Green corridors expand in number and maturation, new report finds
The 2023 Annual Progress Report on Green Shipping Corridors shows that green corridor initiatives are expanding and maturing but a number of challenges old and new could still prevent green corridors from unlocking wider maritime decarbonisation.
“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,”
December 11 2023
A new report from the Global Maritime Forum, prepared on behalf of the Getting to Zero Coalition, reveals a doubling of green corridor initiatives, increased maturity of existing projects, and a significant increase in the number of stakeholders involved.
The second edition of the Annual Progress Report on Green Shipping Corridors reveals that the number of green corridor initiatives around the world went from 21 to 44 over the past year, and finds substantial maturation among existing corridors, with multiple corridors clearing a progress stage, deciding on their priority fuels, and setting targets for operation. Beyond the numbers, ample evidence points to green corridors triggering pre-investment activity.
The report, released in conjunction with COP28, says that 2024 will prove pivotal for green corridors, which are defined as specific trade routes where the feasibility of zero-emission shipping is catalysed by public and private action. Along with the marked advancements, the report also identifies several emerging challenges that will need to be overcome as green shipping corridors move closer to implementation, including the need to make key fuel decisions and secure both commercial arrangements and governmental support.
Read full press release here
Read full report here