News

By David Trench

Transportation connects us to each other and the world, but today, the sector contributes significantly to climate change. Addressing transport sector emissions is critical to achieving net zero targets. For 45% of countries, transport is the largest source of energy related emissions. For the rest of the countries, it is the second largest source. 

Green fuels at scale are key and solutions exist. WasteFuel turns waste into low-carbon fuels like green methanol for the shipping sector that dramatically reduce greenhouse gas (GHG) emissions by up to 90% compared to fossil energy. 

Decarbonizing the transport sector with the necessary urgency requires governments, policy makers, the private sector, and consumers coming together to do their part. 

Next week, global world leaders from governments, business and civil society will gather for the United Nations Climate Change Conference or Conference of the Parties of the UNFCCC, known as COP29. Capital, emission reduction commitments and accountability are expected to be key themes. 

This year’s event is being called the “finance COP” - the primary focus is for world leaders to discuss a new climate financing goal to replace wealthy nations' current commitment to provide $100 billion a year to developing countries. Government investments in climate solutions often result in additional investments from the private sector and investment drives market change. We have seen this in the aviation space where as a result of the Inflation Reduction Act, a U.S. legislation offering funding, programs, and incentives to accelerate the transition to a clean energy economy, investments in sustainable aviation fuels have increased 1655% to reach $14 billion. 

COP has been a powerful driver of action toward decarbonizing heavy transportation. For example, The Clydebank Declaration came out of COP26 in 2021. To date, nearly thirty countries have signed onto the Clydebank Declaration, promising to open new green shipping corridors and ready their nations’ ports for a new, low-carbon era of maritime transportation. From Los Angeles to Shanghai, to Singapore and Rotterdam, port operators, shipping companies, shipbuilders, and fuel providers are falling in line with big investments to create green shipping corridors.

COPs have been catalysts for collaboration between the public and private sectors: The First Mover’s Coalition, also launched at COP26 by the World Economic Forum and the U.S. Department of State, now includes over 100 of the world’s largest companies and 13 governments. The coalition has sought to catalyze the supply, financing, and deployment of innovative emerging climate technologies. By 2030, their commitments will represent an annual demand of $16 billion for low-carbon solutions to heavy industry and transportation and 31 million tons (Mt) CO2e in annual emissions reductions.

At COP29 a Declaration on Reducing Methane from Organic Waste to supplement the Global Methane Pledge (GMP) will be launched and supporters will declare their commitment to set targets to reducing methane from organic waste. As we have seen with previous declarations like the Cyldebank Declaration, this could lead to more support of businesses that provide solutions to reduce methane emissions from waste. 

Without accountability, transparency and most importantly action, we cannot decarbonize the transportation sector. This year’s COP marks the first first true test of the Paris Agreement’s transparency and accountability process, as the first Biennial Transparency Reports (BTRs) will require countries to report on their progress towards implementing their nationally determined contributions (NDCs). 

Governments, policy, the private sector, and consumers all enable innovative solutions that exist to become a reality. As global leaders head to Baku, we are hopeful that the gathering results in meaningful investments, policies and action. By working together we can create a more sustainable future where waste isn't wasted, but fuels the future of mobility by air, land and sea.