A group of nine multinational corporations this week unveiled plans to decarbonise their freight vehicles, transitioning to zero-carbon fuels by 2040. The groups – which include Amazon, IKEA, Michelin, Patagonia, and Unilever – are the first signees of the 2040 Ambition Statement from a new shipping coalition dubbed Cargo Owners for Zero Emission Vessels (coZEV).
The decarbonisation pledge is the most significant yet by cargo owners, outpacing even the International Maritime Organization’s current target to slash shipping emissions in half by 2050 as compared to 2008 levels.
Launched by the non-profit Aspen Institute Energy and Environment Program, coZEV was established to connect cargo owners and shipping operators, and encourage collaboration to achieve the industry’s decarbonisation targets.
Dan Porterfield, president of the Aspen Institute commented: “Maritime shipping, like all sectors of the global economy, needs to decarbonise rapidly if we are to solve the climate crisis, and multinational companies will be key actors in catalysing a clean energy transition in shipping.”
Other signatories include Inditex, Brooks Running, Frog Bikes, and German retailer Tchibo. Under the new pledge, the contributing companies also called for stronger government policies on decarbonisation to accelerate the transition to a low-carbon economy.
“The coZEV initiative represents an historic step in the fight against climate change,” said Ingrid Irigoyen, director of the Aspen Institute Shipping Decarbonization Initiative. “Maritime shipping has long been a major producer of climate and air pollution, and attempts to transition away from fossil fuels have faced significant hurdles, including a perceived lack of freight customer demand that has stifled investment and scalability of potential solutions. By setting an aggressive target today, a group of leaders is changing the conversation.”
In a LinkedIn post, Maersk chief executive Søren Skou dubbed the pledge a ‘bold commitment’, though he added that greater global regulation is still needed to help ensure the low-carbon transition.
“A key lever to incentivise the much-needed green transition in our industry would be global regulation. In that sense, we have high expectations of the world leaders attending the COP26 in Glasgow.”
“Incentivisation of fossil fuels must stop,” he added. “We ask for a market-based carbon tax of at least 150 USD per ton CO2 equivalent.”
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