Global mining company Fortescue, and marine transport company COSCO Shipping, have signed a non-binding memorandum of understanding to work together to decarbonize shipping.
Both companies will collaborate on developing technologies to lower emissions and build a green fuel supply chain. This includes exploring the construction and deployment of COSCO Shipping vessels, or co-owned vessels, powered by green ammonia, to ship iron ore and other mineral products with the aim of reducing Australia-China Iron Ore Green Shipping Corridor’s carbon emissions.
The signing ceremony held in Shanghai was attended by Fortescue Metals CEO Dino Otranto, and executive vice president of COSCO Shipping, Lin Ji.
''This collaboration marks a significant step in decarbonizing the shipping industry and establishing a green fuel supply chain.''
Dino Otranto, CEO, Fortescue Metals
“The shipping industry plays a vital role in global trade however also contributes significantly to the world’s carbon emissions. This collaboration marks a significant step in decarbonizing the shipping industry and establishing a green fuel supply chain,” Otranto said. “It also paves the way for collaboration on a variety of decarbonization solutions which we believe will be integral to delivering on our ambitious target of net zero Scope 3 emissions by 2040.”
“COSCO SHIPPING is committed to green and low carbon as one of the two major development tracks, increasing co-operation with global partners, joining hands to jointly build a digital, green, open, shared and safe industry development ecosystem...''
Lin Ji, COSCO SHIPPING
Ji commented; “COSCO Shipping is committed to green and low carbon as one of the two major development tracks, increasing co-operation with global partners, joining hands to jointly build a digital, green, open, shared and safe industry development ecosystem, and actively promoting the sustainable development of green and low carbon in the entire life cycle of the shipping industry.”