Inditex, Amazon, and Patagonia Lead coZEV Commitment to "Zero Emissions" Shipping by 2040

“Cargo Owners for Zero-Emission Vessels” (coZEV) has just been launched, which is a new sustainable business coalition, sponsored by the US-based Aspen Institute in Washington DC. It aims to accelerate the progressive advance towards a global industry that is less polluting and more committed to the environment and people, on this occasion promoting the commitment to adopting maritime transport using ships capable of being propelled by clean fuels with zero emissions by the year 2040. Leading international groups such as Patagonia, Amazon, Brooks Running, Frog Bikes, Ikea, Inditex, Michelin, Tchibo and Unilever have decided to join as the first signatories of the new coalition. According to the Aspen Institute's estimates, heavy fuel oil-powered shipping currently produces around one billion tonnes of climate pollution, which is equivalent to as much as a G7 country or all the coal-fired power plants in the United States combined. It currently accounts for 3 percent of all global greenhouse gas emissions, a share that is projected to rise to 10 percent by 2050 if the industry continues to rely on carbon-intensive fuels. Not to mention that shipping also accounts for 10-15 percent of global sulfur oxide and nitrous oxide emissions. Hence, the urgency to accelerate the decarbonization of this particular logistics sector that is being used by major international groups. Shipping has long been a major producer of environmental and climate pollution, and attempts to move away from fossil fuels have faced significant obstacles, including a perceived lack of demand among freight customers that has ultimately stifled investment and the scalability of potential solutions. However, by setting this ambitious goal today, industry leaders can change the direction of that message. As the movement is expected to grow rapidly among leading climate change companies, this will allow us to drive economies of scale, innovate, and drive a groundswell of confidence among investors and key players in value chains, showing them that there are commercial opportunities in doing the right thing. Accelerating the Green Transition In order to incentivize policies and investments to accelerate this "green transition", the aforementioned signatories are committed to working together towards the initial ambition of achieving zero greenhouse gas emissions from shipping by 2040. By joining this initiative, the signatories undertake to work together towards the initial ambition of achieving zero greenhouse gas emissions in maritime transport by 2040. A goal for which, through coZev, companies will be able to work jointly and collaboratively to establish the first zero-emission maritime corridors. These corridors will send an important message of confidence that will encourage business policies and investments aimed at developing the same sustainable solutions but on a larger scale. For this, coZev will use the economic and creative power and the high influence of the large leading groups that have already joined the coalition, and those that will come. While showing signs that there is a demand for zero-carbon shipping is essential to kick-start this transition, companies working with coZEV also recognize that market forces alone will not bring these solutions to scale. For this reason, the signatories of the 2040 declaration are also calling on policymakers around the world to take swift and ambitious action to promote the decarbonization of shipping, within their national, regional, and international decision-making arenas.