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NEW COALITION PARTNERSHIP LOOKS AT BUSINESS CASE FOR SUSTAINABLE SHIPPING

Thursday, May 21, 2020 

Global Maritime Forum (GMF), World Economic Forum, Friends of Ocean Action, International Association of Ports and Harbors, Environmental Defense Fund, and University College London Energy Institute have partnered with global network P4G (Partnering for Green Growth and the Global Goals 2030).

The new P4G Getting to Zero Coalition Partnership builds on the Getting to Zero Coalition. The goal of the new partnership is to have commercially viable zero emission vessels operating along deep sea trade routes by 2030 as a key step towards achieving the climate goals set by IMO.

Three country-specific opportunity reports - Indonesia, Mexico and South Africa - will identify tangible business and investment opportunities and serve as national blueprints for reducing emissions from shipping and generate learnings that can be used to involve other developing and emerging economies.

“The P4G Getting to Zero Coalition Partnership will engage with public and private stakeholders from Indonesia, Mexico and South Africa, and together identify concrete, actionable business and investment opportunities that can accelerate shipping’s decarbonization and contribute to sustainable and inclusive economic growth,” said Johannah Christensen (pictured), MD, Head of Projects & Programmes, GMF.

“Investing in abundant untapped renewable resources can be one of the most effective measures in reaching net zero by 2050 in order to avoid serious impacts of climate change. This is where the Getting to Zero Coalition partnership comes in and P4G is pleased to be a part of this wider global energy transition. We look forward to further collaborating with change-makers and leaders around the world to accelerate decarbonising shipping and bring sustainable development gains to developing and emerging countries,” said Ian de Cruz, P4G Global Director.

Shipping’s decarbonisation is an integral part of the wider energy transition. Marine vessels account for about 4% of global oil demand, making shipping’s green transition both a climate necessity and a trillion-dollar market opportunity to develop ships and fuels that will drive this transition.

“The maritime industry has made it clear that the future of shipping is carbon free,” said Aoife O’Leary, Director, Environmental Defense Fund. “The industry’s target of reducing greenhouse gas emissions by at least 50% by 2050 will create a trillion-dollar market opportunity to kick start a worldwide transition to zero carbon shipping.”

The P4G Getting to Zero Coalition Partnership aims to identify new growth opportunities that will be needed as countries seek to recover from the current Covid-19 pandemic. As policymakers formulate policies to kickstart the global economy, they have a unique opportunity to rebuild a more sustainable and resilient economy by taking the long-term impacts of investments on the climate into consideration. Lessons of the coronavirus tell us that there is a need for a resilient and future-proof strategy to shape a sustainable future to avoid another global emergency that will have destructive and irreversible consequences on human wellbeing, according to GMF.

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