On the road to decarbonization: the green revolution in maritime corridors

The shipping sector accounts for more than 80% of world trade and 3% of global greenhouse gas emissions. The major challenge is to strike a balance between decarbonization and economic growth.

Maritime transport is crucial to the world economy and is currently undergoing a complex transformation process. This industry represents more than 80% of global trade volume and accounts for almost 3% of greenhouse gas emissions, according to a report prepared in 2023 by the United Nations. Its main challenge is therefore to decarbonize while sustaining the necessary economic growth. To achieve this, shipping companies will need to modernize their fleets and adopt low-carbon solutions, but the best alternatives have yet to be decided. Although the most plausible solutions are those based on sustainable fuels. 

Ships have a long life, which can reach 25 years on average, so some are too old to be refurbished and at the same time too new to be withdrawn from the market. In this regard, the same study indicates that the transition of the maritime sector will entail costs that could range from $8 billion to $28 billion per year to decarbonize ships by 2050. In terms of infrastructure development, investments could even reach $90 billion per year. 

So how can the industry meet this challenge? Experts agree that decarbonization initiatives must involve all industry players, from ports to distributors. In this regard, the well-known Clydebank Declaration is the best example of this. Unveiled at COP26, States committed to establishing green maritime corridors at the global level, i.e. emission-free maritime routes between two ports.  

The objectives of this statement were clear: to provide refueling options for carbon-neutral ships to enable the implementation of various solutions and to support pioneering green initiatives. In fact, as of February 2024, there are now 57 initiatives to develop these corridors, according to DNV. Specifically, the declaration aims to develop at least six green corridors by 2050, by which time the signatories will carry out an assessment, including maritime powers such as the United States, Japan, the United Kingdom, the Netherlands, Germany, Australia, and Spain. 

In fact, Spain's role in the decarbonization of the maritime industry is not negligible. According to a study conducted in 2023 by the World Maritime Forum, the Iberian Peninsula is well positioned to become a pioneer in the development of green shipping routes, from its ports to the rest of Europe and beyond. The report showed that the United Kingdom, Italy, and the United States are the most promising partner countries for Spain in the creation of these green routes, followed by Turkey, Morocco, and China. 

In addition to the Clydebank Declaration, there are other commitments arising from the industry itself. This is the case of the Research and Development (R&D) fund proposed by the International Chamber of Shipping (ICS), which represents 80% of the world's merchant fleet.

Energy corridors: the promise of hydrogen

Another challenge for the decarbonization of this sector is the search for alternative energy sources. Therefore, the candidates to dominate part of the share are renewable fuels, such as methanol and ammonia, among others, and, although they are still under development, some of them are already a reality. However, current prospects are also looking at green hydrogen maritime corridors, which represent a striking opportunity to secure the supply and energy independence of European Union countries. 

This energy carrier is capable of storing and transporting energy from renewable sources, such as solar, hydro, or wind, and its production process does not generate CO2 emissions. As a result, hydrogen is expected to contribute between 15% and 20% of the world's energy mix by 2050. 

Regarding the cornerstones of green hydrogen in Spain, it is worth highlighting the first green hydrogen maritime corridor that will link the south and north of Europe: the connection between the ports of Rotterdam and Algeciras. Under an agreement between Cepsa and European multinationals such as Norway's Yara and the Netherlands' Gasunie, the corridor will help create an energy supply chain across Europe, connecting the Andalusian Green Hydrogen Valley with the Dutch port and in turn distributing the hydrogen to the major industrial centers of the Netherlands, Belgium and Germany by means of hydroproducts (Delta Corridor). 

The future of maritime corridors is still a very dynamic scenario where the technological stakes are still uncertain, since transporting the energy contained in a hydrogen molecule can only be done through a vector. What is clear is that this technology is here to stay. Now, it will have to meet the challenges it faces for its investment and development, but counting from the beginning with a promising starting point. This bodes well for it as one of the great solutions for implementing the energy transition in Europe and guaranteeing a secure and independent energy supply.