Panama Canal reaffirms commitment to a greener future

October 29, 2024, by Naida Hakirevic Prevljak

The Panama Canal Authority (ACP) has presented initiatives under development that would help ACP achieve the goal of becoming a carbon-neutral maritime route by 2050.

At a recent forum in Panama, Panama Canal Deputy Administrator Ilya Espino de Marotta reaffirmed the waterway’s carbon neutrality commitment and highlighted the green corridor initiative, which will encourage the use of alternative fuels and improve ship operational efficiency.

In addition, topics such as the national decarbonization strategy and investments in emission reduction projects were addressed. The forum emphasized the importance of collaboration between various actors to achieve more responsible and efficient maritime transport.

“The transition to sustainable maritime transport is vital for the future of the Canal and the planet. We are committed to being leaders in sustainability and creating an attractive environment for the use of alternative fuels,” Espino de Marotta said, emphasizing the vision of the waterway as “a safe and reliable route to a greener future”.

In mid-October, the Panama Canal was also defined as “a key piece in global trade” during a forum in New York. Canal Administrator Ricaurte Vásquez Morales spoke about the achievements made in fiscal year 2024, which have optimized the reliability and sustainability of this maritime route.

Reducing vessel waiting times and water-saving mechanisms were the main improvements for FY2024 which was characterized by the lack of rain, impacting the canal’s operations.

During FY2024, the waterway recorded 9,944 transits and 423 million CP/SUAB tons. Of the total transits, 7,084 were Panamax-sized vessels and the remaining 2,852 were Neopanamax vessels.

Container, chemical and bulk carrier vessels led transits through the Panama Canal during FY2024.