The authority told the press that the project, presented the day before at a port forum in Cartagena, Colombia, is a Green Ship Classification System, which will include a Greenhouse Gas (GHG) emissions tariff.
The changes will build on the Canal’s current incentives for sustainable shipping lines and will support investments to ensure environmental performance standards and help make Canal operations carbon neutral, he said.
The tariff and classification, which will be based on tiers based on a vessel’s energy efficiency, will only apply to vessels over 125 feet (38.1 meters) in length overall.
This rating system will be based on three factors to reduce GHG emissions by 20 to 100 percent during transit: energy efficiency design index, efficient operational measures such as the use of bow thruster, and use of zero-carbon biofuels or carbon-neutral fuels.
The Canal administration recognizes that the project requires close collaboration and commitment from all stakeholders for a more sustainable supply chain.
For this reason, earlier this year it established the strategic goal of becoming a carbon neutral entity by 2030, while maintaining its commitment to participate in the efforts of the maritime industry worldwide.
According to official data, ships carry about 80 percent of world trade and account for about three percent of GHG emissions.
The Panama Canal connects more than 140 routes and 1,700 ports in 160 countries.
It transits 3.5 percent of the world’s seaborne trade.