Green shipping corridors

At COP26 in Glasgow, a coalition of 19 countries, including Australia, agreed to create net zero emissions shipping corridors between ports, with an initial target of six routes by 2025.

Named the 'Clydebank Declaration', the aim of its signatories is to accelerate decarbonisation of the global maritime industry whilst continuing to pursue measures that reduce air and other pollution from ships.

The Declaration recognises the International Maritime Organization (IMO)’s adoption of the Initial IMO Strategy on Reduction of Greenhouse Gas Emissions from Ships, which aims to align with global efforts to limit the increase in the global average temperature to 1.5°C above pre-industrial levels as stated in the Paris Agreement (but actually falls well short of the ambitious science-based decarbonisation targets required by the sector).

This small yet influential coalition of member states - including USA, Japan, Netherlands and UK - will provide a welcome market signal likely to further unlock investment and accelerate global transition to clean maritime fuels, zero-emission vessels, alternative propulsion systems, landside infrastructure and supporting regulatory frameworks.

The signatories will seek willing ports and others along the value chain to decarbonise a specific shipping route within their control. However, as stated in the Declaration, vessels transiting the 'green corridor' will not be required to be zero emissions.

With three of the world’s largest container shipping lines – Maersk, CMA CGM, and MSC – actively pursuing a net zero target by 2050, IMO commiting to revisit its carbon target in 2023, and increasing stakeholder pressure, momentum is certainly building in the right direction.