As this year’s climate conference #COP28 wraps up, the global commitment to sustainable practices in the shipping industry takes center stage. We have seen some key momentums related to climate change, efforts in reducing emissions and concrete steps taken in transitioning away from fossil fuels.
Key Highlights
- Green hydrogen for shipping: Around 30 organizations, including green hydrogen producers, cargo owners, ship operators, ports, and equipment manufacturers, signed a joint commitment to enable the use of renewable hydrogen-derived shipping fuel this decade. This will help to meet the IMO’s target of at least 5% zero-emission fuels by 2030, including commitments for fuel use, fleet development and port infrastructure needed to get the nascent green hydrogen industry to scale.
- Clean Cargoes: 10 more companies will join the Cargo Owners for Zero Emission Vessels (coZEV), the collaborative platform announced during COP27, bringing the total to over 35 freight buyers working to drive ambition and action toward zero-emissions ocean transport.
- Shipping pact for people and nature: A new report with multiple targets from ‘shipping pact for people and nature (UN-led)’ was launched to address the interconnected challenges of pollution, biodiversity loss, and the climate crisis, as well as the potential co-benefits of shipping decarbonisation for people and nature.
- Shaping The Future: 60 maritime organizations met under the COP28 presidency programme to call for an end date for fossil-only powered newbuilds and urged the International Maritime Organization (IMO) to create the regulatory conditions to accelerate the transition to green fuels.
- Green Pioneer: Fortescue’s Green Pioneer ship, the world’s first vessel to run on green ammonia, arrived in Dubai this week from Singapore, where it was recently converted from running on fossil fuels.
- Zero emission port alliance: APM Terminals and DP World announced the formation of the Zero Emission Port Alliance (ZEPA), an industry-wide strategic coalition with the goal of accelerating the journey to zero emissions for container handling equipment (CHE) at ports.
The major milestones at COP28 sends a clear message: the shipping industry is on a transformative path towards decarbonisation. The urgency to address climate change is stronger than ever, presenting an immense opportunity for the maritime industry to be at the forefront, by working together to create a cleaner, greener, and more sustainable maritime future.
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