Green Shipping Corridors Analysis: Key Findings

This article delves into the current state of shipping, highlighting the industry as a significant contributor to global greenhouse gas emissions.

The International Maritime Organization (IMO) set an ambitious target, to achieve net-zero emissions by 2050. To meet this aim, a radical transformation of the maritime industry is needed. And for this, green shipping corridors offer a promising solution. This is because they’re capable of mobilising key stakeholders, and the necessary investments and infrastructure.

Yet, formidable challenges persist that could obstruct progress. These challenges include:

• Uncertainty surrounding the choice of fuel pathways.
• Navigating a complex stakeholder landscape.
• High investment costs to support the green transition.
• Identifying priority shipping segments for intervention.

Addressing these challenges demands collaboration and transparency among key stakeholders. Plus, green technologies and AI-driven software solutions are crucial in facilitating a smooth transition to net zero emissions.

What Is Net Zero?

Achieving net zero is a balancing act. That is, the volume of greenhouse gas (GHG) emissions released into the atmosphere by a given entity must match the volume of GHG emissions removed from the atmosphere by that entity. This ensures total emissions are equal to zero.

The aim of net zero is to mitigate the impact of climate change by limiting global temperature rise to 1.5°C.

This follows the guidance provided by the IPCC and the Paris Agreement. Considering that the shipping sector accounts for approximately 2.9% of global emissions, addressing the challenges of climate change demands the decarbonisation of this particular industry.

Unfortunately, emissions from shipping have surged by 20% in the past decade. This hinders the emission reduction goals of dependent stakeholders across supply chains, with 80% of global trade dependent on shipping logistics.

In response to these challenges, green shipping corridors have been strategically planned to expedite the journey toward net zero for shipping on a global scale.

Carbon neutral shipping is another term you will have come across. To learn more about carbon neutral shipping and how it relates to net zero, please refer to the following article: Carbon Neutral Shipping: Drive Results With The 4-C Approach.