Bunker Holding welcomes EU’s 2040 climate target

Bunker Holding on Wednesday (7 February) issued a statement welcoming the European Commission’s proposal for a 90% emissions reduction target by 2040:

Bunker Holding, being a crucial part of the maritime value chain, supplying roughly 10% of the global shipping fleet’s fuel, has a clear part to play in supporting the shipping industry in meeting the IMO’s and EU’s 2030, 2040, and 2050 reduction targets.

As such, we welcome this communication and commitment from the EU, as it provides long-term investment security for us to engage in partnerships, last-mile delivery arrangements, facilities, and promise of prioritised supplies of alternative fuels to the shipping industry. Especially the fact that the Commission proposes that alternative fuels, including advanced biofuels and e-fuels, should be prioritised for the shipping sector.

“Shipping is a hard-to-abate sector and the significant price gap between fossil and alternative fuels constitutes a barrier for uptake of the green fuels,” said Keld Rosenbæk Demant, CEO of Bunker Holding.

“While IMO remains the preferred regulator of global shipping, we welcome that the EU takes a firm stance by proposing a pathway to emission reduction, and we expect that the EU will be leading by example in the crucial negotiations ahead of us at IMO.

“Bunker Holding is fully committed to delivering on our promise of being the industry’s preferred partner in supplying the low- and zero-emission fuels of the future.”

We at Bunker Holding look forward to the tabling of concrete EU legislative proposals in the coming years and are determined to contribute to ensuring that shipping can deliver its part to decarbonisation.

Editor’s note: the EC proposal ‘Europe’s 2040 climate target and path to climate neutrality by 2050 building a sustainable, just and prosperous society’ can be downloaded here.

Photo credit: Bunker Holding
Published: 9 February 2024