During the World Climate Action Summit of COP28, the Republic of Korea and the United States announced their next steps in their collaboration on green shipping corridors.
Emissions from the shipping sector are significant, currently accounting for roughly three percent of global greenhouse gas emissions. As such, the Green Shipping Challenge was launched at COP27 to help propel the shipping sector towards a zero-emission future and align with the goal of limiting global temperature rise to 1.5 degrees Celsius. As part of this launch, the United States, the Republic of Korea, the Northwest Seaport Alliance, and the Busan Port Authority announced their intentions to collaborate on a green shipping corridor. Spurred by this challenge, the U.S. and the Republic of Korea are excited to report the completion of the Pre-Feasibility Study for a Green Shipping Corridor between our two countries facilitated by the Maersk McKinney Moller Center for Zero Carbon Shipping.
The U.S. Northwest Seaport Alliance (Ports of Seattle and Tacoma), the Port of Everett, and the Republic of Korea Ports of Busan, Ulsan, and Masan conducted the Pre-Feasibility Study evaluating cargo flows, renewable fuel availability, vessel types, and applicable policy for the establishment of a Green Corridor between the Republic of Korea and the United States. The immense effort invested by all has resulted in a report detailing numerous potential routes to focus the green shipping corridor on demonstrating maritime decarbonization. The public summary of the study is scheduled to be published by the end of this year.
Just before COP28, the U.S. and Korean working groups came together to present these potential green shipping corridors to relevant stakeholders during a Consortium Incubation Workshop to assess which of these routes attracted the most attention from industry partners willing to move beyond a study on paper to action at sea. The considered routes in the study included container and car carrier routes running on green methanol or green ammonia between the various ports. All parties aim to continue development with the final selection of 1-3 routes which will undergo a detailed feasibility study in 2024. Subsequently, pilot and demonstration projects will be initiated to utilize low- and zero-emission fuels, carbon reduction technologies, and energy-saving technologies.