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1、2023 GreenFinance ReportTable of Contents3Letter from our CFO4Green financing highlights 20235Green financing allocations Allocations by instrumentAllocations by project8Green financing impactImpact of our allocated proceeds 10Investment Highlights 13Management statement and assurance report Assuran

2、ce report of the independent auditorStatement of the Board of Directors and the Executive Board17Appendix:overview of allocated projects2A.P.Moller-Maersk 2023 Green Finance Report3Letter from our CFOIn 2023,our Green Finance program has made exciting progress with the issuance of our first Green bo

3、nd in the USD market,which has been fully allocated towards eligible investments under our Green Financing Framework.We have furthermore established a second Green loan facility with the Export-Import Bank of Korea(KEXIM)which will be used to finance the dual-fuel vessels on order.In September,we pr

4、oudly introduced the world to Laura Maersk,the first-of-its-kind,methanol-enabled container vessel.In 2024,we await the first deliveries from among the remaining 24 larger dual-fuel vessels on order.The arrival of Laura Maersk has enabled us to report impact data for our green finance portfolio for

5、the first time in this years report.For the assets financed by our green debt portfolio that are still on order,we will additionally report the ESG impact of these assets as they are delivered and set into operation.Our Green Finance program is one of the essential levers through which we are able t

6、o mobilize efforts towards our 2030 and 2040 decarbonisation targets.We are grateful for the continued backing and involvement of the finance community in our transition towards the decarbonization of logistics and our net zero 2040 target.As substantial investment will continue to be necessary in t

7、he years to come,this support is essential.The green finance report for the 2023 reporting year has been prepared,in all material respects,in accordance with Maersks 2021 Green Financing Framework.Yours sincerely,Patrick Jany,CFOA.P.Moller-Maersk 2023 Green Finance Report4Impacts of our total alloca

8、tions 2,384 2,384 Metric tonnes GHG emissions avoided38%38%higher vessel efficiency relative to IMO minimum requirementsWe issued our inaugural green bond in the USD marketIn September 2023,we issued a USD 750m bond in a 10-year tenor.We have allocated the full amount of the bond towards eligible pr

9、ojects in the clean transportation project category.We have established a new green loan facilityIn 2023,we signed an agreement establishing a USD 377m Green loan facility with the Export-Import Bank of Korea(KEXIM).This facility,as well as our first 725m KEXIM facility,is currently undrawn and will

10、 be used in the future to finance the dual-fuel vessels on order.We received our first dual-fuel vesselIn September,we received the first of our dual-fuel vessels on order.The arrival of the 2,000 TEU vessel christened Laura Maersk,allows us to begin reporting climate impact for our green financing

11、program.Green financing highlights 2023Overview of projects allocated to green instruments in 2023Project CategoryCountry(construction)StatusProceeds allocated 2023Total allocated proceeds16,000 TEU methanol vesselsClean transportation(maritime)KoreaUnder construction31384517,000 TEU methanol vessel

12、sClean transportation(maritime)KoreaUnder construction3523529,000 TEU methanol vesselsClean transportation(maritime)ChinaUnder construction68682,000 TEU methanol feeder vesselClean transportation(maritime)KoreaIn operation626Blue World TechnologiesClean transportation(maritime)DenmarkUnder developme

13、nt55Total allocation7447441,2961,296Overview of allocated green financing 4525521,29602004006008001,0001,2001,400202120222023Face value(USDm)Green Financing AllocationsA.P.Moller-Maersk 2023 Green Finance Report6The net proceeds of our November 2031 Green bond were fully allocated as of our 2022 All

14、ocation Report.We have furthermore completed the allocation of our new September 2033 bond,with these allocations,as well as those in our 2031 bond,carried out in line with our Green Financing Framework1.The allocations have been conducted on the basis of capital expenditure for the respective proje

15、cts.We have allocated the majority of the net proceeds of our new 2033 Green bond in this years report towards financing of dual-fuel vessels,but also include our first dual-fuel engine retrofit investment as well as an investment in Blue World Technologies via Maersks venture arm,Maersk Growth.The

16、new projects included in this years report as well as additional projects in our Green asset pipeline are further described later in the report.1 Our Green Financing Framework can be found on our website under the following link:https:/ proceeds in foreign currencies are converted to USD as per the

17、swap that was entered into on the respective pricing date.3The EUR 500m bond due November 2031 was partially allocated in 2021.DescriptionInstrument TypePricing/Signing DateISINNet proceeds2Amount Outstanding2Proceeds allocated 2022 Proceeds allocated 2023 Total allocated proceedsUnallocated proceed

18、sEUR 500m 0.75%due November 20313 Bond18 November 2021XS2410368042USD 552mUSD 560m1000552Fully allocatedUSD 750m 5.875%due September 2033Bond11 September 2023US00203QAF46/USK0479SAG32USD 744mUSD 750m0744744Fully allocatedUSD 725m bilateral loan(undrawn)KEXIMLoan05 July 2022Non applicableNon applicab

19、leNon applicable000725USD 377m bilateral loan(undrawn)KEXIMLoan06 October 2023Non applicableNon applicableNon applicable000377Total1001007447441,2961,2961,1021,102Allocations by instrument(USDm)A.P.Moller-Maersk 2023 Green Finance Report7Debt IssueISIN2,000 TEU methanol vessel9,000 TEU methanol vess

20、els16,000 TEU methanol vessels17,000 TEU methanol vesselsBlue World TechnologiesProceeds allocated 2023Total allocated proceedsEUR 500m 0.75%due November 2031 XS2410368042200532000552USD 750m 5.875%due September 2033US00203QAF46/USK0479SAG326683133525744744USD 725m bilateral loan(undrawn)KEXIMNon ap

21、plicable0000000USD 377m bilateral loan(undrawn)KEXIMNon applicable0000000Total262668688458453523525 57447441,2961,296Allocations by project(USDm)Green Financing Impact A.P.Moller-Maersk 2023 Green Finance Report9Impact of our allocated proceeds to Laura Maersk2,3842,384 Metric tonnes GHG emissions a

22、voided2We have avoided 2,384 Metric tonnes of CO2e emissions on a 100-year Global Warming Potential(GWP)basis by powering Laura Maersk with green fuels338%38%higher average vessel efficiency relative to IMO minimum requirement4Due to improved construction in our first dual-fuel vessel,we have achiev

23、ed an Energy Efficiency Design Index rating(EEDI)of 10.8,a 38%improvement to the IMO minimum performance requirement.1 As per section 2.4(Reporting)of ourGreen Financing Framework,an impact report will bepublishedonce the vessels are delivered,subject to the availability of suitable information,data

24、 and permitted disclosure in accordance with relevant confidentiality agreements and competition laws.2 The impact figures are provided on a pro rata basis adjusted bythe proportion of the total financing of an investment allocated towards a Green instrument,as well as on a per-instrument andper-pro

25、ject category basis.3 Maersk defines“green fuels”as fuels with low to very low GHG emissions over their life cycle compared to fossil fuels.Different green fuels achieve different life cycle reductions depending on their production pathway.By low we refer to fuels with 65-80%life cycle GHG reduction

26、s compared to fossil fuels.This covers,e.g.,some biodiesels.”Very low”refers to fuels with 80-95%life cycle GHG reductions compared to fossil fuels.For commodity biofuels like,e.g.,biodiesel for road transport,the minimum GHG savings are typically governed by standards like the EU Renewable Energy D

27、irective(RED),and we align our minimum reduction thresholds for fuels to the RED.For future fuels like methanol where Maersk is involved in the project design and development,we strive to achieve higher GHG reductions than the legislative thresholds.4 Refers to the IMO phase 2 regulation applicable

28、as of 1stAprill 2022.Our impact methodologyOur approach to the assessment of Greenhouse Gas(GHG)emissions avoided through the use of our new methanol container vessels focuses on two key drivers of saved emissions.The first is improvements in energy efficiency enabled by the improved construction of

29、 the new vessels.For this,we use the Energy Efficiency Design Index(EEDI),which is calculated by dividing total CO2 emissions from combustion of fuel by transport work.Transport work is the ships capacity as designed multiplied by the ships design speed.The second driver of saved GHG emissions is th

30、e use of green fuels to power the vessels.In this instance,we are able to directly track the consumption rate of the methanol,and through the use of fuel certificates,we can compare this consumption to that which would be required in the case of conventional fuel oil.This comparison also allows us t

31、o demonstrate the avoided GHG emissions through use of green fuels.The emissions figure is reported on a well-to-wake basis,which refers to the entire process(fuel production,delivery to ships,and ship operations).Debt IssueProject CategoryProceeds allocated to Laura Maersk(USDm)GHG emissions avoide

32、d,100-year GWP basis Metric tonnes CO2e/yearEUR 500m 0.75%due November 2031 Clean transportation(maritime)201,852USD 750m 5.875%due September 2033Clean transportation(maritime)6532Total2,384InvestmentHighlightsA.P.Moller-Maersk 2023 Green Finance Report11In October 2022,we announced the order of an

33、additional six large,ocean-going vessels built to run on green methanol as well as conventional fuel oil.The vessels will have a capacity of 17,000 TEU.The six vessels are scheduled for delivery in 2025,and are part of our ongoing fleet renewal program,wherein their capacity will replace an equal am

34、ount of capacity reaching end-of-life and leaving the Maersk-managed fleet.In June 2023,we announced the order of six mid-sized container vessels to be built with dual-fuel engines able to operate on green methanol.The vessels will have a capacity of 9,000 TEU.The vessels will be delivered from 2026

35、 onwards,with the last delivery expected in March 2027.Upon delivery,the new vessels will replace existing capacity in a similar size segment.17,000 TEU and 9,000 TEU methanol vesselsThe twelve vessels described in this report qualify as green investments in line with our Green Financing Framework a

36、nd are related to the EU Taxonomy activities 6.10.Sea and coastal freight water transport,vessels for port operations and auxiliary activities.Maersk remains focused on supporting global expansion of green methanol supply in order to secure the volumes required to meet our 2030 and 2040 targets.Maer

37、sk is actively engaged in a number of collaborations and partnerships globally to support this development.Biodiesel can also be used to power the vessels without modification.The vessels will not be equipped with scrubbers,so in the event that conventional fuel is used,it must comply with low-sulph

38、ur fuel regulations.Classification:PublicA.P.Moller-Maersk Allocation Report 12In December 2023,we announced our participation in the recent USD 11m1 financing round of Blue World Technologies via Maersk GrowthMaersk Growth,the venture arm of A.P.Moller-Maersk.Other investors included the Export and

39、 Investment Fund of Denmark and Cycle Group2.Blue World Technologies is a developer and manufacturer of methanol fuel cells whose mission is to provide energy-efficient and cost-effective methanol fuel cells to industries around the world.The financing round was announced during COP28 in Dubai,where

40、 Blue World Technologies was presenting their high-temperature PEM fuel cell technology as a solution to support the decarbonisation of the maritime industry.Blue Worlds fuel cell system architecture enables a reduction of 20-30%in fuel consumption which should facilitate a reduction of the cost pre

41、mium currently required for operating with e-fuels.Furthermore,the fuel cells provide an opportunity for 100%capture of generated carbon dioxide,with a fuel increase of just 2-3%enabling attractive recycling business models.In addition to our venture investment in Blue World Technologies,Maersk has

42、ordered a methanol fuel cell pilot system for auxiliary power developed by Blue World,which will be installed on one of our new dual-fuel vessels on order.Maersk Growths investment in Blue World Technologies qualifies as an eligible investment under our Green Financing Framework,with Blue World cate

43、gorized as a“Pure Player”company specialised in activities related to our Clean Transportation(maritime)project category.The business activities of Blue World are related to the EU Taxonomy activity 6.12.Retrofitting of sea and coastal freight and passenger water transport.Blue World Technologies Ma

44、ersk Growth Maersk Growth is the global partner for external innovation at A.P.Moller-Maersk on a mission to digitise,democratise,and decarbonise supply chains,investing in and partnering with promising startups to support new business models and technologies.As a strategic investor and partner,Maer

45、sk Growth provide funding and strategic collaborations for startups and scaleups working in the transport and logistics space.Maersk Growth augment every dollar and hour invested with group-wide expertise and global reach.By mobilising dedicated Maersk resources,Maersk Growth empower startups and sc

46、aleups to build synergies that sharpen their competitive edge.The investment in Blue World technologies is the first investment of Maersk Growth to be allocated under our Green Financing Framework.1 For competition reasons,the exact size of Maersk Growth investments and ownership percentages are not

47、 public information.However,the amount of the investment allocated to Green financing is provided in connection with this report,and when operational,all Maersk Growth investments allocated to Green financing will report impact data proportionate to the allocated amount.2 Further information can be

48、found in the press release on the Blue World Technologies website.Management Statement andAssurance ReportA.P.Moller-Maersk 2023 Green Finance Report14Statement of the Board of Directorsand the Executive BoardThe Board of Directors and the Executive Board have today discussed and approved the Green

49、Finance Report of A.P.Mller-Mrsk A/S for 2023.The Green Finance Report for 2023 has been prepared in accordance with A.P.Mller Mrsk A/S Green Financing Framework dated 15 November 2021,presented on A.P.Mller-Mrsks website.In our opinion,the Green Finance Report for 2023 gives a fair presentation of

50、A.P.Mller-Mrsk A/S green financing activities,projects and allocations as well as a balanced presentation of A.P.Moller-Maersk A/S efforts and impact of the allocated proceeds presented from the financing agreements.14Board of DirectorsRobert Mrsk UgglaChairMarc EngelVice ChairBernard L.BotMarika Fr

51、edrikssonArne KarlssonThomas Lindegaard MadsenAmparo MoraledaKasper RrstedJulija VoitiekuteCopenhagen,8 February 2024Executive BoardVincent ClercCEOPatrick JanyCFOA.P.Moller-Maersk 2023 Green Finance Report15Assurance report of the independent auditorTo the green bond investors of A.P.Mller-Mrsk A/S

52、Limited assurance conclusionBased on the procedures we have performed and the evidence we have obtained,nothing has come to our attention that causes us to believe that the Selected Information for the 2023 reporting year has not been prepared,in all material respects,in accordance with A.P.Mller-Mr

53、sks Green Financing Framework dated 15 November 2021,presented on A.P.Mller-Mrsks website.This conclusion is to be read in the context of what we state in the remainder of our report.Selected Information The scope of our work was limited to obtain limited assurance over the information presented in

54、the A.P.Mller Mrsks Green Finance Report on page 6 and 7 in the tables Allocations by instrument and Allocations by project under the columns Proceeds allocated 2023,Total allocated proceeds and Unallocated proceeds(the Selected Information).Professional standards applied and level of assurance We p

55、erformed a limited assurance engagement in accordance with International Standard on Assurance Engagements 3000(revised),Assurance Engagements other than Audits and Reviews of Historical Financial Information and additional requirements under Danish auditor regulation to obtain limited assurance in

56、respect of our conclusion.A limited assurance engagement is substantially less in scope than a reasonable assurance engagement in relation to both the risk assessment procedures,including an understanding of internal control,and the procedures performed in response to the assessed risks.Consequently

57、,the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed.Our independence and quality controlPricewaterhouseCoopers applies International Standard on Quality Managem

58、ent 1,ISQM 1,which requires the firm to design,implement and operate a system of quality management including policies or procedures regarding compliance with ethical requirements,professional standards,and applicable legal and regulatory requirements.We have complied with the independence requireme

59、nts and other ethical requirements in the International Ethics Standards Board for Accountants International Code of Ethics for Professional Accountants(IESBA Code),which is founded on fundamental principles of integrity,objectivity,professional competence and due care,confidentiality and profession

60、al behavior,and ethical requirements applicable in Denmark.Summary of work performedWe are required to plan and perform our work in order to consider the risk of material misstatement of the Selected Information.In doing so,we:Made inquiries of relevant A.P.Mller-Mrsk management to assess whether th

61、e reporting has been prepared in accordance with A.P.Mller Mrsks Green Financing Framework;Performed analytical review of the Selected Information as presented in A.P.Mller Mrsks Green Finance report 2023;andEvaluated the evidence obtained.15A.P.Moller-Maersk 2023 Green Finance Report16Managements r

62、esponsibilities The Management of A.P.Mller-Mrsk A/S is responsible for:Designing,implementing and maintaining internal control over information relevant to the preparation of the Selected Information that is free from material misstatement,whether due to fraud or error;Establishing objective criter

63、ia for preparing the Selected Information as described in A.P.Mller Mrsks Green Financing Framework;Measuring and reporting the Selected Information based on A.P.Mller Mrsks Green Financing Framework;andThe content of the Selected Information.Auditors responsibilitiesWe are responsible for:Planning

64、and performing the engagement to obtain limited assurance about whether the Selected Information are free from material misstatement,whether due to fraud or error and are prepared,in all material respects,in accordance with A.P.Mller Mrsks Green Financing Framework;Forming an independent conclusion,

65、based on the procedures we have performed and the evidence we have obtained;andReporting our conclusion to the green bond investors of A.P.Mller-Mrsk A/S.This report,including our conclusions,has been prepared solely for the Management of A.P.Mller-Mrsk A/S and the green bond investors.We permit thi

66、s report to be disclosed online at A.P.Mller-Mrsk A/S website in respect of the 2023 reporting year.The maintenance and integrity of A.P.Mller-Mrskswebsite and its content are the responsibility of the Management;the work carried out by us will not involve consideration of these matters and,accordin

67、gly,we will accept no responsibility for any changes that may have occurred to the Green Financing Framework dated 15 November 2021,presented on A.P.Mller-Mrsks website.Hellerup,8 February 2024PricewaterhouseCoopersStatsautoriseret RevisionspartnerselskabCVR no 3377 1231Lars BaungaardState Authorise

68、d Public Accountantmne23331Sren rjan JensenState Authorised Public Accountantmne3322616AppendixA.P.Moller-Maersk 2023 Green Finance Report18Project CategoryCountry(construction)StatusEU Taxonomy activitiesUN Sustainability GoalsTotal allocated proceeds2,000 TEU methanol feeder vesselClean transporta

69、tion(maritime)KoreaIn operation6.10.Sea and coastal freight water transport,vessels for port operations and auxiliary activities269,000 TEU methanol vesselsClean transportation(maritime)ChinaUnder construction6.10.Sea and coastal freight water transport,vessels for port operations and auxiliary acti

70、vities6816,000 TEU methanol vesselsClean transportation(maritime)KoreaUnder construction6.10.Sea and coastal freight water transport,vessels for port operations and auxiliary activities84517,000 TEU methanol vesselsClean transportation(maritime)KoreaUnder construction6.10.Sea and coastal freight water transport,vessels for port operations and auxiliary activities352Blue World TechnologiesClean transportation(maritime)DenmarkUnder development6.12.Retrofitting of sea and coastal freight and passenger water transport.5Total allocation1,2961,296Appendix:overview of allocated projects