Op-Ed: Pioneering green corridors for a sustainable maritime future

Chris Thorne, Director of Strategy and Operations, UMAS

By Chris Thorne, Director of Strategy and Operations, UMAS

In the wake of the International Maritime Organization’s (IMO) updated strategy to achieve net-zero greenhouse gas emissions from global shipping by 2050, key milestones have been established to measure the progress. As industry stakeholders will be very aware, by 2030, the aim is to reduce total annual GHG emissions by at least 20%, with a push for a 30% reduction compared to 2008 levels. Additionally, there’s a notable effort by 5% of the industry to strive for 10% sustainable zero-emission fuels by 2030.

Looking ahead to 2040, the target gains even greater momentum, demanding a minimum of at least 70% reduction, aspiring for an 80% decrease from 2008 levels, with a specific focus on “well-to-wake” GHG emissions.  Recognizing the significance of these milestones, UMAS stresses the importance of understanding the potential impact of green corridors in shaping the future of a decarbonized maritime sector.

Chris Thorne, director of strategy and operations at UMAS International, sheds light on the action needed from all parties and the pivotal role that UMAS plays in driving forward the development, uptake, and deployment of green corridors.

Championing green corridors

At UMAS, we believe that green corridors are not just a concept; they are a key component of the vision for a more sustainable maritime future, which remains a crucial opportunity to demonstrate and scale sustainable zero carbon fuels in preparation for the mass adoption demanded by the 2023 IMO GHG strategy. Aligned with the IMO goals to reduce emissions, green corridors represent a pivotal step towards a greener future.

As the IMO tightens its emissions targets, we aim to support companies to lead the change, driving the transition towards a greener, more sustainable, and efficient maritime world. Action from both industry and government is crucial to demonstrate the technological, economic, and regulatory feasibility of zero-emission ships. These corridors, fueled by a collaborative effort between public and private entities offer a tangible way that the industry can accelerate its decarbonization, right now.

The role of alternative fuels

A 2021 study conducted by Smith et al., sheds light on key insights regarding green corridors. The study reveals that approximately 10.6% of the fuel consumed by the global shipping fleet is consumed in shipping activity suitable for inclusion in green corridors. Furthermore, the study identifies sectors within the industry that face fewer challenges in implementing green corridors, with 4.7% of demand consumed in shipping activity with the lowest perceived barrier to green corridor implementation. The industry needs to be planning investments now with this rapid change in mind, timing will be important, as we need to account for the possibility of IMO updating its targets to be more ambitious when they are reviewed again in 2028.

Recognizing that very low-carbon sustainable fuels will be needed sooner than previously thought, emphasizes the urgency in creating an environment for its development and evolution. While some in the industry perceive this as a longer-term issue, we believe that there is the need for immediate action. This concept also underscores the importance of collaboration between industry stakeholders and governments. In this critical juncture, we at UMAS are able to offer guidance, and help to steer strategic investments given our years of work and expertise in this area.

The Green Corridor tool and informed decision-making

We have recently developed a unique “Green Corridor Tool,” that identifies and quantifies the most promising opportunities for green corridors. From modelling different routes and operations to quantifying the total cost of ownership across various fuel, policy, technology, and operating strategies over time, we are able to collect and analyze data to advise on when and where to invest. With a deep understanding of the industry’s transition and economic dynamics, we are able to empower organizations to make well-informed, business-critical decisions amid the whirlwind of rapid transitions in the maritime sector.

As the maritime industry undergoes a transformative shift, we are continuing to lead the way by championing intelligent modelling and planning more sustainable practices that can manage risks and maximize opportunities of the transition, which can make a difference to businesses and to the wider maritime sector in the short and medium term.

The industry needs to plan investments now, and green corridors can be part of a strategy to manage the risks and maximize the opportunities to meet the sustainability goals set by industry leaders. In the face of an evolving landscape, we will remain a guiding force, providing insights and actionable guidance towards a more sustainable and resilient future for the maritime world.