Supporting long-term and sustainable outcomes in US shipping

With international shipping contributing approximately 2 per cent of global greenhouse gas emissions, the sector requires a greater steer towards meeting global 2050 net zero targets.

By adopting net zero measures, ports can evolve into clean energy precincts that reduce emissions while enhancing competitiveness. Through efforts to decarbonise operations, ports can help to streamline cargo handling and support the long-term sustainability of the sector.

Additionally, as pivotal hubs in the global supply chain which link stakeholders such as shipping companies, rail networks, and logistics providers, port operators can help facilitate practical and scalable solutions to support decarbonisation across the industry more broadly.

Approach

In 2019, Macquarie Asset Management (MAM) acquired Long Beach Container Terminal (LBCT), supporting the southern California port in its efforts to meet its Net Zero 2030 Climate Action Plan.

As part of the combined Los Angeles-Long Beach port complex – the largest cargo gateway in North America, responsible for handling approximately 30 per cent of all US container volumes – LBCT plays an important role in advancing sustainable port operations.

Partnering with MAM, LBCT developed and launched an ambitious Net Zero 2030 Climate Action Plan (“the Plan”), aimed at establishing the port as the first net zero emissions terminal in the US. The plan takes a practical approach, focusing on four key areas to address the environmental and social impacts of its operations:

Integrating zero emissions planning, processes and goals into LBCT policies, programmes, and investment decisions

2. Ensuring zero emission equipment, facilities, and infrastructure

3. Advocating for policies and funding to encourage system-wide change in goods movement

4. Incorporating community considerations into climate actions

To support the execution of the Plan, in December 2021 MAM worked with LBCT to appoint a new Director of Sustainability to drive net zero business planning alongside other sustainability initiatives.

With more than $US2.5 billion of investment over the past decade, LBCT has implemented measures that demonstrate commercial and decarbonisation goals can be achieved simultaneously.

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