Drafted just six months ago as part of the global net-zero initiatives launched at the COP26 conference, the concept of green corridors to foster the decarbonisation of the maritime industry continues to gain momentum. In the latest initiative, five of the world’s leading mining companies and bulk ore shippers are joining the Global Maritime Forum to explore a green iron ore corridor between Australia and East Asia.
The new consortium is the first example of major shippers, BHP and Rio Tinto, joining shipping companies, Oldendorff Carriers and Star Bulk Carriers Corp, to work together to develop an operational Green Corridor.
Through the work of the consortium and input from the wider supply chain, the partners aim to develop a framework as a preparatory step for real-world implementation of a shipping value chain. green iron ore. The companies have signed a letter of intent in conjunction with the Global Marine Forum, which champions the new initiatives. Together they will assess the development of the Australia-East Asia Iron Ore Green Corridor.
Member States have committed to the concept of corridors among the initiatives of the COP26 conference. The concept relates to specific maritime routes where the economics, infrastructure and logistics of zero or near-zero emission maritime transport are more feasible and rapid deployment, are defined and supported by targeted policy and action by the industry to lead by example on decarbonization. So far, Los Angles and Shanghai, together with shipping companies, have defined a corridor while five ports in northern Europe and the Baltic recently announced plans for a second corridor.
“Greenhouse gas emission-free pathways require the creation of a parallel value chain that involves new ways of working, new contractual relationships and stimulates the development of decarbonized fuel production and infrastructure,” said Johannah Christensen, CEO of the World Maritime Forum. “This new collaboration on the Iron Ore Green Corridor is an important step towards achieving greenhouse gas emission-free transportation, both on the supply and demand side,”
The Getting to Zero Coalition launched a report in 2021 that shows how green corridors can be designed, prioritized and designed with a pre-feasibility study for an iron ore route between Australia and East Asia. The study suggested that green ammonia is the likely fuel choice for this corridor based on favorable production conditions, a favorable regulatory environment and willing stakeholders.
Taking the study further, the five companies said they intend to jointly assess the green ammonia supply, bunkering and first mover support mechanisms necessary for their participation in a viable green corridor. iron ore between Australia and East Asia.
“Focusing on the feasibility of decarbonizing specific trade routes around the world is an indispensable step in laying the foundation for the maritime energy transition,” said Charis Plakantonaki, chief strategy officer at Star Bulk Carriers, on behalf of the new initiative. “In line with our vision to lead industry efforts to phase out GHG emissions, Star Bulk is committed to partnering with other trailblazers to enable progress in this multidimensional challenge, but so critical to our future. .” Each of the companies noted that the project represents an expansion of individual decarbonization efforts and they believe that by working in partnership, they can accelerate the journey to net zero.
The companies said they hope the effort will facilitate robust public-private dialogue to investigate the conditions that need to be in place to mobilize demand. The goal is to scale zero or near-zero GHG emissions shipping on the corridor in an achievable manner.