The shipping industry is a significant contributor to global greenhouse gas emissions. Green hydrogen-derived fuels have the potential to significantly reduce these emissions. The World Economic Forum’s First Suppliers Hub aims to facilitate the adoption of these clean fuels by connecting suppliers and buyers, according to Weforum.
Zero Emission Fuels
A new generation of shipping fuels is being developed to accelerate the decarbonization of the shipping sector. Green hydrogen and its derivatives, e-ethanol and e-ammonia, are emerging as cornerstone solutions for maritime decarbonization.
These fuels align with the IMO’s progress towards a set of binding global regulations for the industry, with a goal of net-zero shipping by, or around 2050. Industry pioneers are already moving to scale up production. For example, Copenhagen Infrastructure Partners has secured a 126,000-hectare plot in Western Australia to build a large-scale renewable energy project – the Murchison project – that once operational, will utilize combined onshore wind and solar energy to produce green ammonia. The plant could reduce annual CO2 emissions by 4.4 million tonnes, the company says.
This shift toward green fuels is creating opportunities for countries with abundant renewable energy resources. In Africa, companies like Phelan Green Energy in South Africa and Hyphen Hydrogen Energy in Namibia are developing facilities to produce e-ammonia at scale.
Green Fuels
These innovators are members of the World Economic Forum’s First Suppliers Hub, part of the First Movers Coalition. The First Suppliers Hub is a carefully curated repository of decarbonization projects that meet stringent emissions-reduction criteria.
However, scaling hydrogen-based fuel technologies involves complex market dynamics. Success requires coordinated action from an ecosystem of suppliers, buyers, financiers and policymakers.
The First Suppliers Hub plays a crucial role here, identifying promising decarbonization projects and convening key stakeholders to overcome deployment challenges.
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Source: Weforum
