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Cargo Owners for Zero Emission Vessels vow nil-carbon shipping by 2040

25
Oct '21

Pic: Shutterstock

Amazon, Brooks Running, Frog Bikes, IKEA, Inditex, Michelin, Patagonia, Tchibo and Unilever are the first signatories to a 2040 Ambition Statement facilitated by Cargo Owners for Zero Emission Vessels (coZEV). The initiative, supported by UK-based UCL Energy Institute researchers, sees climate-forward brands announcing a target to switch ocean freight to zero-carbon fuels.

Zero-carbon fuels refer to fuels that have zero greenhouse gas emissions on a lifecycle basis, are sufficiently scalable to decarbonise the entire shipping industry, and for which safety and land use concerns have been addressed.

The ambition statement sends an important demand signal to the maritime value chain and bunker fuel producers that freight customers want zero-carbon shipping and they expect the industry to rapidly accelerate its decarbonization efforts in the years ahead, a press release from the UK-based university said.

The statement also signals new interest by public-facing and climate-leading consumer goods companies and retailers to work collaboratively, deploy their capacities for innovation, and drive economies of scale to foster an economically viable marketplace for zero-carbon shipping.

The coZEV signatories to the 2040 Ambition Statement are also calling on policymakers around the world to take swift and ambitious action to advance maritime shipping decarbonisation—in their domestic, regional, and international leadership capacities, recognising that market forces alone will not bring these solutions to scale.

The coZEV network is supported by UMAS, a sector-focussed, commercial advisory service that draws upon the world leading expertise of the shipping team at UCL Energy Institute, combined with the advisory and management system expertise of UMAS International Ltd.

Fibre2Fashion News Desk (DS)

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