DP World sourcing 65% of electricity from renewables across its business

DP World sourced 65% of its electricity from renewables in 2024, marking a significant step forward on the company’s sustainability journey.

The milestone is featured in DP World’s latest Sustainability Report, released on Friday. The report outlines bold action across the business, with $1.17 billion invested in green and low-carbon infrastructure projects – along with innovative efforts across sustainable finance, environment management and inclusive growth.

In October, DP World published its inaugural Green Sukuk Impact and Allocation Report detailing the allocation of $1.17 billion from a $1.5 billion bond raised in 2023 toward eligible green projects, including low-carbon infrastructure, fleet electrification and renewable energy systems.

The company also issued a $100 million Blue Bond -- the first corporate to do so from Central and Eastern Europe, the Middle East and Africa – to fund sustainable projects across marine transportation, port infrastructure, marine pollution, as well as nature and water positive initiatives, setting a new benchmark for sustainable finance in emerging markets.

Beyond operational progress, the report also highlights the company’s $15.1 million investment in global initiatives focused on education, skills development, and essential infrastructure across the communities it serves.

Sultan Ahmed Bin Sulayem, Group Chairman and CEO of DP World, said, “This report reflects a year of real progress. Sourcing 65% of our electricity from renewable sources across the business, being the first corporate to launch a Blue Bond in the region and delivering impact in the communities in which we operate show what’s possible when sustainability is embedded into the heart of the business. This is the result of bold investments, rigorous accountability, and a belief that we can build a future where commerce and climate resilience go hand in hand. From electrifying our terminals and deploying renewable energy at scale to issuing innovative green and blue finance instruments, we are transforming how global trade is powered and financed.”

The report also marks a step forward in ESG governance and transparency practices, with DP World becoming the first corporate globally to publish a Sustainable Development Impact Disclosure Report across five countries. ESG ratings also improved across leading agencies, such as MSCI and EcoVadis.

Developed in line with Global Reporting Initiative (GRI) Standards, the report includes decarbonisation targets validated by the Science Based Targets initiative (SBTi) and maps GRI disclosures against IFRS S2 Climate standards.

DP World announced last year that it has secured validation from the Science Based Targets initiative (SBTi) for its ambitious commitment to reduce its carbon footprint.

The SBTi is a world leading authority in advancing private sector progress to reduce GHG emissions, helping prevent the impacts of climate change.

DP World said in a statement that its plans to include reducing scope 1 greenhouse gas (GHG) emissions 42 percent by 2030 from a 2022 base year.

DP World also commits to reduce scope 2 GHG emissions 62.2 per cent, and reduce absolute scope 3 GHG emissions 28 per cent within the same timeframe.

DP World has made notable progress on its sustainability strategy in recent years, announcing a 13 per cent reduction in emissions since the 2022 base year. Its new 42 per cent reduction target and increased commitments on Scope 3 reductions build on the success to date.

Piotr Konopka, Group Vice President at DP World, Global Decarbonisation & Energy, said, “We are delighted to have achieved SBTi validation and we will continue to drive progress in a range of areas, including equipment electrification, renewable energy, efficiency, and low carbon fuels. Furthermore, we look forward to driving increased collaboration through industry-wide initiatives such as green trade corridors and portside electrification as seen with our Zero Emissions Port Alliance.”

DP World cut direct carbon emissions from its global operations by 5 per cent in 2022, according to its latest Environmental Social and Governance (ESG) report.

The ESG report demonstrates the company’s commitment to sustainable business practices, has been developed in accordance with the latest Global Reporting Initiative (GRI) Standards.

Over the course of 2022, DP World has tightened its ESG Governance and Risk Management framework, launched an Executive Sustainability Council to provide strategic guidance on the Group’s sustainability strategy and ESG metrics, integrated ESG as a risk into our corporate enterprise risk register, and published its first stand-alone ESG Report c 2021 – a significant milestone for the business.

At COP 27, the chairman announced that DP World had joined the Green Shipping Challenge and committed to investing up to $500 million to cut CO2 emissions by nearly 700,000 tonnes over the next five years. DP World has also entered a strategic partnership with the Maersk McKinney Moller Center for Zero Carbon Shipping and joined the UN Global Compact’s Think Lab on Just Transition.

The report also highlighted DP World’s total community contributions with a 34 percent increase from 2021, including several new strategic projects including UN Women, the Earth Shot Prize and in response to emergencies in 2022.

These have helped support more than 255,000 women and girls through community projects such as our partnership with Barefoot College International (BCI) to graduate solar engineers from rural Senegal. We also invested US$8.7 million in global education projects.

These efforts have not gone unnoticed in the supply chain industry. DP World has been recognised as the top ESG risk performer by Sustainalytics - a global leader in ESG and Corporate Governance research and ratings - winning the Sustainalytics 2022 Industry and Regional Top-Rated Badge, and achieved an A – (Leadership) rating in the CDP Climate Change submission.

WAM