Shipping giant Maersk and the Spanish government have unveiled a gigantic €10 billion project (about $10 billion) to develop this hydrogen-based fuel, considered strategic to decarbonize maritime transport.
This pioneering project, thatis to start in the second half of 2023, “plans to mobilize, with the participation of private partners, nearly 10 billion euros of investments” said the Spanish government in a press release. It should result in the creation of two large production sites of green methanol*, one in Andalusia (south) and the other in Galicia (north-west), with “85,000 direct and indirect jobs” into the bargain, added the statement.
According to the Danish group, which is the world leader in container shipping, the two Spanish sites should enable the production of “two million tonnes” of green methanol per year by 2030. Enough to enable the shipowner to decarbonize 10 % of its fleet.
Maersk needs around six million tonnes of green methanol a year to meet its CO2 emissions reduction target by 2030 and “even larger quantities” to eventually achieve its carbon neutrality target. The group intends to produce this fuel internally at five or six sites around the world, due to the current lack of supply on the market. After Spain, the group could target Egypt.
*Green methanol, also called “e-methanol” or “biomethanol”, is produced by mixing carbon dioxide (CO2) and green hydrogen (produced by electrolysis).
Article written by Laurent Meillaud, translated by Marina Leite and reviewed by Logan King.