Cop: Shipping industry updates decarbonisation pledges

  • Market: Biofuels, Oil products
  • 04/12/23

Shipping industry participants have announced new or updated initiatives within the Green Shipping Challenge — aimed at lowering carbon emissions in shipping — at the Cop 28 UN climate summit.

Participants included countries, ports and private companies, presenting national plans for decarbonisation, green corridors, and investments in themselves or others. Few initiatives had moved from the planning stage or developed far beyond updates at Cop 27 in 2022 — which lacked clarity at the time. Many green shipping corridors — which formed a large part of proposals at Cop 26 — remain in their infancy. The Green Shipping Challenge was launched at the Cop 27 UN climate summit, in response to calls to action issued by the US and Norway in May 2022.

Several participants — Norway, the US, Denmark, Germany, the Netherlands, the UK and shipping company Maersk — pledged funds to the International Maritime Organisation (IMO), or as investments in new technology or in developing countries. An IMO meeting in July saw a strong focus on a fair and equitable transition. France pledged €1.5bn ($1.62bn) of funding — a third from the government, a third from private companies and a third in bank leverage — to accelerate its maritime decarbonisation.

Cargo carrier Amazon requested zero-emissions fuelled shipping services for 600,000 20ft TEU containers for three years starting in 2025. Amazon is a member of the Zero-Emissions Maritime Buyers Alliance, which seeks to start the use, supply and infrastructure of zero-emissions technologies.

Updated and new initiatives included promising developments of alternative fuels and their vessels, as well as the uptake of clean energy maritime hubs. Iron miner Fortescue unveiled a vessel — the Fortescue Green Pioneer — which runs on an ammonia fuel-blend and emits 90pc less than it would on conventional fuels. Norwegian shipping company Hoegh Autoliners pledged $1.2bn to build 12 net-zero ammonia-ready car carriers, with the first to be delivered in July 2024.


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