real-ship verification project, and participating in government research and development (R&D) for improving ship energy efficiency equipment.

Earlier, on the 25th, the company signed a Memorandum of Understanding (MOU) for the 'Green Ammonia Maritime Transport and Bunkering Consortium' with six companies and institutions including POSCO, Korea Shipbuilding & Offshore Engineering, Lotte Fine Chemical, Lotte Global Logistics, and the Korean Register to lead the eco-friendly ship and shipping market.

Finally, CEO Bae said, "HMM aims to actively contribute to realizing a safe, low-carbon society from the climate crisis," adding, "Carbon reduction in the shipping industry is not an option but a necessity."

The 2021 P4G Summit Marine Special Session was held ahead of the main sessions of the summit scheduled for the 30th to 31st, focusing on topics such as eco-friendly vessels and marine litter.

P4G was launched in 2017 as an international partnership to respond to climate change and achieve sustainable development goals. The first P4G Summit was held in 2018 in Copenhagen, Denmark.

The second summit was originally scheduled for last year but was held this year in Seoul due to COVID-19. This meeting is the first multilateral environmental summit held in Korea and was conducted simultaneously online and offline to prevent the spread of COVID-19.

This content was produced with the assistance of AI translation services.