Spain and Maersk join forces for methanol
In Spain, Maersk and Madrid sign a protocol to explore opportunities for renewable fuel production.
| Sectors | Hydrogen Energy, Methanol |
|---|---|
| Themes | Investments & Transactions, Commercial Partnerships |
| Companies | Maersk |
| Countries | Spain |
In Spain, Maersk and Madrid sign a protocol to explore opportunities for renewable fuel production.
Signature of a protocol
In Spain, Maersk and the Spanish government are working together to supply up to 2 million tons of renewable fuels per year. The project aims to explore the feasibility of covering the entire value chain. Søren Skou, CEO, AP Moller-Maersk, says:
The two partners are examining production opportunities in the Andalusia and Galicia regions of Spain. In addition, the project has the potential to generate up to approximately 85,000 jobs. Thus, Pedro Sánchez, President of the Spanish government, declares:
“This project fits perfectly with Spain’s strategy of reindustrialization, just transition and the green hydrogen roadmap, advancing the European Union’s common commitment to decarbonization. It will also strengthen economic, political and commercial ties with Denmark, a partner and friend of the EU.”
An ambitious goal
According to the partners, the availability of renewable fuels in sufficient quantities remains the main challenge for the decarbonization of maritime transport. Maersk needs about 6 thousand tons of renewable methanol per year to meet its emission targets by 2030. Thus, the company will need even greater quantities by 2040 to get its fleet to net zero.
Maersk plans to put 19 vessels capable of running on renewable methanol into service between 2023 and 2025. Thus, they will require about 750,000 tons of renewable methanol. In addition, earlier in 2022, the company announced a total of seven strategic partnerships to secure needed volumes.
