COFCO International commits to cut freight emissions through operational efficiency
COFCO International has joined the world's leading maritime companies to voice ambition to adopt vessel optimisation strategies that can decrease annual fuel consumption and reduce CO2 emissions while enabling the uptake of more expensive, scalable zero-emission fuels in the long run.
Global Maritime Forum, an international not-for-profit organisation, is leading the initiative which is based on five key action areas to improve the operational efficiency of vessels: Data collection and transparency; Contractual changes; Pilot projects; Ports, terminals, and value chains; and culture and leadership.
A series of Insight briefs published by the Global Maritime Forum highlighted that operational efficiencies can decrease annual fuel consumption by 20% and reduce annual emissions by more than 200 million tonnes of CO2. Optimising shipping operations provides an opportunity to act now, using existing technologies and not requiring high capital investments or complex regulatory compliance. Rather, optimisation requires bold leadership, changing mindsets, and a willingness to embrace existing solutions that will minimise the environmental impact of operations—all in a commercially viable way.
The signatories of the operational efficiency ambition statement are: Amaggi, Blue Visby, Bunge, Cargill, Chevron Shipping, COFCO International, Copenhagen Commercial Platform (CCP), Euronav, Genco Shipping, Lloyd's Register, Louis Dreyfus Company, Maersk Tankers, NAPA, NYK Group, OCIMF, Oldendorff, Port of Açu, Port of Rotterdam, PSA International Pte Ltd, Rubis Energie, Siglar Carbon, Signol, Stena Bulk, Stephenson Harwood, Torvald Klaveness, UKHO, Viterra, Watson Farely & Williams LLP (WFW), Wisdom Marine Group, and Zero North.
Read more on the Global Maritime Forum website here.