A new report from the Global Maritime Forum, prepared on behalf of the Getting to Zero Coalition, assesses progress towards the development of Green Shipping Corridors and finds that activity during 2022 exceeded expectations.
However, it noted that as maritime green corridors progress towards implementation, some key industry stakeholders, especially cargo owners and fuel producers, will need to be engaged as soon as possible.
From the public sector, policy support from national governments will need to embrace the challenge of closing the fuel cost gap between zero-emission and fossil fuels.
While most maritime Green Corridor initiatives remain in their infancy, the report looks at their potential, assesses progress, identifies challenges, and offers recommendations, in particular by advancing the commercial-scale deployment of zero-emission fuels, vessels and infrastructure on promising routes.
Previous analysis has indicated that for shipping’s transition to get on track, 5% of fuels used on deep sea routes would need to be scalable, zero-emission fuels such as clean ammonia, methanol, or hydrogen.
- Overall, the report documents a level of Green Corridor activity in 2022 that has exceeded expectations, with more than 20 initiatives and 110 stakeholders from all main shipping segments involved, active engagement from the government signatories of the Clydebank Declaration, and coverage of some of the most important deep-sea routes.
- Most of these initiatives remain at a very early stage of development, with only a handful reaching the feasibility and planning stages so far.
- So far, maritime Green Corridors are too shipping-centric, more needs to be done to involve cargo owners and producers of future fuels if important obstacles are to be overcome.
- While governments have shown a promising amount of initiative in developing supportive policies, they will need to consider how to use national policy levers to close the fuel cost gap between zero-emission and fossil fuels.
The Global Maritime Forum’s Project Director for Decarbonization, Jesse Fahnestock, noted that the report, like the activity it covered, was about creating a baseline for future action:
These corridors are all at very early stages, but as they move towards implementation, this report can provide a platform for monitoring and sharing global progress. Already, the report has identified some key recommendations for accelerating action and improving impact
Recommendations to support accelerated and more impactful green corridors
- Involve key stakeholders early in the process – especially cargo owners and fuel producers.
- Use national policy support to close the fuel cost gap for zero-emission shipping – through contracts for difference or other targeted support for shipping fuels.
- Think more critically about the prioritization of corridors – to ensure that governments are supporting impactful and feasible first mover routes.
- Strive for specificity on fuel pathways where possible – to maximize and accelerate the impact of green corridors.
- Prioritize learning by doing – rather than standardized templates for action.
- Focus on the technology transition to 2030 – green corridors are about getting to the tipping point, rather than delivering immediate emissions reductions.
- Explore mechanisms for green corridors to contribute toward an equitable transition – making the technologies and knowledge generated available in the Global South will be crucial for the long-term transition.
EXPLORE MORE AT global maritime forum’s report
