Fortescue Founder Calls on Saudis to Support IMO Carbon Plan

 

The fight over shipping's carbon is far from over, even though IMO member states passed a framework agreement at MEPC 83. Many of the key details about qualifying fuels and well-to-wake measurement have yet to be worked out, and even the framework itself still has to be formally signed at MEPC 84. As different stakeholders line up to nudge the outcome one way or the other, Fortescue chairman Dr. Andrew Forrest - a leading green-fuel proponent and a major bulker charterer - has issued a call for more nations to line up behind a green transition. In particular, he singles out Saudi Arabia as a state with political sway and much to gain (not just lose) from green bunkering. 

Like several leading oil exporters,  Saudi representatives at IMO opposed an ambitious carbon regulation plan at MEPC 83. Forrest suggested that the nation's fossil-fuel-heavy economy has "tremendous potential to lead the path to full decarbonization rather than simply forestall the energy transition." He pointed to the example set by Brazil, which is striving to maximize offshore oil output but has also shown climate leadership in international forums.  

"This is a moment for bold leadership. We call on Saudi Arabia to use its influence to drive consensus, not disrupt it, and to chart a path that secures the wellbeing of its people," Forrest said. He noted the high heatstroke and fatality rate during the 2024 Hajj as an additional motivator. 

"[MEPC 83] is a major victory. It represents one of the most significant climate achievements by any heavy industry," Forrest said in a statement. "Petrostates, particularly Saudi Arabia, must be held to account if they set out to destroy – not deliver – multinational agreement and solutions to climate destruction that fossil fuel is causing."