Panama, Uruguay, and Norway have endorsed a worldwide cross-sector initiative to catalyse the supply of green fuels, and support the global energy transition, says an article published on Bunkerspot.
Low-carbon fuels
The countries have now signed up to the Clean Energy Marine Hub Initiative (CEM-Hubs), a group of representatives from across the global energy-maritime value chain, to set up hubs.
Initiative aiming
The initiative, which is co-led by a taskforce of CEOs, is a cross-sectoral public-private initiative aiming to accelerate the production, export and import of low-carbon fuels across the world.
Three governments join
The three governments join the UAE and Canada, who, as Bunkerspot previously reported, were the first to join the CEM-Hubs initiative when it was announced at the Clean Energy Ministerial, in Pittsburgh, earlier this year.
Marine infrastructure
The initiative will engage with all members to facilitate information and knowledge exchange on policies, programmes, and decarbonisation projects.
This is expected to catalyse investments in the marine infrastructure needed to transport zero and low emission fuels from producer to consumer.
De-risk investment
CEM-Hubs is co-ordinated with the support of the International Chamber of Shipping (ICS) and the International Association of Ports and Harbours (IAPH), and the Clean Energy Ministerial (CEM).
Supporters believe that the initiative has the potential to de-risk investment and accelerate the commercial deployment and transport of alternative fuels, which are currently two to three times more expensive than fossil fuels.
Great deal
‘A year on from COP26, a great deal is still being talked about the production of hydrogen and other low-carbon fuels, but very little on how this will actually be done,’ said Emanuele Grimaldi, chairman of ICS.
‘That’s why this initiative is so crucial, because it brings together the whole energy value chain to ensure that producing, transporting, and using net zero-emission fuels becomes a reality.’
Energy landscape
“Decarbonising shipping and decarbonising the world are two sides of the same coin.“Shaping the future of shipping”’ conference in Glasgow demonstrated that all stakeholders across the world’s energy landscape need to work together to decarbonise, and I’m delighted to see that reflected by this announcement in Egypt today.”
Challenge launch
The announcement came as part of the Green Shipping Challenge launch event at the world leader’s summit of COP27.
Led by the United States and Norway, the Green Shipping Challenge aims to bring together governments, ports, maritime carriers, shipowners and cargo owners to find decarbonisation solutions for the industry.
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Source: Bunkerspot
