Maritime industry and global miners join forces to support Green Iron Ore Corridor between Australia and East Asia

A consortium led by the Global Maritime Forum and composed of BHP, Rio Tinto, Oldendorff carriers and star bulk carriers have signed a Letter of Intent (LOI) to assess the development of a “green corridor” of iron ore between Australia and East Asia.

To mobilize demand for green shipping and scale zero or near-zero greenhouse gas emissions shipping, governments and industry decision makers are increasingly looking to enable and simplify the task of decarbonizing the maritime sector by establishing green corridors: specific maritime routes where the economics, infrastructure and logistics of zero or near-zero emissions maritime transport are more feasible, and rapid deployment can be supported by targeted policy and industry action.

“Greenhouse gas emission-free pathways require the creation of a parallel value chain that involves new ways of working, new contractual relationships and stimulates the development of decarbonized fuel production and infrastructure,” said Johannah Christensen, CEO of the Global Maritime Forum.

Last year, the report of the Getting to Zero coalition The next wave demonstrated how green corridors can be designed, prioritized and designed with a pre-feasibility study for an iron ore road between Australia and East Asia. The study suggested that green ammonia is the likely fuel choice for this corridor based on favorable production conditions, a favorable regulatory environment and willing stakeholders.

Taking the study further, the consortium parties intend to jointly assess the green ammonia supply, bunkering and first mover support mechanisms necessary for their participation in a viable green corridor for ore. railway between Australia and East Asia.

“BHP’s membership in this green corridor consortium demonstrates the importance we place on focused exploration and partnerships to identify pathways to decarbonizing the maritime sector. As one of the largest bulk shippers in the world, we recognize this opportunity and have announced a number of partnerships across our value chain to seek to expedite the process,” commented Rashpal Bhatti, Vice President of Maritime Excellence and Supply Chain at BHP.

Through the work of the consortium and input from the wider supply chain, the partners aim to develop a framework as a preparatory step for real-world implementation of a shipping value chain. green iron ore.

Laure Baratgin, Head of Commercial Operations at Rio Tinto, said: “This collaboration is another important step towards accelerating the delivery of our shipping climate commitments, as part of Rio Tinto’s broader goal net zero emissions by 2050 and a 50% reduction by 2030. , and supports efforts to provide our customers and partners with sustainable value chain solutions.

The results of the Green Corridor collaboration are intended to lay the groundwork for the actual implementation of the Green Corridor.

To learn more about Rio Tinto’s approach to climate change, visit www.riotinto.com/invest/reports/climate-change-report.