A group of over 50 shipping stakeholders, led by the Australian mining company Fortescue, used the COP29 to push for a firm commitment to hydrogen-based alternative fuels.
Other signatories included prominent organizations like Anglo-Eastern, Adani, and Trafigura, although Maersk did not join despite its previous support for green hydrogen.
At this year’s COP29 climate conference, held to discuss the implementation of the Paris Agreement, there was a noticeable absence of major political figures such as Xi Jinping, Joe Biden, Narendra Modi, Olaf Scholz, Lula da Silva, and Emanuel Macron. With Donald Trump soon to take office, the United States is expected to withdraw from the agreement shortly. Despite this, influential figures from the shipping industry, including International Maritime Organization Secretary General Arsenio Dominguez, were present.
The coalition demands mandatory measures on emissions to be adopted at the Marine Environment Protection Committee’s next session, with the aim for these measures to be effective by 2027. Key proposals include a fuel standard based on greenhouse gas intensity, with strong penalties for noncompliance. They also advocate for a globally implemented bunker tax ranging from $100-150 per metric ton of CO2 equivalent, aligning with $300-450 per metric ton of bunker fuel. Lastly, the group calls for robust standards on greenhouse gas emissions accounting and rules that target absolute emission reductions.
Fortescue’s CEO, Dr. Andrew Forrest, argues against transitional fuels like LNG, advocating for an immediate move to zero emissions fuel standards to foster investment in true maritime decarbonization.
