Green Shipping Corridor Initiatives Doubles Demonstrating A Remarkable Surge

According to the 2023 Annual Progress Report for Green Shipping Corridors, the number of green shipping corridor initiatives has doubled from 21 to 44 in the last year, demonstrating a remarkable surge.

The Global Maritime Forum presented the report for the Getting to Zero Coalition, highlighting the growing number and development of ongoing projects. Several corridors have advanced by determining which fuels are a priority and establishing operation targets.

The report, released together with COP28, predicts that 2024 will be a significant year for green corridors. These corridors, particularly trade routes that, combined with private and public efforts, make shipping with zero emissions feasible, have attracted much attention.

Although encouraging, the report highlights new issues as green shipping corridors get closer.

The project director for decarbonisation at the Global Maritime Forum, Jesse Fahnestock, shows the positive development of green corridor initiatives but also points out the new difficulties that have emerged as they have evolved.

With over half of the 171 stakeholders involved made up of shipping companies, ports, and the third sector, the doubling of initiatives is attributed to increased government and industry efforts.

With 19 initiatives involving public or public-private leadership and 18 governments involved, it is clear that the world is becoming more aware of the potential of green corridors to promote broader decarbonisation in maritime trade.

But as passages get closer to implementation, the report points out obstacles, such as the difficulty of overseeing cross-sectoral, multi-stakeholder projects, which could be improved in several areas.

The report also highlights gaps in understanding regarding the contracts and funding mechanisms that support deployment. On the policy front, there is also a call for more government capacity and resources to support implementation.

Reference: Global Maritime Forum

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