Fortescue, a leader in green technology, energy, and metals, has entered into a non-binding Memorandum of Understanding (MoU) with COSCO SHIPPING.
The collaboration aims to decarbonise the shipping industry by developing advanced technologies and establishing a green fuel supply chain, Fortescue said in a media release.
The partnership focuses on exploring the construction and deployment of COSCO SHIPPING vessels, or co-owned vessels, powered by green ammonia.
These vessels will be tasked with transporting iron ore and other mineral products, contributing to reducing the carbon emissions of the Australia-China Iron Ore Green Shipping Corridor.
The MoU signing ceremony in Shanghai saw Fortescue Metals Chief Executive Officer Dino Otranto and Executive Vice President of China COSCO SHIPPING Corporation Lin Ji in attendance.
“The shipping industry plays a vital role in global trade, but it also significantly contributes to the world’s carbon emissions. This collaboration marks a significant step in decarbonizing the shipping industry and establishing a green fuel supply chain,” Otranto stated.
“It also paves the way for collaboration on various decarbonization solutions, which we believe will be integral to achieving our ambitious target of net zero Scope 3 emissions by 2040,” he stated.
Lin Ji added, “COSCO SHIPPING is committed to green and low carbon development, increasing cooperation with global partners, and actively promoting sustainable development in the entire lifecycle of the shipping industry.”
“This collaboration aligns perfectly with our goal of building a digital, green, open, shared, and safe industry development ecosystem,” Lin Ji concluded.
