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Global Maritime Forum: Launch of Getting to Zero Coalition Transition Strategy with Concerted Collaborative Action, Full Decarbonization of International Shipping by 2050 Is Doable

LONDON, Oct. 27, 2021 /PRNewswire=KYODO JBN/ --

Today, the Getting to Zero Coalition launched its "Strategy for the Transition

to Zero-Emission Shipping", a comprehensive study of the actions that

governments, industry, and international bodies must take to deliver on a

transition to zero emissions by 2050.

Shipping has undergone transitions in the past and can do so again. The report,

prepared by University Maritime Advisory Services (UMAS) for the Getting to

Zero Coalition, demonstrates that this transition is an opportunity to create

new markets, new technologies and new jobs, alongside wholesale benefits to

society.

The Strategy is the first major shipping report to bring together transition

theory with techno-economics. It provides new insights into the essential

elements of such a transition: the political, technical, economic, and

commercial requirements, and the actions needed from the sector to deliver on

them.

"Since 2018, the decarbonization discussion has been dominated by deliberations

of the industry's fuel choice and the chances of carbon pricing at the IMO.

This study shows that shipping's decarbonization needs a broader perspective,

and more attention on the many levers for change that can and should be pulled

including at the national and regional level," said Dr Tristan Smith, Associate

Professor at UCL Energy Institute and the lead author of the report.

The report concludes that the fuel pathway is not predetermined but will be

impacted by the choices of the coming years. However, at this point in

shipping's transition, the most urgent commercial and policy actions are those

that can contribute to increase production and use of scalable zero emission

fuels derived from hydrogen.

"Industry leadership, collaboration and early-stage investment from both the

private and public sector is critical to kick-start the transition and reduce

costs and risks. By reaching 5 percent scalable zero-emission fuels in shipping

by 2030, we can create the tipping point that will allow for a rapid diffusion

in the following decades. We estimate that about 10 percent of shipping's total

fuel consumption have promising conditions for transition to zero-emission

fuels during the 2020's, putting this goal squarely within reach," said Jesse

Fahnestock, Head of Research and Analysis at the Global Maritime Forum during

the launch of the Transition Strategy at the Global Maritime Forum's Annual

Summit in Church House in London.

The report underlines that the transition to full decarbonization by 2050 is

possible, but all actors need to prepare in their own way. Those countries and

companies with potential to support and deploy zero emission shipping this

decade must begin to work together on doing so. Those facing higher barriers to

action must prepare flexible and robust strategies for the rapid change to

come. And all parties should work to enable robust action globally through the

IMO.

"Success does not mean finding a single course of action, rather a series of

actions by different stakeholders, which can reinforce and complement one

another to fully decarbonize the sector by 2050," says Margi Van Gogh Head of

Supply Chain and Transport, World Economic Forum.

The Strategy for the Transition to Zero-Emission Shipping was prepared by UMAS

for the Getting to Zero Coalition with funding from the Mission Possible

Partnership (MPP).

About the Getting to Zero Coalition

The Getting to Zero Coalition is an industry-led platform for collaboration

that brings together leading stakeholders from across the maritime and fuels

value chains with the financial sector and other committed to making

commercially viable zero emission vessels a scalable reality by 2030. The

Getting to Zero Coalition is a partnership between the Global Maritime Forum,

the Friends of Ocean Action, and the World Economic Forum.

About Global Maritime Forum

The Global Maritime Forum is an international not-for-profit organization

committed to shaping the future of global seaborne trade to increase

sustainable long-term economic development and human wellbeing.

About Friends of Ocean Action

Friends of Ocean Action is a unique group of over 55 global leaders from

business, international organizations, civil society, science and academia who

are fast-tracking scalable solutions to the most pressing challenges facing the

ocean. It is hosted by the World Economic Forum in collaboration with the World

Resources Institute.

About World Economic Forum

The World Economic Forum is the International Organization for Public-Private

Cooperation. The Forum engages the foremost political, business, cultural and

other leaders of society to shape global, regional and industry agendas. It was

established in 1971 as a not-for-profit foundation and is headquartered in

Geneva, Switzerland. It is independent, impartial and not tied to any special

interests.

About UMAS

UMAS delivers consultancy services and undertakes research for a wide range of

clients in the public and private sectors using models of the shipping system,

shipping big data, and qualitative and social science analysis of the policy

and commercial structure of the shipping system. UMAS's work is underpinned by

state-of-the-art data supported by rigorous models and research practices,

which makes UMAS world-leading on two key areas; using big data to understand

drivers of shipping emissions and using models to explore shipping's transition

to a zero emissions future. For more information visit: www.u-mas.co.uk

SOURCE: Global Maritime Forum