Maritime decarbonization plan targets goods and minerals

Shipping routes for the transport of iron ore from Australia to Japan and containerized goods from East Asia to Europe are at the center of plans to reduce maritime carbon emissions by 2030.

At least six of those corridors should be established by the middle of this decade, according to the Clydebank Declaration on Green Transportation, unveiled Wednesday at the COP26 climate summit in Glasgow, Scotland. It was signed by 19 countries, including the United States, the United Kingdom, Japan, France, and Germany.

Shares of shipping companies fell after the plan was known. In a note, Berenberg analysts said a potential carbon levy on global shipping by the International Maritime Organization could cost the industry $ 94 billion a year, or an average of 6% of revenue.

International shipping represents approximately 3% of global carbon emissions, equal to the production of the sixth most polluting country, according to the World Economic Forum. Without efforts to decarbonize, the sector’s emissions could increase by 50% by 2050 based on the projected expansion of maritime trade.

Access to so-called green ammonia, which does not contain carbon, and green methanol was a factor in the selection of the two charge streams. Other candidates for alternative fuels include hydrogen, batteries, and nuclear power.

Plans call for a shift to 20% zero-emission vessels in each corridor by the end of the decade, Faustine Delasalle, co-executive director of the Mission Possible Partnership, said in a briefing. Australia’s ore exports will require 10 carbon-free vessels to meet that goal and container shipping flowing from China and other producers to Europe will need 70.

In total, between 200 and 300 of these vessels will be required for zero-emission fuels to account for 5% of global maritime supply by the end of the decade, in line with a push for zero-emission international shipping by 2050.

“We need zero-emission, commercially viable ocean vessels in the global fleet by 2030″ Said Morten Bo Christiansen, who heads a new decarbonization team at AP Moller-Maersk A / S, the world’s largest container line, which supports the statement. “Now we are on the wrong path. These green corridors are part of the solution”.