Cargill Launches Global CO2 Challenge to Help Decarbonize the Shipping Sector

GENEVA, Switzerland, June 28 -- Cargill, a provider of food, agriculture, financial and industrial products and services, issued the following news release:

Today, Cargill launches the "CO2 Challenge" which aims to find and scale new technologies capable of reducing a ship's gross CO2 emissions by ten percent. The initiative, focused on decarbonizing the shipping sector, is being launched in partnership with DNV GL, the global quality assurance and risk management company and Rainmaking, a company which specializes in start-up accelerators, co-working projects and innovation partnerships.

All businesses and entrepreneurs who have a product in need of commercial assessment, testing, investment and scaling can apply to participate in the CO2 Challenge immediately, with an application deadline of September 17, 2018.

"The CO2 Challenge is the start of an exciting journey. By taking this innovative approach, we hope to uncover new technologies, new ideas and new ways of working to help our industry meet the challenge of decarbonization and reduce its impact on global warming. Applicants have a unique opportunity to see their product make it onto a vessel and, hopefully, into wider commercial production," said Jan Dieleman, president of Cargill's ocean transportation business.

DNV GL will provide its world-leading technical expertise throughout the project, helping to conduct thorough assessments of the technologies proposed and modeling potential efficiency gains. Cargill adds trading and operations experience and expertise to the Challenge, as well as extensive relationships in the ship financing and ownership sectors.

"The IMO strategy for carbon reduction sets a clear target for shipping. Initiatives like the CO2 Challenge are an important part of helping our industry reach these ambitious but achievable goals," says Trond Hodne, senior vice president, sales & marketing director at DNV GL - Maritime. "As an industry, we need to explore solutions like zero-carbon fuels, energy efficiency measures, efficient vessel designs, and better ship utilization backed by deep technical knowledge, solid data and analysis. We look forward to working with Cargill and the applicants to realize these goals."

In its 2017 corporate responsibility report, Cargill affirmed its commitment to improving the sustainability of its global dry bulk shipping operations and help lead the maritime industry to a sustainable future. Cargill aims to reduce its CO2 per cargo-ton-mile by 15 percent by the end of 2020.

"Cargill is confident we will meet our CO2 commitments. This Challenge is focused on extending that commitment and ability across the industry," said Dieleman.

Interested parties should visit the CO2 Challenge website www.co2-challenge.com. Applications and rules are available on the site. Cargill and DNV GL set strict entry criteria to ensure all entries can be fairly and accurately assessed.