Pacific Environment, Braid Theory launched Zero-Emission Shipping Venture Studio at IGNITE22
LOS ANGELES (May 4, 2023) – Pacific Environment and Braid Theory announced a partnership to launch the “Zero-Emission Shipping Venture Studio” to support innovative technologies and solutions to achieve zero emission shipping and maritime decarbonization. The announcement occurred at AltaSea at the Port of Los Angeles during Braid Theory’s annual IGNITE22 Global Tech Showcase, a conference that brings together entrepreneurs, innovators, and future thinkers to explore the blue tech industry with exhibits and demonstrations on land and in the water.
This partnership seeks to support adoption of standards for zero-emission shipping by 2040 in California by accelerating innovation in the maritime space and ocean industry through knowledge sharing, joint innovation, entrepreneurship, commercialization, business and workforce development.
“We are thrilled to announce our zero-emission shipping accelerator and venture studio to help support companies working to disrupt fossil fuel reliance in the global shipping industry,” said Teresa Bui, Director for Climate Policy. “With our partner, Braid Theory, we are focused on accelerating innovations to mitigate and eliminate greenhouse gas and air pollution emissions in maritime shipping and ports. If shipping were a country, it would be the sixth worst polluter globally and here in California ship pollution is a major cause of cancer and childhood asthma, so we are proud to be all in on transitioning this industry in the world’s most decisive decade for climate change mitigation.”
„We are proud to partner with Pacific Environment, and are excited to be working on-the-ground in our home Port of Los Angeles to help the shipping industry transition to zero emissions by 2040. Braid Theory’s expertise is weaving together entrepreneurs, industry influencers, and corporate partners to accelerate adoption of transformative technology, drive market growth, and create profitable collaborations — which is exactly what is needed for the shipping industry”
The global shipping industry accounts for 3% of global climate emissions, more than global air travel. If shipping were a country, it would be the world’s sixth largest climate polluter. But since maritime shipping negotiated itself out of the U.N. Paris Agreement, the effort to reduce emissions in the industry has been slower than in other sectors.
Approximately 90% of the world trade is transported by sea, and current business-as-usual scenarios project emissions will grow up to 50% over 2018 levels. While the International Maritime Organization noted increased ship size and operational improvements aimed at creating better fuel efficiency have resulted in a decrease in emissions intensity, annual absolute emissions are still increasing. California needs to achieve zero emission for shipping by 2040 in order to be aligned with the Science Based Target Initiative’s proposed 1.5C-aligned timeline for maritime.