The “Getting to Zero Coalition Action Framework: Documenting actions towards decarbonising shipping” report, released by the Global Maritime Forum’s Getting to Zero Coalition, provides a comprehensive evaluation of the progress being made towards the full decarbonization of the shipping industry by 2050, a target set by the International Maritime Organization (IMO), reports Global Maritime Forum.
Advancements For Decarbonization
A recent report analyzing the progress of 76 major companies across the shipping industry value chain has revealed advancements across 26 specific actions aimed at decarbonization. These actions were categorized into five key areas, with the average progress within each category scored as a percentage:
- Creating enabling conditions – 58% average score: This category encompasses actions such as setting decarbonization targets, developing transition plans, reporting progress transparently, and actively engaging with relevant policies.
- Incentives and market-making – 42% average score: Actions in this area include promoting transparency in ship finance and shipping activities, implementing port incentives for zero-emission shipping, facilitating matchmaking for zero-emission fuels, and utilizing green loans.
- First movers and niche market development – 24% average score: This category focuses on actions like book and claim systems, commercializing and procuring zero-emission shipping services, undertaking pilot demonstration projects, and establishing green corridors.
- Transition investments – 23% average score: Actions here involve capacity building for seafarers to handle new technologies, developing zero-emission infrastructure, investing in zero-emission engines, ships, retrofits, and securing necessary finance.
- Deployment of zero-emission shipping – 26% average score: This category includes actions such as establishing zero-emission fuel production facilities, investing in zero-emission fuel production in developing countries, securing zero-emission fuel offtake agreements, and deploying zero-emission vessels.
Significantly, each action within the report features a ‘spotlight on best practices’, highlighting leading case studies that demonstrate excellence in different parts of the value chain.
The report serves as a crucial tool for accountability and benchmarking within the industry. It enables stakeholders to identify existing barriers to progress, understand and scale successful solutions, and ultimately accelerate the transition towards a zero-emission future for global shipping.
Did you subscribe to our daily Newsletter?
It’s Free Click here to Subscribe!
Source: Global Maritime Forum
