- The Panama Canal appointed its first-ever Chief Sustainability Officer (CSO) to drive environmental sustainability initiatives.
- The Canal is collaborating with the International Finance Corporation (IFC) to finalize an inventory of greenhouse gas emissions and aims to complete a climate risk assessment by the year-end.
- The Panama Canal Administrator, Ricaurte Vásquez Morales, emphasized the Canal’s commitment to sustainability and its influential role in transforming the maritime industry.
- The Canal aims to achieve net-zero greenhouse gas emissions by or around 2050 and plans to publish the results of a GHG inventory with science-based targets and implementation plans within the next six months.
- Sustainability efforts will be integrated across the Canal’s leadership team and business operations, including capital investments of over $8.5 billion in the next five years.
Panama Canal Appoints First Chief Sustainability Officer
The Panama Canal has named its inaugural Chief Sustainability Officer (CSO) to lead the canal’s environmental sustainability initiatives.
On January 24, 2024, the Panama Canal announced that Deputy Administrator Ilya Espino de Marotta will now also serve as the Canal’s first CSO.
In this new role, Espino de Marotta will drive the creation of a more robust sustainability strategy, building on the Canal’s long-standing environmental leadership and developing business opportunities. As CSO, Espino de Marotta will spearhead the development of a comprehensive sustainability strategy focused on decarbonization, adaptation, and transition.
Panama Canal Sets Emission Reduction Targets
Working with the International Finance Corporation (IFC), part of the World Bank Group, the Canal is already finalizing an inventory of its greenhouse gas (GHG) emissions. It aims to complete a climate risk assessment by the end of the year.
New short-, medium-, and long-term targets will also be set, to implement aggressive emissions reduction targets starting in Fiscal Year 2025.
“Sustainability is not new for the maritime route, as the Canal’s legacy is rooted in, and depends on sustainability. However, we recognize that we must be more ambitious, something we have been moving toward for some time. As the Canal, we have an outsized influence to enable the transformation of the maritime industry, and we see an opportunity in leadership to diversify, grow, and improve the way we do business,” Ricaurte Vásquez Morales, Panama Canal Administrator, commented.
Panama Canal Strengthens Sustainability Commitment
“To help us seize this opportunity, I am proud to announce the appointment of Ilya Espino de Marotta as our first Chief Sustainability Officer. Ilya will build on and expand our existing efforts, creating a more robust and global strategy for the evolving landscape we now operate in.”
In addition to appointing a CSO, the Canal is integrating responsibility for climate action across its entire leadership team and embedding its commitment to sustainability across the entire business. According to Chief Financial Officer, Victor Vial, “this includes embedding sustainability into over $8.5 billion in expected capital investments through the next five years“.
“While the Panama Canal has long focused on sustainability, the accelerating implications of climate change require stronger action,” said Espino de Marotta.
Panama Canal Aims For Net-Zero Emissions By 2050
“As an international trade hub, we have an opportunity to not only drive sustainability at the Panama Canal but also help shape a more sustainable and productive ecosystem for global trade.”
“Our ambition is to reach net-zero GHG emissions by or around 2050. In the next six months, we will publish the results of a best-in-class GHG inventory and commit to science-based targets backed by a tangible implementation plan. This is not just about new projects, this is about transforming our business, enabling our customers and employees to transform so that together we navigate climate risk and succeed in a new climate economy,” she added.
Espino de Marotta began her career at the Canal as the sole female engineer in the shipyard. She eventually became the Executive Vice President for Engineering, overseeing the ground-breaking Panama Canal Expansion Program; and then she was appointed Vice President of Operations for the Panama Canal. In January 2020, Espino de Marotta took office as Deputy Administrator, making history as the first woman to ever hold the position.
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Source: Offshore Energy
