Shipping company Maersk (Ticker AMKBY) has purchased 8 carbon neutral tankers to prove its commitment towards a green future. The carbon neutrality in the tankers comes from low emitting methanol fuel.

The shipped are pegged to be completed in 2024 saving 1 million tons of carbon emission. In addition, the ship capacity will be 16,000 shipping containers.

Hyundai will be providing the facilities to build the tankers. Currently, each tanker comes in at a price tag of $175 million meaning the total investment will be around $1.4 million. As well, there are talks of Maersk buying four more additional tankers.

Many large companies such as Apple and Amazon have set carbon neutrality targets. Now, the shipping industry is taking steps towards a net-zero future. The shipping industry accounts for 3% of carbon emissions worldwide. Moving the shipping sector towards carbon neutrality is a huge step in the fight against climate change.

The CEO of Maersk is committing to a greener future, saying “The time to act is now if we are to solve shipping’s climate challenge”. In addition, the company said it was committed to helping customers seek a greener future, as well as helping customers decarbonize supply chains. This is a huge step in the shipping industry towards carbon neutrality.