ORIENT OVERSEAS INTL LTD (OOIL) is a Hong Kong-based company that operates in the container shipping sector. The company was founded in 1947 and has since grown to become one of the leading container shipping companies in the world. OOIL operates a fleet of over 100 vessels, serving more than 300 ports in 60 countries.
As the world becomes increasingly aware of the need to reduce carbon emissions and combat climate change, OOIL has taken steps to decarbonize its operations. The company has set a target to reduce its carbon emissions by 50% by 2030, compared to its 2018 baseline. To achieve this goal, OOIL is investing in new technologies and exploring alternative fuels, such as liquefied natural gas (LNG) and biofuels.
In addition to reducing its own carbon emissions, OOIL is also working to promote decarbonization in the wider shipping industry. The company is a member of the Getting to Zero Coalition, a global initiative that aims to decarbonize the shipping industry by 2050. OOIL is also a signatory to the Sea Cargo Charter, which commits the company to measuring and reporting its carbon emissions in line with the Paris Agreement.
Corporate energy is another area of focus for OOIL. The company has implemented a range of energy efficiency measures across its operations, such as optimizing vessel speed and route planning, to reduce its energy consumption and costs. OOIL has also invested in renewable energy, including solar panels on its office buildings and wind turbines at its container terminals.
Corporate Power Purchase Agreements (PPAs) are another way in which OOIL is supporting the transition to renewable energy. PPAs are contracts between a renewable energy generator and a corporate buyer, in which the buyer agrees to purchase a certain amount of renewable energy at a fixed price over a set period of time. OOIL has signed several PPAs with renewable energy providers, including a 25-year agreement with a wind farm in Texas, USA.
Renewable energy is a key area of focus for OOIL, as the company recognizes the importance of transitioning to a low-carbon economy. In addition to its investments in renewable energy and PPAs, OOIL is also exploring the use of alternative fuels in its operations. The company has conducted several trials of biofuels and is exploring the potential of hydrogen as a fuel for its vessels.
Overall, OOIL is a company that is committed to decarbonization and promoting sustainability in the shipping industry. The company is taking a proactive approach to reducing its carbon emissions and investing in renewable energy, while also supporting the wider transition to a low-carbon economy through initiatives such as PPAs and membership in industry coalitions. As the world continues to grapple with the challenges of climate change, companies like OOIL will play an important role in driving the transition to a more sustainable future.