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Significant progress has been made in the development and maturation of green shipping corridors to help decarbonize maritime shipping, according to a new report released by the Global Maritime Forum on the behalf of the Getting to Zero Coalition.
The second edition of the Annual Progress Report on Green Shipping Corridors reveals a doubling of green corridor initiatives worldwide, with the number increasing from 21 to 44 over the past year.
Green shipping corridors are specific trade routes established to help accelerate zero-emission shipping through collaborative efforts between public and private stakeholders. The report indicates that the maturity of existing corridors has also increased, with many of them progressing to the stage of deciding on their priority fuels and setting operational targets.
“It is, of course, encouraging to see the emergence of so many new green corridor initiatives and the increased maturity of existing green corridors, but the other side of this maturation has been the unearthing of a new set of challenges as the corridors move closer to implementation,” says Jesse Fahnestock, the Global Maritime Forum’s project director for decarbonisation.
The report also highlights the role of governments, shipping companies, ports, and the third sector in driving the growth of green corridors. Over half of the 171 stakeholders involved in green corridors come from these sectors. Notably, 18 governments have directly engaged in green corridor initiatives, with 19 initiatives led by either public or public-private leadership.
The United Kingdom and the United States lead the way in promoting the potential of green corridors in achieving wider decarbonization in the global maritime trade.
As corridors move closer to implementation, new problems and existing issues resurface in different ways. The complexity of governing these cross-sectoral, multi-stakeholder initiatives continues to pose challenges.
The report also highlights the need for better understanding of business and financing arrangements that can enable deployment, as well as increased government resources and capacity to provide implementation support.
The report can be found here.
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