大物流绿色转型·数智发展白皮书-Freight Logistics Decarbonization Whitepaper

2024

FreightLogistics

DecarbonizationWhitepaper:

LEADthegreenwave,bringtheDEEPimpact

ExecutiveSummary:

GreenFreightLogistics,Intelligence-CraftedFuture

Thetrendofnet-zerotransformationinthelogisticsindustryhasbecomeinevitable,andnodedecarbonization1)isthekey.SincetheadoptionoftheParisAgreement,greenandnet-zerodevelopmenthasbecomeaconsensusforhumansocialdevelopment.Thefreightlogisticsindustryisoneofthemajorsourcesofglobalcar-bonemissions.Ononehand,thegradualimprovementofpoliciesandregulations,aswellastheclearpreferenceofinves-tors,haveinjectedastrong"drivingforce"fortheindustry'sdecarbonization;ontheotherhand,theexpectationsofshippers

andendconsumershavealsoformedapowerful"pullingforce".Decarbonizationtransformationhasbecomeanurgenttaskforthefreightlogisticsindustry.Acrossthewholeindustrialchain,carbonreduc-tionatthenodesishighlyfeasible,whichisthekeytodecarbonizationandshouldnotbeoverlooked,withseaportsofferingthemostpromisingprospectingreenandnet-zerotransformation.

Greenandnet-zerotransformationofnodesisnotanovernightprocess,anddigitaliza-tionisaprerequisite.Decarbonizationof

1)Nodedecarbonizationreferstotheprocessofreducingoreliminatingcarbonemissionsatkeylogisticsnodesorhubswithinthefreightlogisticsnetwork.Thesenodescanincludeseaports,aircargoterminals,andotherintermodalfacilities.

logisticsnodesshouldnotbelimitedtoen-ergytransformationorrenovationofasin-glepieceofequipment,butrequiresoverallplanning,systematicimplementation,andgradualachievementofgoals.RolandBerger,togetherwithWestwell,hassum-marizedthe"LEAD"methodologyforfreightlogisticsdecarbonization.Takingseaportsasanexample,logisticsnodescanachievethe"DEEP"valuesofeconomicalfriendly,peoplefriendly,andenvironmentfriendlywhilecompletingdecarbonizationgoalsthroughthreestages:"Electrification","AI-drivenintelligence",andoverall"Linkedecology"transformation.Itisworthnotingthatdigitalizationplaysacrucialroleinthedecarbonizationoffreightlogisticsnodes.Intelligentupgradesthroughdigitalizationatsinglepoints,systems,andacrossallscenarios,alongwithseamlessdataflows,

arethenecessarypathtoachievinggreenandlow-carbongoals.

Nodedecarbonizationwillbecontinuouslyiterativeandinterconnected,movingtowardsanet-zerofuture.Thegreentransformationoffreightlogisticsnotonlyreliesonthedecarbonizationofindividualnodesbutalsorequiresthejointeffortsoftheentireecosystem.Takingseaportde-carbonizationasaprototype,the"LEAD"methodologywillbegraduallyreplicatedandpromotedtootherlogisticsnodessuchasaircargoterminals,andmanufacturinghubs,andwillbecomprehensivelyopti-mizedthroughroadfreightlinks.Throughthesynergyofmultiplenodesandmultiplelinks,acomprehensivegreenandnet-zerotransformationoftheentireindustrialchainwillbeachieved.

Contents

Chapter1NavigatingtheGreenWave:Theimpactoftheglobal02

decarbonizationwaveonthefreightlogisticsindustry

Chapter2SeaportasPioneer:Implementationpathfor14

decarbonizationtransformationofseaports

Chapter3ReplicationandVariation:Extendbeyondtheseaport50

tootherfreightlogisticsscenarios

Chapter4CalltoImmediateAction:Implicationsforfreight64

logisticscompanies

Chapter1

NavigatingtheGreenWave:Theimpactofglobal

decarbonizationwaveonthefreightlogisticsindustry

Decarbonizationisthecoreconsen-susoftheinternationalcommunityandisahighlycertaintrendthatwilldominateglobalindustryandtech-

nologicaldevelopmentinthenext30years.

Decarbonizationhasemergedasahighlypromisingandrapidlyevolvingglobaltrendacrossallindustries.Inrecentyears,theprogresstowardsdecarbonizationhasgainedsignificantmomentumworldwide,drivenbythestrengtheningofvariouspol-iciesandinitiatives.TheParisAgreement,whichaimstolimitglobalwarmingtowell

below2degreesCelsius,haspromptednumerousinternationalorganizationstoannouncesupportivepoliciesinresponsetothistarget.

Astheworld'sleadingcompaniesandorganizationsrallybehindthedecarbon-izationagenda,businessesthataligntheiroperationsandstrategieswiththeprinciplesofdecarbonizationcannotonlyreducetheirenvironmentalimpactbutalsoenhancebrandreputationandfuture-prooftheiroperationsinanin-creasinglysustainability-consciousglobalmarketplace.01

Decarbonizationisthecoreconsensusoftheinternationalcommunityandwilldominateglobalindustryandtechnologicaldevelopmentinthenext30years

01

GlobalGeneral(non-exhaustive)

●

FreightLogisticsFocus(non-exhaustive)四

Year

•ParisAgreement:AglobalaccordwithintheUNFCCCdealingwithgreenhouse-gas-emissionsmitigation,adaptation,andfinance.

•UnitedNationsSustainableDevelopmentGoals:GoalstoprotecttheplanetandensureprosperityincludeDG13onclimateaction.

2015

2018

2019

2020

2021

2022

•EuropeanGreenDeal:TheoverallstrategicobjectiveoftheEuropeanUnioninaddressingclimatechange,whichaimstomakeEuropethefirstclimate-neutralcontinentby2050,coversvarioussectors.

•China'sCarbonNeutralityPledge:Chinaannouncedtopeakcarbonemissionsby2030andachievecarbonneutralitybefore2060.

•Japan'sGreenGrowthStrategy:Integratesambitiouscarbonneutralitytargets,promotingdecarbonizationandeconomicgrowth

•Fitfor55policy1):Europe'slatestambitioustargetistoreduceemissionsbyatleast55%by2030,comparedto1990levels.

•TheGreenDealindustrialPlan:BuildamoresupportiveenvironmentfortheEU'smanufacturingcapacityfornet-zerotechnologiesandproductsthatmeetclimatetargets.

•TheCleanShippingAct:Enforcescarbonintensitystandardsformaritimefuel,effectivelyregulatingemissionsfromthesector.

2023

•IMOInitialGHGStrategy:IMOsettoreducegreenhousegasatleasta50%reductionby2050comparedto2008levels.

•GlobalMaritimeForum'sCalltoActiononDecarbonization:Urgesindustrytozero-emissionshippingby2050

•PoseidonPrinciples:Aglobalframeworkforassessinganddisclosingtheclimatealignmentoffinancialinstitutions'shippingportfolios

•GettingtoZeroCoalition:Anallianceofcompanieswithinindustry,committedtogettingcommerciallyviabledeep-seazero-emissionvesselspoweredbyzero-emissionfuelsintooperationby2030.

•IMO2020SulphurCap:TheIMOimplementedanewrulefora0.50%globalsulfurcaponfuelcontent,loweringtheamountofshipsulfuremissions

•SeaCargoCharter:Agroupofmajorenergy,agriculture,mining,andcommoditytradingcompaniessetabenchmarkforresponsibleshipping,aligningcharteringactivitieswithresponsibleenvironmentalbehavior.

•EUEmissionsTradingSystem(ETS)–Maritime:TheEuropeanUnionproposedtoincludethemaritimesectorinitsETS

•Long-termglobalgoal–Aviation:ICAOsetaLong-TermGlobalAspirationalGoal(LTAG)fortheaviationindustrytoachievenet-zerocarbonemissionsby2050.

Nosignificantannouncementslately

1)TosupporttheEuropeanGreenDealpolicies,apackageofpolicymeasureshasbeenformulatedSource:desktopresearch;RolandBerger

02|FreightLogisticsDecarbonizationWhitepaper:LEADthegreenwave,bringtheDEEPimpactFreightLogisticsDecarbonizationWhitepaper:LEADthegreenwave,bringtheDEEPimpact|03

Policy-Europeisapioneeroftheoverallglobaldecarbonizationprog-ress,issuingaseriesoftop-levelguidelinesandrelatedimplementa-tionpoliciessuchastheEuropeanGreenDealandFitfor55.

TheFitfor55packageisthelatestaddi-tiontoEurope'sdecarbonizationpolicy.Itsetsamoreambitioustargetofreducinggreenhousegasemissionsbyatleast55%by2030,comparedto1990levels.Thepolicyincludesmeasurestodriveemissionreductionsacrosssectorssuchasenergy,logistics,buildings,andindustry.02

Inlogistics,theFitfor55packageincludesseveralkeymeasures(non-exhaustive):

◆Road:Achievea55%carbonemissionreductionforcars,50%forvans,45%fortrucksandbuses,withadditionalupcomingrulestolowerairpollutantsfromroadvehicles.

◆Railway:Thetargetofblending14%renewablefuelsinrailwayfuels(cal-culatedbasedonenergyunits).

◆Aviation:By2050,theshareofsustain-ableaviationfuelswillincreaseto70%,andairtrafficmanagementwillbefurtheroptimized.

◆Maritime:Reducethegreenhousegasintensityoftheenergyusedon-boardbyshipsbyupto80%by2050,by

Policy:Europeisapioneerintheglobaldecarbonizationprogress,issuingaseriesoftop-levelguidelinesandimplementationpoliciessuchasFitfor55

02

SocialClimateFund

EUEmissionTradingSystem

FuelEUMaritimeEffortssharingregulation

SCFEUETS

FuelEUESR

Fitfor55setsamoreambitioustargetof

reducingcarbon

Fitfor55

CarbonBorder

AdjustmentMechanism

LandUseandForestry

(LULUCF)

REfuelEUaviation

CBAM

Re

FuelEU

emissionsbyatleast55%by

ReduceGHG

emissionsbyat

2030,

least55%by2030

LULUCF

AFID

(relativeto1990

levels)

Alternativefuelsandinfrastructure

CO2EmissionStandardsforcars&vans

CO2incars

RED

comparedto1990levels,focusingonenergy,

ETDEED

RenewableEnergy

transport,

buildings,etc.

EnergyTaxationEnergyEfficiency

Source:desktopresearch;RolandBerger

promotingtheuseofmoresustainablefuelsbyshipsusingEUseaports,whileensuringthesmoothoperationofmar-itimetrafficandavoidingdistortionsintheinternalmarket.

◆Multimodal:Buildareliable,seamless,andhigh-qualitytransportnetworkthatensuressustainableconnectiv-ityacrossEuropewithoutphysicalinterruptions,bottlenecks,andmissinglinks.

Market-Onthemarketside,thein-ternationalcommunity'srecognitionofthevalueofdecarbonizationisgraduallyincreasing.

Thisisreflectedinthesteadygrowthofcarbontradingprices,aswellastherapidincreaseinconsumers'willingnesstopayapremiumfornet-zeroproducts.Net-zeroisbecominganewsourceofcompetitiveness.

◆Thevolumeandvalueofglobalcar-bontradingmarketshavereachedarecordhigh.Accordingtothe'2023

CarbonMarketAnnualReview'reportbyLondonStockExchangeGroup(LSEG),theglobalemissionsmarkettradedapproximately12.5billiontonsofcarbonallowances,withavalueofarecord-breaking881billioneuros,representinga2%increasecomparedtothepreviousyear.ThevalueoftheEUETS(EmissionsTradingSystem)wasapproximately770billioneuros,a2%increasecomparedtothepre-viousyear.

◆Customerswillbemoreinclinedtouseanddemandfreightlogisticsservicecompaniestoprovidegreenproductsandsolutions.Basedontheonlinesurveyconductedbyagloballeadingcomprehensivefreightlogisticsgroupinsixmajormarkets(UnitedStates,Germany,UnitedKingdom,China,India,andBrazil)targeting1,800corporatecustomersand1,800endconsumers,morethanhalfofthecorporatecus-tomersbelievethatusinggreenfreightlogisticstransportationproductswillbecomeawinningstrategytoattract

04|FreightLogisticsDecarbonizationWhitepaper:LEADthegreenwave,bringtheDEEPimpactFreightLogisticsDecarbonizationWhitepaper:LEADthegreenwave,bringtheDEEPimpact|05

Market:Onthemarketside,theinternationalcommunity'srecognitionofthevalueofdecarbonizationisgraduallyincreasing

03

Capital:ThetotalamountandquantityofglobalESGinvestmentshasshownasignificantgrowthtrend

04

Surveyresultsofcustomerdecarbonizationpreference

Corporateclients

Major

Concerns

Snapshotofsustainablefundassetbyregion[%,2023Q3]

Endusers

TOP1

Areend-usersthoughttobeinclinedtousegreenlogisticscompanies?

Doyoubelievethatgreenlogisticswillbeakeywinningfactorinattractingend-users?

Willlogisticscompaniesbeaskedtoprovidegreenlogisticssolutionswithequivalentrateastraditionalsolutionsinthefuture?

84%

Europe

HighlyImpossible5.0%

Possible

HighlyImpossible

HighlyImpossible

ResponsesResults

8.0%

56.0%

Top10EuropeanSustainableFundProvidersbyFlows

[MillionEURO,2023Q4]

5,056

30.0%

Possible32.0%

Possible36.0%

59.0%

65.0%

9.0%

HighlyPossible

HighlyPossible

HighlyPossible

1,684

1,332

1,0501,103

1,062

1,025

955

912

831

DWS(incl.Xtrackers)

NDWS

UBS(incl.CreditSuisse)

Amundi

(incl.Lyxor)

LegalGeneralNordeaStateStreet

BlackRock

(incl.iShares)

BlackROCK.

NorthernTrust

Swisscanto

JPMorgan

"Overthenextdecade,mostofourcompanies

"Inthenextdecade,theadoptionof

"Inthenextdecade,Iwillrequire

…

logisticscompaniestoprovide

logisticssolutionsatthesameratetoday'sregularlogisticssolutions…"

——Survey

…

greenlogisticsforthetransportationofourproductswillbethecrucial

factorinselling…"

…

endcustomerswillprefer

thatusegreenlogisticssolutions…"——Survey

green

as

respondents

Nordea

J.PMorgan

respondents

respondents

——Survey

KeyInsights

Source:DHL,desktopresearch;RolandBergerSource:MorningStar,desktopresearch;RolandBerger

customersinthenextdecade.Morethan60%ofendconsumersbelievethattheywillrequirefreightlogisticscompaniestoprovidegreenfreightlogisticsproductsatthesamecost.

03

Capital-Inrecentyears,withthecontinuousfermentationofthecon-ceptof"carbonneutrality"inthecapitalmarket,targetsrelatedtosustainableinvestmenthavegradu-allygainedfavorfrominvestors.ThetotalamountandquantityofglobalESGinvestmentshaveshownasig-nificantgrowthtrend.

EuropeleadsinESGinvestmentvolumeduetoarobustregulatoryframeworkemphasizingsustainability,includingover20ESGlawsenactedin2023tocombatgreenwashingandimprovedisclosure.

Forinstitutionalinvestors,thepopularityofESGinvestmentsinEuroperemainshigh,withsustainablefundassetsfarexceed-ingotherregions,reaching84%.Leadinginvestors,suchasBlackrock,havesignif-icantinvestmentscales.

Forindividualinvestors,green-relatedfi-nancialproductsarealsofavored.Europehasissuedalargenumberofgreenbonds,whichaccountfor45%oftheglobalgreenbondmarketin2023.04、05

06|FreightLogisticsDecarbonizationWhitepaper:LEADthegreenwave,bringtheDEEPimpact

05Capital:GSSSB1)bondsissuancesizebyregion

[bnEURO,2019-2023]

EuropeRestofworld

CAGR=+30%

1,026

925

874

462(45%)

385(44%)

416(45%)

589

242(41%)

321

565(55%)

509(55%)

490(56%)

145(45%)

177(55%)

348(59%)

20192020202120222023

1)GSSSB--Green,social,sustainability,andsustainability-linkedbonds.

Source:EnvironmentalFinanceBondDatabase,S&PGlobalRatings;RolandBerger

FreightLogisticsDecarbonizationWhitepaper:LEADthegreenwave,bringtheDEEPimpact|07

Thecarbonemissionsfromthefreightlogisticsindustryaccountfor23%ofglobalemissions,makingtheindustrywiththehighestcarbonemissionsindevelopedcountriesliketheUKandFrance.Net-zerodevel-opmentisimperativeforthefuture.

Thenet-zerotransformationofmajorfreightlogisticspresentsadualdrivingforce:top-downpolicypushfromthegov-ernmentandinvestorsintheshortterm,andbottom-upmarketpullfromcustom-erdemandinthelongterm.Thistrendhasledindustrygiantstoembarkonnet-zerotransformationsoneafteranother,mak-ingitafocalpointofcompetitionintheneweraoffreightlogistics.06

Government/RegulatoryAuthorities

Government/regulatoryauthoritiesneedtoassumetherolesofplatformbuilders,rulemakersoftheecosystem,andguidesofmarketbehavior.UndertheEUETScar-bontradingsystem,theaviationindustrywasprioritizedinthesecondphase,whilethemaritimesectorwillbeincludedinthefourthphase(2024).07

Investors

Greenandnet-zerodevelopmentshavebecomeamajortrendinthefreightlogisticsindustry,andtheopportunitiesarisingfromitsgreentransformationaredrawingsignificantattentionfromcapital

DecarbonizationinFreightLogisticsIndustry:Freightlogisticscompanies'net-zerotransitionexhibitsadualmomentum-top-downpolicy"push"fromgovernmentandbottom-upmarket"pull"fromcustomerdemand

06

DownstreamCustomers/Shippers

•Publiclypromotenet-zerocommitmentandcarbonreductioninitiatives

•Establishinggreenvendorpartnershipsandimplementnet-zerooperations

Investors

•EnforcingstandardizedESGandother

ratingsystem

•Establishanet-zerocenteredinvestmentstrategy

•Activelysupportthedevelopmentofnet-zeroenterprisesbytargetedbeneficial

policies

Government/

RegulatoryAuthorities

•Setuplawsandregulations

•Establishregulatorymechanism

•Overseetheorderofthecarbonreductionmarket

Source:desktopresearch;RolandBerger

Government/RegulatoryAuthorities:EUETSisthemostmaturecarbontradingmarketintheworld,nowaviationandmaritimetransporthavebeenincluded

07

Aviation

PhaseII

Period

2008-2012

•Addaviation(flightswithintheEuropeanEconomic

AreaanddepartingflightstoSwitzerlandandUK)

•95%allocationwithoutcompensation

•95%allocationwithoutanycompensation

any

EuropeanCarbonTradingDevelopmentPath

PhaseI

2005-2007

•Electricalpower,cement,ironandsteel,glass,paper,ceramic,etc.

RelatedIndustry

Quota

Distribution

Rule

PhaseIII

2013-2020

•Addpetrochemical,aluminum

•>50%allocation,allocatedthroughauctions

Maritime

PhaseIV

2021-2028

•Addmaritimetransport

•Planstoinclude20%of

emissionsfromthemaritimesectorfrom2023onwards,withfullinclusionby20261)

•Maritime100%ofemissionswithinEUports，50%for

voyagesstartingorendingoutsideoftheEU

•Freequotagradually

reducedfrom30%after

2026to0%in2030

•Mandatoryparticipationforcompanieswith>25,000tonsofcarbondioxideincoveredindustries,withcompanieswithsmalleremissionstaxedaccordingtothecarbon-carbonregimeofthecountryinwhichtheyarelocatedandnotincludedinthe

mandatorycarbontradingmarket

1)TheEUplanstoset2023-2025asthetransitionperiod,startingfrom2023,shipownersmustpayemissionallowancesequivalentto20%oftheirauthorizedemissions,andthereafterthepaymentratiowillbeincreasedannuallytoachieve100%by2026

Source:desktopresearch;RolandBerger

markets.Logisticsrealestatefunds,greentransitionfunds,infrastructurefunds,andothersareactivelyseekingpotentialinvestmenttargetsrelatedtogreenandnet-zeroinitiativeswithinthefreightlogis-ticssector.

Takinglogisticsrealestatefundsasanexample,thesefundsareactivelyincor-poratingtheevaluationoftargetcompa-nies'performanceingreenandnet-zeroinitiatives,makingitanimportantconsid-erationintheirinvestmentdecisions.

GRESBisanindependentorganizationprovidingvalidatedESGperformance

dataandpeerbenchmarksforinvestorsandmanagerstoimprovebusinessintel-ligence,industryengagementandde-cision-making.In2023,2,084realestateinvestmentportfolios,172infrastructurefunds,and687infrastructureassetspar-ticipatedintherating.GrossAssetValue(GAV)reached$8.8trillion.

Freightlogisticsrealestatefundspartic-ipatinginGRESBratingsrepresenttheimportanceoffreightlogisticsrealestateinESGperformance.LeadingfreightlogisticsrealestatefundssuchasGLPareactivelyparticipatinginGRESBrating.

GlobalFreightLogisticsOperators

•ProactivelyconductCFVand

developcarbonreductionactionplans

•Implementcarbonreductionplansandparticipateincarbontrading

•Participateinthecarbonreductionallianceandpromotetheindustrydevelopment

Keyplayerinthe

freightlogistics

decarbonizationaction

CompulsoryCondition

08|FreightLogisticsDecarbonizationWhitepaper:LEADthegreenwave,bringtheDEEPimpactFreightLogisticsDecarbonizationWhitepaper:LEADthegreenwave,bringtheDEEPimpact|09

Globally,GLPhas18fundsparticipatinginGRESBassessment,coveringtheAsian,European,andAmericanmarkets.Theassetsundertheseassessedfundsac-countfor55%ofGLP’sglobalassetman-agementscaleand47%oftheproperty'sbuildingarea.08

DownstreamCustomers/Shippers

Customersneedtodisclosecarbonfootprintreportsandaremoreinclinedtouseandrequirefreightlogisticsservicecompaniestoprovidegreenproductsandsolutions.Somemajorshippers(suchasP&G,Unilever,Amazon,etc.)arepromisingtobecomecarbonneutralby2050andareexpectingnet-zerologistics.Also,in

2021,someoftheworld'slargestcargoshipperslaunched“CargoOwnersforZeroEmissionVessels”(coZEV).09

GlobalFreightLogisticsOperators

Underthedualforcesofthe"push"frompolicyandinvestors,aswellasthe"pull"fromend-consumerdemand,globalfreightlogisticsoperatorshavemadecommitmentstocarbonneutralityoneafteranother.

Freightlogisticsoperatorsaredirectemit-tersofcarbonemissions,andtherefore,theyareamongthemainentitiesre-sponsibleforachievingcarbonreductiontargets.Inrecentyears,manyleading

DownstreamCustomers/Shippers:Majorshippersarepromisingtobecomecarbonneutralby2050andareexpectingnet-zerologistics

09

CoZEV

CarbonNeutralTimelineofMajorShippers

Goal

•Aimstoacceleratedecarbonizationin

themaritimesectorbyprovidingaplatformforclimate-forward

Amazon

companiestocollaborate,undertakeinitiatives,andadvocateforzero-

emissionsolutions,specificallyagreenlogisticsresourcesplatform

Members

•Majorshippers,shipping

companiesandpolicymakers

Source:desktopresearch;RolandBerger

Investors:SomelogisticsrealestatefundsmayrefertoGRESBratingstoassessthegreenperformanceoflogisticsrealestateprojects

08

GRESBglobalimpact

•Hasincreased

20%annually

sinceitslaunchin2010

•In2023,2,084

realestate

investment

portfolios,172

infrastructure

funds,and687

infrastructure

assets

participatedintherating

GRESBregionalparticipation[#ofparticipates]

2,084

1,820

907

1,520

1,013

1,229

610

964

784

487

Americans

555

477

366

238

132

317

187

115

Asia

Others

250

340

176

288

148

134

93

Europe

20192020202120222023

Actionsofleadinglogistics

realestatefundGLP会

18

participatingfunds

oftheglobalasset

managementsize

55%

"GLPhassignificantly

increasedthenumberoffundssubmittedtoGRESB,integratingESGinto

investmentandasset

managementprocesses."

-MeredithBalenske,GlobalESGLead

companiesintheindustryhaveactivelyproposedCarbonNeutralCommitmenttargetsinresponsetocustomerandreg-ulatoryrequirements.

Moreover,theplansofthesecompaniesareaccelerating.Forexample,Maerskannounceditsnewdecarbonizationtar-getsin2022,aimingtoachievenet-zerogreenhousegasemissionsforallopera-tionsby2040,whichistenyearsaheadofitsinitialcommitmenttoachievethisgoalby2050.10

Inthemanyaspectsoftheentirevaluechainoffreightlogistics,oneaspectthatdeterminesthepaceoftransformationistheattractivenessofdecarbonization,whiletheotheraspectisthefeasibilityofdecarbonization.Amongthese,thehighlystandardizedseaportscenariohasaveryhighfeasibilityfoundationandisexpectedtobeoneofthefirstareastoundergonet-zerotransformation.11

20402050

P&G

Unilever

Walmart

IKEA\

VolkswagenGroup

Nestle\

Source:GRESB2023RealEstateAssessmentResults,desktopresearch;RolandBerger

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10GlobalFreightLogisticsOperators:Freightlogisticsoperatorshave

demonstratedresolutionstocarbonreduction(includingcarbonneutralcommitments)

Casestudyofmaritime-relatedcompanywiththelargestturnover

ICTSI

PSAInternational

SAAMPuertos

SSAMarine

Yildirimgroup

TianjinPortGroup

TerminalOperators

BolloréPorts

ChinaMerchantsPorts

DPWorld

Eurogate

HHLA

HutchisonPorts

Hybrids1)

ChinaCoscoShipping

CMACGM

TerminalInvestmentLimited

APMTerminals

NYKLine

WanHai

YangMing

OceanNetworkExpress

Carriers

Evergreen

HMM

MOL

MSC

1)incl.terminaloperationbusinessandcarrierbusinessSource:desktopresearch;RolandBerger

Amonglogisticsvaluechain,thehighlystandardizedmaritimesectorisexpectedtobeoneofthefirstareastoundergoadecarbonizationtransformation

11

Comparisonanalysisofthecarbonreductionpotentialinmajorlogisticssegments

Attractiveness

Feasibility

%ofCarbon

emissions[%,2022]

%ofGlobalfreighttur