BEIJING: China’s COSCO Shipping Corporation has signed a preliminary agreement with Australia’s Fortescue to jointly build a green fuel supply chain to help reduce pollution from the shipping industry, the Chinese company said on Monday (Jul 29).
The memorandum of understanding includes exploring construction and deployment of green ammonia-fuelled vessels owned either by COSCO or jointly owned by both companies to transport iron ore and other minerals to reduce carbon emissions in the China-Australia iron ore green shipping corridor.
“We are committed to increasing cooperation with global partners to actively promote the green and sustainable development in the shipping industry throughout its life cycle,” COSCO Shipping, headquartered in Shanghai, said in a statement on its WeChat account.
