FOR IMMEDIATE RELEASE: November 10, 2022

The ‘Roadmap’ presents new action areas for cargo owners seeking to accelerate deployment of zero emission shipping, engage in maritime decarbonization policy, and support green shipping corridors.

[SHARM EL-SHEIKH, EGYPT] —Today, Cargo Owners for Zero Emissions Vessels (coZEV) announces the release of a ‘Roadmap to 2040’, which outlines action areas cargo owners can start taking in 2023 to enable full decarbonization of their ocean freight by 2040, the ambition established by the 19 current signatories to coZEV’s 2040 Ambition Statement. The ‘Roadmap to 2040’ includes the creation of a new maritime freight buyers alliance, a cargo owner policy coalition, and a green corridor advisory board. Participation in these new action areas is open to all cargo owners interested in transitioning their ocean freight to zero emission shipping in the coming years.

“The Aspen Institute is inspired and excited by the steps being taken by companies to transition from ambition to action in the maritime decarbonization space,” said Dan Porterfield, President and CEO of the Aspen Institute. “We look forward to working with cargo owners and partners across the value chain on the action areas outlined in the coZEV ‘Roadmap to 2040’.”

Among actions in the ‘Roadmap’, coZEV will work with cargo owner companies to establish the Zero Emission Maritime Buyers Alliance (ZEMBA) to accelerate commercial deployment of zero emission shipping, enable economies of scale, and maximize cargo owners’ collaborative emissions reduction potential beyond what any one freight buyer could accomplish alone. ZEMBA will accomplish these goals by stimulating investment in zero emission solutions.

“Demand for zero emission shipping is essential for derisking investment in zero emission maritime fuels and technologies across the value chain,” said Ingrid Irigoyen, Director of the Aspen Institute Shipping Decarbonization Initiative and facilitator of coZEV. “ZEMBA will enable cargo owners to come together for greater impact and support accelerated deployment of scalable zero emission solutions in a robust marketplace.”

With facilitation support from the Aspen Institute, coZEV plans to welcome an inaugural group of freight buyers to join ZEMBA in 2023. Together, those members will then announce their total demand for zero emission ocean shipping with an associated goal for avoided greenhouse gas emissions. A competition law compliant process is under design to attract zero emission cargo services for ZEMBA members by the mid-2020s. Cargo owners interested in leading an accelerated transition to zero emission shipping are invited to contact the Aspen Institute to learn more and join ZEMBA.

To propel the economic viability and scaling of zero emission solutions, coZEV will also launch a new cargo owner policy coalition in 2023. This will provide a platform for climate-leading cargo owners to collaborate on maritime decarbonization policy and educate national, regional, and international policymakers on the need to: (1) incentivize commercial viability of zero emission shipping by 2030, including policies that close the cost and supply gap between scalable zero emission fuels and high-emission bunker fuels and (2) ensure adequate investment in the infrastructure needed for widespread adoption of zero emission fuels and technologies.

“The coZEV Roadmap to 2040 underscores that stronger policy support is needed to provide certainty for investment and scaling of zero emission solutions on a Paris-aligned pathway,” said Katherine Palmer, Shipping Lead, UN High Level Climate Champions. “We look forward to cargo owners engaging in the policy space, especially ahead of revision of the International Maritime Organization’s Initial Greenhouse Gas Strategy in the coming months.”

Another action area announced in the ‘Roadmap to 2040’ is the formation of a new green corridor advisory board that allows cargo owner companies to stay informed about and provide input to the growing number of green corridor projects around the world.

“Green corridors will be the innovation hubs for the new business and operational models that zero emission shipping demands, which means that they will be much more impactful if they fully engage cargo owners,” said Jesse Fahnestock, Head of Research and Innovation at the Global Maritime Forum. “At the Global Maritime Forum, we look forward to collaborating with coZEV as they bring cargo owner perspectives into this exciting new action area for maritime decarbonization."

The ‘Roadmap to 2040’ can be viewed in its entirety on coZEV’s website. Companies from around the world are invited to participate and continue to build on the bold climate-forward projects and initiatives underway.

To learn more about the ‘Roadmap’ at COP27, the Aspen Institute and The Climate Pledge will host coZEV “Roadmap to 2040” - How Cargo Owners will Accelerate Maritime Shipping Decarbonization on November 12 at 11 am GMT/1 pm EET in the We Mean Business Pavilion. View the livestreamed event here: https://www.wemeanbusinesscoalition.org/cop27-business-pavilion/

About Aspen Institute

Aspen Institute is a global nonprofit organization committed to realizing a free, just, and equitable society. Founded in 1949, the Institute drives change through dialogue, leadership, and action to help solve the most important challenges facing the United States and the world. Headquartered in Washington, DC, the Institute has a campus in Aspen, Colorado, and an international network of partners. For more information, visit www.aspeninstitute.org.

The Aspen Institute Energy and Environment Program’s Shipping Decarbonization Initiative (SDI) is partnering with leading organizations and companies from around the world, tapping into a vast network to drive the transition to zero emission maritime shipping and decarbonize one of the most important sectors of the global economy. Aspen SDI is convening multinational cargo owners to accelerate shipping decarbonization, elevating the need for shipping decarbonization within the U.S. policy context, and advancing the establishment of zero-carbon transoceanic maritime transport corridors.

About coZEV

Cargo Owner for Zero Emission Vessels (coZEV) is a platform for climate-leading, multinational companies to come together for high impact initiatives that accelerate the transition to zero-emission maritime shipping. It is facilitated by the Aspen Institute. For more information, visit www.coZEV.org

About Global Maritime Forum

The Global Maritime Forum is an international not-for-profit organization committed to shaping the future of global seaborne trade to increase sustainable long-term economic development and human wellbeing. To serve its mission, the Forum convenes leaders from across the maritime community with policymakers, NGOs, experts, and other influential decision-makers and opinion shapers from all geographies in a community of purpose to discuss collective challenges and to work together on developing new solutions and recommendations for action. In order to do so, the Forum identifies, develops and shares new insights and key issues on the global agenda and facilitates collaborative projects and initiatives that can deliver long-term impact and sustainable change.

About UN High Level Climate Champions

At the COP 21 United Nations Climate Change Conference in Paris, nations decided to appoint two high-level champions to connect the work of governments with the many voluntary and collaborative actions taken by cities, regions, businesses and investors. The UN High-Level Champions for Climate Action engage with non-state actors to activate the ‘ambition loop’ with national governments and encourage a collaborative shift across all of society towards a decarbonized economy. To help them deliver this work, the High-Level Champions are supported by a global team of experts covering a broad spectrum of fields.

Race to Zero is the UN-backed global campaign rallying nonstate actors – including companies, cities, regions, financial and educational institutions – to take rigorous and immediate action to halve global emissions by 2030 and deliver a healthier, fairer zero carbon world in time. To help catalyze this action the 2030 Breakthroughs give us even greater clarity of the pathway to halving emission by 2030. For more information, please visit: https://climatechampions.unfccc.int/

CONTACT: Clarke Williams

clarke.williams@aspeninstitute.org

+1-703-554-7378