WASHINGTON: The port of Rotterdam said it will make risk-bearing financial investments in selected companies that help to reduce its carbon footprint as part of a major strategy to transition the port to a carbon neutral environment and renewable energy hub. The head of the port said there is a need to address the requirements of the Paris Climate Accord “quickly and energetically” and that it plans to become an international leader in the development and large-scale application of technologies to reduce carbon emissions to virtually zero.
“The port of Rotterdam authority intends to play a pioneering role and make the port an inspiring example for the global energy transition,” said Allard Castelein, CEO of the port of Rotterdam authority. The low-lying Netherlands has a target timeline of 30 years to make its economy and society carbon neutral. Home to one of the world’s largest petrochemical complexes, the Port of Rotterdam is currently responsible for 18 percent of the country’s total carbon dioxide emissions.
The city of Rotterdam emits nearly 30 tonnes (33 tons) of carbon per person, about one-third higher than Shanghai and more than six times the global average. Meeting the requirements of the Paris Climate Accord would require a 90 percent reduction in emissions by 2050.
“The port area has many companies that use fossil resources to make fuels and countless chemical products. These companies emit a lot of CO2, but also have a lot of knowledge about energy, energy-intensive production processes, and CO2 reduction,” the port authority said in a statement. The port is actively looking for companies that want to set up operations that will contribute to a reduction in overall carbon emissions.
“The largest investments will generally have to be made by the companies themselves, but the port authority will offer support with attractive accommodation conditions, connecting infrastructure, support with permit applications, and finding financing.” “When it comes to crucial investments to realize the energy transition, the port authority is also prepared to make its own risk-bearing investments or to participate in companies.”
