Addressing world leaders at the third virtual Major Economies Forum, President Joe Biden redoubled the United States’ commitment to lead efforts to address climate security and, in doing so, also improve energy security. Addressing representatives from countries that collectively account for around 80% of global economic output, the President outlined a series of new initiatives and investments, including the launch of the Green Shipping Challenge.
The program would have been the largest global gathering between the 2021 and 2022 UN COP conferences. November 2022 in Sharm el-Sheikh, Egypt.
“I urge countries that have not yet set an emissions target for 2030 to align with the Paris temperature target, to strengthen their targets for COP27. At the same time, we need new initiatives to accelerate our progress toward our goals and build our resilience,” President Biden said.
The International Energy Agency, he pointed out, is asking for $90 billion in demonstration projects for this decade. The United States pledges a contribution of 21.5 billion dollars to this objective. Among the initiatives underway in the United States that were highlighted include programs to create hydrogen hubs across the United States as well as efforts to boost production of electrolyzers and one of the largest storage facilities for hydrogen. clean hydrogen in the world to be located in the United States.
The President also presented a series of new initiatives aimed at maximizing efficiency and reducing emissions in the energy, transport and agricultural sectors, inviting other countries to join the programs. Among the challenges he outlined was an increased effort to accelerate the Global Commitment on Methane to which 115 countries have already joined. The focus would be on reducing methane leakage, primarily from the oil and gas sector, as well as the use of capture technologies.
Focusing specifically on the shipping industry, the President highlighted in his presentation that emissions from the shipping sector are significant and continue to rise. While citing progress made at COP 26, including the Declaration on Zero Emissions Shipping by 2050 and the Clydebank Declaration supporting the establishment of green maritime corridors, Biden said more needs to be done. more to align the trajectory of the shipping industry with the goals. of the Paris Agreement.
To build on these efforts, the United States and Norway are launching a Green Shipping Challenge for COP 27. This initiative encourages governments, ports, shipping lines, cargo owners, and other value chain actors industry to propose concrete measures that will help put the international shipping sector on a credible path this decade towards full decarbonization by 2050 at the latest. These could include, for example, measures to produce zero fuels emission ; developing zero-emission bunkering and recharging capacities; deploy low- or zero-emission vessels and create or provide financial and technical support for green shipping corridors. President Biden invited leaders to voice their support for the Green Shipping Challenge and announce specific actions under the initiative during COP 27.
The NGO Environmental Defense Fund responded to the presentation saying, “The Green Shipping Challenge is exactly the call to action the industry needs. To achieve zero emissions by 2050, the shipping industry must take ambitious action to immediately reduce the use of fossil fuels and accelerate the adoption of carbon-free fuels.
EDF cited its work with the Maersk-McKinney Moller Center for Zero Carbon Shipping which found that there are plausible pathways to fully decarbonize shipping by 2050. The analysis concluded that with immediate action to test and eliminate the risks of new fuel pathways, stakeholders can reduce long-term risks. long-term costs and manage the risk of price or fuel supply shocks in the future.
“Acting now to begin our journey towards zero-carbon shipping will not only contribute to a more stable, resilient and healthy climate, but also to a stable, resilient and healthy shipping industry,” concluded Marie Hubatova, Senior Director, Transportation worldwide at Environmental Defense Fund.