DP World has unveiled plans to spend up to $500m across its business to cut CO₂ emissions by around 700,000t within five years.

The planned reduction in carbon emissions is said to represent a 20% cut from 2021 levels.

Announced at the United Nations Climate Change Conference (COP27), which is being held in Egypt, this move is part of the company’s commitment to sustainability by taking on the Green Shipping Challenge (GSC).

With the aim of motivating countries, ports, companies and others in the shipping value chain to implement ocean-based climate actions, US Special Presidential Envoy for Climate Change John Kerry and Norwegian Prime Minister Jonas Gahr Støre introduced this challenge at the start of the year.

As part of its plans, the company aims to invest in renewable power and explore alternative fuels, as well as replace its global fleet of assets and move from diesel to electric.

In January, DP World reached an alliance with the Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping to conduct research and development on better solutions for the decarbonisation of the global maritime trade sector.

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DP World group chairman and CEO Sultan Ahmed Bin Sulayem said: “We have already committed to becoming a carbon neutral enterprise by 2040 and net zero carbon enterprise by 2050.

“We will work with our global partners to develop an action plan to advance the goals of the GSC and encourage industry players to devise plans to address climate change.”

Meanwhile, the Northwest Seaport Alliance (NWSA) has joined forces with the South Korea-based Busan Port Authority and the US Government at the COP27 conference as part of the GSC.

The collaboration aims to conduct a feasibility study for the establishment of a green cargo shipping corridor between the NWSA and the Busan Port Authority’s cargo gateways.