International shipping carries around 80% of global trade and accounts for 2-3% of global greenhouse gas emissions annually.
Emissions are projected to grow by between 50 and 250% by 2050 if no action is taken.
Søren Skou, CEO of A.P. Møller Mærsk, says: “Energy efficiency has been an important tool which has helped us reduce CO2 emissions per container with 41% over the last decade and position ourselves as a leader 10% ahead of the industry average.
“However, efficiency measures can only keep shipping emissions stable, not eliminate them.
“To take the next big step change towards decarbonization of shipping, a shift in propulsion technologies or a shift to clean fuels is required which implies close collaboration from all parties.
“The coalition launched today is a crucial vehicle to make this collaboration happen.”
Shipping can accelerate the broader energy transition and bring substantial development gains
The Getting to Zero Coalition may prove to be a catalyst for the broader energy transition if international shipping becomes a reliable source of demand for zero emission fuels.
This can increase confidence among suppliers and translate into an increased supply of feasible zero emission fuels and thus be an important point of leverage for change across other hard-to-abate sectors.
The demand for zero emission fuels derived from renewable resources has the potential to drive substantial investment in clean energy projects in developing countries with a large untapped renewable energy potential.