Fortescue has backed an agreement calling for greater action on zero emissions fuel standards at the 2024 United Nations (UN) Climate Change Conference (COP29) in Baku, Azerbaijan.
The call to action, titled ‘Green Hydrogen and Green Shipping: Amplifying the Power of Hydrogen in a Just and Equitable Transition’ was signed by Fortescue and more than 50 global shipping industry leaders.
Fortescue founder Andrew Forrest was on hand in Baku, calling for the global shipping sector signatories to prioritise investment in hydrogen-derived fuels that reduce emissions and transition costs.
“Shipping affects us all and rules must be set that benefit all economies,” UN climate change high-level champions team lead Nigar Aparadarai said.
“Azerbaijan has certainly been no stranger to increasing climate impacts. The Caspian Sea level has dropped dramatically, by more than a metre, in just a few years. Climate change is killing off biodiversity and creating many economic challenges.
“These impacts demonstrate that we must move quickly to zero emissions fuels. But we must do so in a manner that benefits all countries. I am confident this call to action will build on the momentum that already exists in the push for zero emission shipping.”
Fortescue already owns a fleet of large ore carriers, chartering around 1000 ships per year to transport iron ore to its customers.
In March, the company’s first dual-fuel ammonia powered service vessel, the Fortescue Green Pioneer, was awarded flag state status from Singapore and received a safety certification from classification society Det Norske Veritas (DNV).
“With the Green Pioneer we have shown that the solutions in this space exist, and that green ammonia is safe,” Forrest said.
“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.
“This call to action represents a powerful display of solidarity from the global shipping industry at this crucial COP.”
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