In line with a global push to decarbonization and green development, a recently launched partnership among over 90 organizations ambitions to get commercially viable deep sea zero emission vessels fueled by zero emission fuels into operation by 2030.
What is ‘Getting to Zero Coalition’?
Getting to Zero Coalition is an alliance of more than 90 companies across the maritime, energy, infrastructure and finance sectors, launched at the United Nations climate summit in New York on September 23, 2019.
What is the aim of the Coalition?
The main idea is that climate change requires urgent action by all public and private sectors of the economy, including shipping.
In this context, the partners seek to get commercially viable deep sea zero emission vessels fueled by zero emission fuels into operation by 2030.
A key starting point to reach this goal is commercially viable zero emission vessels to enter the global fleet by 2030, with the numbers of such vessels to be radically scaled up through the 2030s and 2040s.
This comes in line, not only with the landmark 2015 Paris Agreement, but also with the IMO’s ambitious GHG emissions reduction strategy, aiming a 50% cut in CO2 emissions by 2050 compared to 2008.
Who are involved?
The coalition was launched as a partnership by the Global Maritime Forum, and the Friends of Ocean action, World Economic Forum.
Since its launch in September, dozens of organizations from the fields of maritime, energy, infrastructure and finance, have joined the effort.
The partnership is also supported by decision makers from governments and IGOs.
The alliance builds on the Call to Action in Support of Decarbonization, launched in October 2018 and signed by more than 70 leaders from across the maritime industry, financial institutions and other stakeholders, as well as on the Poseidon Principles – a global framework for climate-aligned ship financing – launched on 18 June 2019.
Towards shipping decarbonization
Today, international shipping emits 2-3% of global GHG emissions and the IMO has agreed on an ambition to reduce GHG emissions from shipping by at least 50% by 2050.
Decarbonization of international shipping and its energy value chains can only be achieved through close collaboration and deliberate collective action involving not only the maritime, but also infrastructure, energy and finance sectors.
Shipping decarbonization has the potential to act as a catalyst for the energy transition, drive substantial investment in clean energy projects in developing countries and, most importantly, inspire other hard to abate sectors to work together to accelerate decarbonization of their industries for a greener world.
The year 2020 continues the trend of an increased participation interest across global organizations. In January, dry bulk operator Eagle Bulk Shipping announced it would join the effort, followed by Swedish manufacturer Alfa Laval and the Amsterdam-based Smart Freight Centre. In early February, the Hamburg Port Authority also joined the Coalition.
If shipping becomes a reliable source of demand for zero emission fuels, it has the potential to drive investment in energy projects in developing and middle-income countries.
-Global Maritime Forum.