12 November 2024
Historic COP29 agreement calls for acceleration towards zero emissions shipping
Fortescue and other global shipping industry leaders have come together at COP29 in Baku to sign a historic agreement calling for greater action on zero emissions fuel standards and related investments for international shipping.
Fortescue and other global shipping industry leaders have come together at COP29 in Baku to sign a historic agreement calling for greater action on zero emissions fuel standards and related investments for international shipping.
The unprecedented Call to Action, entitled “Green Hydrogen and Green Shipping: Amplifying the Power of Hydrogen in a Just and Equitable Transition”, was advocated for by the UN Climate Change High-Level Champions Team led by Nigar Aparadarai.
The Call, which it is hoped will be a significant legacy of the Baku COP, has more than 50 signatories across the full spectrum of the maritime value chain.
It comes at a pivotal time for the future of international shipping, with the International Maritime Organization (IMO) set to decide next April on the most important regulatory change to the shipping industry in our generation. The IMO will agree on a global fuel standard that will regulate greenhouse gas emissions intensity and a carbon pricing mechanism.
Its launch came shortly after IMO Secretary-General Arsenio Dominguez joined Nigel Topping and Fortescue Executive Chairman, Dr Andrew Forrest AO, at a high-level shipping event at COP29.
Mr Dominguez highlighted the remarkable progress the IMO was making in its pursuit of an equitable energy transition for global shipping, underlining the importance of achieving balanced outcomes for the industry and member states.
The Call commits the global shipping sector signatories to prioritising investment in hydrogen-derived fuels that genuinely reduce emissions and transition costs.
It includes strong commitments from industry to the full decarbonisation of the maritime sector, with a goal of at least 5 per cent – and as much as 10 per cent – of energy used with zero or near-zero emissions technologies, fuels and energy sources by 2030.
Ms Aparadarai welcomed the Call to Action as a pointed moment that left Azerbaijan uniquely placed to make this COP one of peace and common ground.
“Shipping affects us all and rules must be set that benefit all economies. No one can be left behind,” Ms Aparadarai said.
“Azerbaijan has certainly been no stranger to increasing climate impacts. The Caspian Sea level has dropped dramatically, by more than a metre, in just a few years. Climate change is killing off biodiversity and creating many economic challenges.
“These impacts demonstrate that we must move quickly to zero emissions fuels. But we must do so in a manner that benefits all countries. I am confident this Call to Action will build on the momentum that already exists in the push for zero emission shipping.”
Dr Forrest has previously stressed the importance of coupling a carbon levy of about $150 with a zero emissions fuel standard intensity target to drive decarbonisation in shipping.
Fortescue has its own fleet of very large ore carriers and charters around 1000 ships per year to transport iron ore to its customers.
Last year Fortescue brought the world’s first dual-fuel ammonia powered service vessel, the Fortescue Green Pioneer, to COP28 in Dubai to prove that the technology needed to help achieve zero emissions shipping is being rapidly developed.
The Green Pioneer created history in March when it was awarded flag state status from Singapore and received safety certification from classification society DNV.
“With the Green Pioneer we have shown that the solutions in this space exist, and that green ammonia is safe,” Dr Forrest said.
“Fortescue does not believe so-called transition fuels are the way forward. We need the IMO to agree to a zero emissions fuel standard.
“The choice is whether to waste the next 10 years on incremental measures that cost more and deliver less or deliver a Real Zero fuel standard that drives investment into real maritime decarbonisation solutions.
“This Call to Action represents a powerful display of solidarity from the global shipping industry at this crucial COP.”
Media contact:
Fortescue
E: media@fortescue.com
M: 1800 134 442
The unprecedented Call to Action, entitled “Green Hydrogen and Green Shipping: Amplifying the Power of Hydrogen in a Just and Equitable Transition”, was advocated for by the UN Climate Change High-Level Champions Team led by Nigar Aparadarai.
The Call, which it is hoped will be a significant legacy of the Baku COP, has more than 50 signatories across the full spectrum of the maritime value chain.
It comes at a pivotal time for the future of international shipping, with the International Maritime Organization (IMO) set to decide next April on the most important regulatory change to the shipping industry in our generation. The IMO will agree on a global fuel standard that will regulate greenhouse gas emissions intensity and a carbon pricing mechanism.
Its launch came shortly after IMO Secretary-General Arsenio Dominguez joined Nigel Topping and Fortescue Executive Chairman, Dr Andrew Forrest AO, at a high-level shipping event at COP29.
Mr Dominguez highlighted the remarkable progress the IMO was making in its pursuit of an equitable energy transition for global shipping, underlining the importance of achieving balanced outcomes for the industry and member states.
The Call commits the global shipping sector signatories to prioritising investment in hydrogen-derived fuels that genuinely reduce emissions and transition costs.
It includes strong commitments from industry to the full decarbonisation of the maritime sector, with a goal of at least 5 per cent – and as much as 10 per cent – of energy used with zero or near-zero emissions technologies, fuels and energy sources by 2030.
Ms Aparadarai welcomed the Call to Action as a pointed moment that left Azerbaijan uniquely placed to make this COP one of peace and common ground.
“Shipping affects us all and rules must be set that benefit all economies. No one can be left behind,” Ms Aparadarai said.
“Azerbaijan has certainly been no stranger to increasing climate impacts. The Caspian Sea level has dropped dramatically, by more than a metre, in just a few years. Climate change is killing off biodiversity and creating many economic challenges.
“These impacts demonstrate that we must move quickly to zero emissions fuels. But we must do so in a manner that benefits all countries. I am confident this Call to Action will build on the momentum that already exists in the push for zero emission shipping.”
Dr Forrest has previously stressed the importance of coupling a carbon levy of about $150 with a zero emissions fuel standard intensity target to drive decarbonisation in shipping.
Fortescue has its own fleet of very large ore carriers and charters around 1000 ships per year to transport iron ore to its customers.
Last year Fortescue brought the world’s first dual-fuel ammonia powered service vessel, the Fortescue Green Pioneer, to COP28 in Dubai to prove that the technology needed to help achieve zero emissions shipping is being rapidly developed.
The Green Pioneer created history in March when it was awarded flag state status from Singapore and received safety certification from classification society DNV.
“With the Green Pioneer we have shown that the solutions in this space exist, and that green ammonia is safe,” Dr Forrest said.
“Fortescue does not believe so-called transition fuels are the way forward. We need the IMO to agree to a zero emissions fuel standard.
“The choice is whether to waste the next 10 years on incremental measures that cost more and deliver less or deliver a Real Zero fuel standard that drives investment into real maritime decarbonisation solutions.
“This Call to Action represents a powerful display of solidarity from the global shipping industry at this crucial COP.”
Media contact:
Fortescue
E: media@fortescue.com
M: 1800 134 442