China launched a new hydrogen trading platform in the Lingang New Area of the Shanghai Free Trade Zone, aiming to position Shanghai as a leading international shipping centre utilising low-emission fuel.
The platform has been formed by the Shanghai Environment and Energy Exchange, Shanghai Lingang Economic Development Group, Shanghai International Port Group, and China Energy Investment Group for hydrogen-based products including methanol and ammonia.
The platform will focus on methanol and green hydrogen, recognised as next-generation fuels in the shipping industry. According to Liu Jie, general manager of the Shanghai Environment and Energy Exchange (SEEE), the goal is to create an international hub for the subscription, pricing, and trading of green financial products, supporting China’s ambitions to achieve carbon peak and neutrality.
The announcement follows the recent achievement at Lingang’s Yangshan Port, which conducted China’s first ship-to-ship transfer of green methanol to a container ship of Danish shipping company Maersk in April, thus becoming the first Chinese port to offer such refueling.
“Shanghai will issue more policies to support upstream and downstream companies in the green shipping industry, increase the share of liquefied natural gas and methanol, as well as move faster to form an environmentally friendly shipping ecosystem,” said Chen Jinshan, director of Lingang’s management committee.