CASE STUDY 2 A.P . Møller-Maersk This case study sets out highlights from A.P . Møller-Maersk’s ESG strategy and annual report across several key considerations for embedding socioeconomic factors in corporate transitions. 48 Maersk is a Danish shipping and logistics company and one of the largest integrated container logistics companies in the world. Maersk operates in over 130 countries, providing a range of transport services, particularly maritime logistics and container shipping, operating the world’s second-largest container shipping fleet across all major global trade lanes. It employs over 100,000 people, including office workers, seafaring roles and frontline logistics workers. Maersk is committed to achieving net-zero GHG emissions across its business by 2040. This target acknowledges both the opportunity to support growth and value creation for a wide range of stakeholders and the need to decouple benefits from negative impacts on individuals, communities and the planet. Maersk’s approach is set out in an ESG strategy, with progress integrated into the company’s annual report from 2024. This latest report notes updates to Maersk’s ESG priorities given geopolitical tensions, a heightened focus on social issues and impacts of climate-related weather events. Establish governanceMaersk’s overall sustainability and ESG strategy is endorsed by the Board of Directors. Three high-level committees oversee direction setting, strategy, external reporting and review of sustainability-linked targets. An executive leadership team sponsors environmental and social priorities underpinning the strategy, with dedicated functional teams responsible for implementation. Key strategic themes are also integrated into relevant existing internal governance structures through both a code of conduct and targeted rules, covering, for example, employee relations and sustainable procurement. Develop mitigation measuresMaersk incorporates social impacts into its climate transition plan, focusing on the impact of electrification on its own workforce and the risks of adverse effects from green fuel market development on local communities. Electrification of terminalsShifting from fossil- to battery-powered electric equipment is Maersk’s priority lever for reducing scope 1 emissions at terminals. For scope 2 emissions, the company intends to shift to 100% renewable energy by 2030. Maersk notes the opportunity to improve air quality for local communities through the shift towards battery-electric equipment. However, the socioeconomic risks of these transition policies include the emergence of skills gaps for Maersk’s own workforce and contracted workers in terminals. Maersk highlights opportunities for reskilling and upskilling to enable workers to operate new equipment as a mitigation measure. Energy shifts of business partnersMaersk’s customer supply chains include significant “landside logistics” which represent a large share of the company’s scope 3 emissions. Maersk notes investment challenges for supply chain partners in shifting to low-emissions road transport solutions, including electric vehicles, ultimately impact affordability of engaging in the green transition for customers and supply chain partners. To address investment barriers for supply partners, Maersk are pursuing cost reduction through scaling and demand certainty for both EV manufacturers and grid owners, as mitigation measures to limit stakeholder affordability challenges. Green fuels Maersk identifies green fuels such as methanol, biomethane and biodiesel as key levers to help reduce scope 1 emissions from shipping. Shifting to green fuels not only requires investment in supply and vessel upgrades but also building company and wider-industry knowledge on how to safely store, manage and operate these new resources. To mitigate safety risks for workers, supply chain partners and communities, Maersk is working with ports to establish safe methanol bunker and permitting procedures. It is also developing a roadmap throughout 2025 to ensure the right asset mix and policy support is in place to minimize risks throughout the transition. Source: Maersk (2024). Annual Report 2024. Available at: https://www.maersk.com/sustainability/reports-and-resources Making the Green Transition Work for People and the Economy 45

Making the Green Transition Work for People and the Economy 2025