The 2024 edition of the Getting to Zero Coalition’s Annual Progress Report on Green Shipping Corridors highlights significant advancements in the movement. Over the past year, 18 new green shipping corridor initiatives have emerged globally, with two-fifths of existing initiatives progressing to a new development phase. Six initiatives have taken steps towards real-world implementation, showcasing a promising trend towards sustainable shipping practices.
Despite this progress, the report emphasizes the need for urgent government action to overcome potential obstacles. It calls for timely public support to bridge the fuel cost gap, suggesting the adoption of green market-maker schemes like H2Global as a cost-effective solution. Stakeholders are encouraged to explore innovative commercial arrangements within green corridors, prioritizing commercial innovation around fuel procurement and chartering/cargo to drive sustainable practices forward.
Additionally, the report advocates for a more flexible and programmatic approach to governance within green corridor initiatives. By allowing for wider participation and collaborative mechanisms in fuel purchasing and chartering, these initiatives can better handle experimentation, achieve scale, and share risks. There is also a call to explore policies and finance options to support green corridors and zero-emission fuel supply chains in the Global South, recognizing the specific challenges faced in these regions. Overall, the report stresses the importance of rallying behind existing initiatives and leveraging best practices to maximize the potential of the global green corridor portfolio.
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