Fortescue and other shipping majors have come together at COP29 in Baku to sign an historic agreement, calling for greater action on zero-emissions fuel standards and related investments for international shipping.
The call to action entitled Green Hydrogen and Green Shipping: Amplifying the Power of Hydrogen in a Just and Equitable Transition, has more than 50 signatories across the full spectrum of the maritime value chain.
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% – and as much as 10% – of energy used with zero or near-zero emissions technologies, fuels and energy sources by 2030.
“Shipping affects us all and rules must be set that benefit all economies. No one can be left behind,” noted Nigar Aparadarai who leads the UN Climate Change High-Level Champions Team.
“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.”
Fortescue executive chairman, Dr Andrew 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.”
