coZEV unites 19 global brands for 2040 zero-carbon ocean shipping ambition

“In less than a year, coZEV has changed the narrative surrounding decarbonisation in maritime shipping,” said Aspen Institute president and chief executive Dan Porterfield. “Through coZEV, cargo owners are kickstarting a clean energy transition in this critical industry, and the Aspen Institute is proud to support them and help enable their success.”

After a successful launch in October 2021, coZEV has begun to demonstrate the business case for investment in scalable zero-emissions fuels and technologies capable of achieving full maritime industry decarbonisation on a Paris-aligned trajectory.

“Support for maritime decarbonisation has grown swiftly in just a short time due to the bold, climate-leading companies that are making their climate ambitions as freight customers clear to maritime carriers, fuel producers, ports and other value chain actors,” said director of coZEV and the Aspen Shipping Decarbonization Initiative, Ingrid Irigoyen. “The global economy’s maritime decarbonisation journey is still in its early stages, but such progress in less than a year confirms for us that cargo owners can drive impact quickly when they come together. We are so pleased to welcome these new signatories, all important global brands, and look forward to helping support their leadership in the maritime decarbonisation space.”

“By joining the coZEV 2040 ambition to eliminate maritime greenhouse gas emissions by 2040, we want to emphasise that we will continue working collaboratively with the industry to achieve zero-emissions maritime shipping,” said Electrolux vice president sustainability, Vanessa Butani. “The coZEV’s 2040 ambition is clearly aligned with our own goal of becoming climate neutral in our operations by 2030 and across our value chain by 2050. Meaningful partnerships with like-minded leaders from every sector who are dedicated to investing in innovative and impactful climate solutions are key to our success.”

Philips global head of sustainability Robert Metzke said, “We collaborate with our customers and suppliers to reduce CO2 emissions across our value chain in line with a 1.5°C global warming scenario. We aim to get 50% of our suppliers to commit to science-based targets by 2025. Today, we are thrilled to join like-minded organisations and become a signatory to the coZEV’s 2040 Ambition Statement. Low-carbon ocean freight solutions are critical for sustainable healthcare supply chains."

“If we are to see a vast global fleet of zero-emissions vessels on the water by 2040, we need accelerated investment in that transition today,” said Ms Irigoyen. “This growing roster of coZEV 2040 signatories that represent a wide range of industries, boosts our sense of optimism that we can eliminate the climate impact of even the hardest to abate sectors. But first-mover action in this space isn’t enough. We’re hopeful that global and regional policy action, such as the recently passed Inflation Reduction Act in the United States, the ongoing discussions in the European Union on their Fit For 55 policy, and the upcoming International Maritime Organization meetings, provide concrete policy wins that match cargo owners’ ambition to achieve the clean energy future we all deserve.”

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