In a landmark move at the 2024 United Nations Climate Change Conference (COP29) in Baku, Azerbaijan, Fortescue and over 50 global shipping industry leaders have signed a major agreement calling for accelerated action on zero emissions fuel standards and investments in international shipping.
The agreement, titled Green Hydrogen and Green Shipping: Amplifying the Power of Hydrogen in a Just and Equitable Transition, was spearheaded by the UN Climate Change High-Level Champions Team, led by Nigar Aparadarai.
This call to action comes at a critical juncture, with the International Maritime Organisation (IMO) set to make crucial decisions on emissions reduction in April 2025.
The signatories have committed to prioritising investments in hydrogen-derived fuels to reduce emissions and transition costs.
The agreement sets an ambitious target for the maritime sector to use at least 5 per cent and up to 10 per cent of energy from zero or near-zero emissions technologies, fuels, and energy sources by 2030.
Fortescue’s Executive Chairman, Dr. Andrew Forrest, emphasised the need for a zero-emissions fuel standard, stating: “The choice is whether to waste the next 10 years on incremental measures that cost more and deliver less or deliver a real zero fuel standard that drives investment into real maritime decarbonisation solutions.”
IMO Secretary-General Arsenio Dominguez highlighted the importance of achieving balanced outcomes for both the industry and member states in the pursuit of an equitable energy transition for global shipping.
Fortescue has been at the forefront of sustainable shipping technology.
In March 2024, their vessel, the Fortescue Green Pioneer, became the world’s first dual-fuel ammonia-powered service vessel to receive flag state status from Singapore and safety certification from DNV.
Nigar Aparadarai emphasised the global nature of shipping and the need for inclusive rules.
She pointed out the visible impacts of climate change, such as the dramatic drop in the Caspian Sea level, underscoring the urgency of transitioning to zero-emissions fuels.
This historic agreement at COP29 represents a significant step towards sustainable shipping and demonstrates the industry’s commitment to combating climate change.
As the maritime sector moves towards its goal of full decarbonisation, the actions taken in Baku are likely to have far-reaching implications for global trade and environmental protection.
