How cargo owners will accelerate maritime shipping decarbonization? coZEV Initiative for zero emission shipping

Photo: 196277237 © Thattaphon Sukborwornophat |

The Cargo Owners for Zero Emissions Vessels (coZEV) initiative recently announced their ‘Roadmap to 2040’, which outlines the action areas cargo owners can start taking in 2023 to enable full decarbonization of their ocean freight by 2040. The ambition established by the 19 current signatories to coZEV’s 2040 Ambition Statement.

The ‘Roadmap to 2040’ includes the creation of a new maritime freight buyers alliance, a cargo owner policy coalition, and a green corridor advisory board. Participation in these new action areas is open to all cargo owners interested in transitioning their ocean freight to zero emission shipping in the coming years.

Among actions in the ‘Roadmap’, coZEV will work with cargo owner companies to establish the Zero Emission Maritime Buyers Alliance (ZEMBA) to accelerate commercial deployment of zero emission shipping, enable economies of scale, and maximize cargo owners’ collaborative emissions reduction potential beyond what any one freight buyer could accomplish alone. ZEMBA will accomplish these goals by stimulating investment in zero emission solutions.

“Demand for zero emission shipping is essential for derisking investment in zero emission maritime fuels and technologies across the value chain,” said Ingrid Irigoyen, Director of the Aspen Institute Shipping Decarbonization Initiative and facilitator of coZEV. “ZEMBA will enable cargo owners to come together for greater impact and support accelerated deployment of scalable zero emission solutions in a robust marketplace.”

With facilitation support from the Aspen Institute, coZEV plans to welcome an inaugural group of freight buyers to join ZEMBA in 2023. Together, those members will then announce their total demand for zero emission ocean shipping with an associated goal for avoided greenhouse gas emissions. A competition law compliant process is under design to attract zero emission cargo services for ZEMBA members by the mid-2020s. Cargo owners interested in leading an accelerated transition to zero emission shipping are invited to contact the Aspen Institute to learn more and join ZEMBA.

To propel the economic viability and scaling of zero emission solutions, coZEV will also launch a new cargo owner policy coalition in 2023. This will provide a platform for climate-leading cargo owners to collaborate on maritime decarbonization policy and educate national, regional, and international policymakers on the need to: (1) incentivize commercial viability of zero emission shipping by 2030, including policies that close the cost and supply gap between scalable zero emission fuels and high-emission bunker fuels and (2) ensure adequate investment in the infrastructure needed for widespread adoption of zero emission fuels and technologies.

“The coZEV Roadmap to 2040 underscores that stronger policy support is needed to provide certainty for investment and scaling of zero emission solutions on a Paris-aligned pathway,” said Katherine Palmer, Shipping Lead, UN High Level Climate Champions. “We look forward to cargo owners engaging in the policy space, especially ahead of revision of the International Maritime Organization’s Initial Greenhouse Gas Strategy in the coming months.”

Another action area announced in the ‘Roadmap to 2040’ is the formation of a new green corridor advisory board that allows cargo owner companies to stay informed about and provide input to the growing number of green corridor projects around the world.

“Green corridors will be the innovation hubs for the new business and operational models that zero emission shipping demands, which means that they will be much more impactful if they fully engage cargo owners,” said Jesse Fahnestock, Head of Research and Innovation at the Global Maritime Forum. “At the Global Maritime Forum, we look forward to collaborating with coZEV as they bring cargo owner perspectives into this exciting new action area for maritime decarbonization.”

Source: Cargo Owners for Zero Emission Vessels (coZEV)

Disclaimer for podcasts and articles

When you view, access or otherwise use our podcasts or articles, you acknowledge the application of this disclaimer:

Shipping Telegraph ApS provides no warranty, guarantee or representation as to the accuracy or sufficiency of the information featured in our podcasts or articles. The information, opinions, recommendations, content, etc. presented in our podcasts or articles are for information purposes only and do not constitute or replace professional advice. Any reliance you may place on the information provided in our podcast or articles is strictly at your own risk.

Unless it is specifically stated, Shipping Telegraph ApS does not approve, recommend or certify any product, process, service, organization, etc. presented or mentioned in our podcasts or articles. Any third-party materials, advertisements or content of any third-party referenced in our podcasts or articles do not necessarily reflect the opinions, standard or policies of Shipping Telegraph ApS, and Shipping Telegraph ApS cannot be held accountable hereof. Shipping Telegraph ApS is not responsible or liable for the accuracy, completeness or compliance with applicable laws of any third-party material, advertisements and content.

Shipping Telegraph ApS shall not be responsible for any errors or omissions contained in the podcasts, the articles or the website used to gain access hereto and reserves the right to make changes without notice. Shipping Telegraph ApS makes no warranty that our podcasts or articles, or the server making them available, are free of viruses, worms, etc.

Shipping Telegraph ApS expressly disclaims any and all liability or responsibility for any direct, indirect, punitive, incidental, consequential or other damages or other claims arising out of or in connection with any individual's and business entity's use of, reference to, reliance on our podcasts or articles or the information presented herein. By ticking the box, I agree with the disclaimer above.