Dubai, United Arab Emirates – Today, Cargo Owners for Zero Emission Vessels (coZEV) is proud to announce the addition of 10 climate-leading companies to coZEV’s collaborative efforts, bringing the total to over 35 freight buyers working together to drive ambition and action toward ZE ocean transport. coZEV announced these additional company partners at COP28 in Dubai as part of the Green Shipping Challenge, a joint initiative between the United States and Norway originally launched at COP27 to help put the shipping sector on a path this decade that is aligned with the goal of limiting global temperature rise to 1.5°C.
“This year, the maritime industry has demonstrated progress towards a zero-emission future through new investments in dual fuel vessels and at ports, offtake agreements for more climate-friendly fuels, and signals from policymakers of renewed interest in policy support for the nascent ZE shipping market.”
Making Advanced Market Commitments with ZEMBA to Drive Maritime Sector Investments
The Zero Emission Maritime Buyers Alliance (ZEMBA), an initiative of coZEV formed in March 2023, is pleased to announce the addition of four new members: Mondelēz International, Pledge, Reckitt, and REI Co-op, bringing the total to 26 members. These global leaders are working to fast-track commercial deployment of ZE shipping services at scale and create a competitive market for these services through the ZEMBA-facilitated forward procurement process. In September 2023, ZEMBA launched its first Request for Proposals (RfP) for emissions reduction associated with 600,000 twenty-foot containers (TEUs) over a three-year period on ocean vessels powered by ZE fuels. This will help ZEMBA members reduce nearly 1 million tonnes of carbon emissions, and equates to avoiding the emissions of four Ultra Large Container Vessels each transporting 270 million TEU-miles per year of deployment. Another equivalent would be taking 215,000 cars off the road. ZEMBA is currently evaluating qualified bids and a winner of the first ZEMBA tender will be announced in Spring 2024. Freight buyers considering becoming ZEMBA members are still welcome to join this first round tender through January 2024, but are encouraged to reach out to the organizers quickly. Learn more about ZEMBA. For questions, email info@shipzemba.org.
Exclusive use of Zero-Emission Maritime Shipping by 2040: A Pivotal Ambition
Originally launched ahead of COP26, the coZEV 2040 Ambition Statement has been a historic collective signal of cargo owner support for a transition to ZE solutions on a 1.5℃ aligned trajectory and remains the most widely adopted and ambitious 1.5℃ aligned collective private sector-led maritime decarbonization goal to date. Six additional companies – Flexport, Meta, Nestle, Royal Coffee, Standing CT, and Trek Bikes – have joined the 19 existing signatories in stating their intention to only use ZE ocean transport by 2040 and calling on policymakers to support ambitious decarbonization action to support first movers. Continued company interest in the 2040 Ambition Statement also signals increasing desire from manufacturers, consumer goods companies, retailers, and now freight forwarders to work collaboratively to support innovation, harness economies of scale, and foster an economically viable marketplace for ZE shipping.
“This year, the maritime industry has demonstrated progress towards a zero-emission future through new investments in dual fuel vessels and at ports, offtake agreements for more climate-friendly fuels, and signals from policymakers of renewed interest in policy support for the nascent ZE shipping market. The work being done by climate-leading freight buyers engaged with coZEV, including policy engagement and ambition signaling, and particularly through ZEMBA’s advanced market commitment, has been an important factor in stimulating that movement,” said Ingrid Irigoyen, Director of coZEV and President and CEO of ZEMBA. “The Green Shipping Challenge is the perfect opportunity to welcome new companies to the coZEV family of climate leaders and expand our relationship with existing champions. Climate-leading cargo owners have a crucial role to play in driving decarbonization in a hard-to-abate sector that is the lifeblood of global trade. As we continue to develop innovative ways to collaborate for impact and build economies of scale, we encourage other companies looking to influence the decarbonization trajectory of this essential industry to join us.”
