The shipping industry, vital for global trade, grapples with the challenge of decarbonization, contributing over 80% to international goods movement. However, progress is underway through initiatives like the First Movers Coalition (FMC), where 16 shipping companies commit to substantial emission reductions.
Collaborative Solutions for Emission Reduction
Under the FMC, the shipping sector is uniting to achieve ambitious targets, aiming for 5% zero-emission deep-sea shipping by 2030 and 100% by 2040. If met, this could eliminate an estimated 4.2 million tonnes of greenhouse gas emissions annually by 2030, presenting a significant stride towards sustainable maritime practices.
Driving Innovation and Market Demand
Key players in the industry are fostering innovation and demand for sustainable fuels. Collaborative efforts, such as the Zero Emission Maritime Buyers Alliance (ZEMBA), are leveraging procurement power to create markets for zero-emission ocean transport. Companies like Maersk are leading by example, investing in dual-fuel vessels and procuring green methanol, demonstrating a commitment to net-zero emissions by 2040.
Research Driving Feasibility
The Western Australia-East Asia Iron Ore Green Corridor Consortium’s study explores the feasibility of deploying ships powered by clean ammonia. Sponsored by industry leaders like BHP, Rio Tinto, and Oldendorff Carriers, the research indicates that key technologies are on track for the adoption of zero-emission ammonia, paving the way for sustainable shipping solutions.
Procurement Power for Sustainable Fuels
The Zero Emission Maritime Buyers Alliance (ZEMBA), initiated by the Aspen Institute, showcases the impact of collaborative procurement. Amazon’s support for ZEMBA’s zero-emission fuels tender aims to ship 600,000 TEUs on zero-emission vessels, leading to a substantial carbon emissions reduction. Maersk’s procurement power is evident in its orders for dual-fuel green methanol vessels and commitment to purchasing green methanol, reinforcing its goal to decarbonize transport.
Looking Ahead: FMC members are actively engaged in strategic initiatives, including the establishment of a supplier database, scoping workshops in emerging economies, and programmatic activities, to accelerate the scaling and deployment of zero-emission solutions leading up to 2030.
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Source: World Economic Forum
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