Danfoss Group, the Danish engineering company, announced the signing of China’s first green development initiative for the inland waterway shipping industry, said the company in a statement.

Danfoss, China Yangtze River Shipping Co Ltd and other major players in the shipping and shipbuilding fields gathered in Wuhan, Hubei province, last week to explore the technological pathway to the electrification of inland waterway ships.

They jointly signed the "Green Development Initiative for the Whole Industry Chain of the Yangtze River Shipping"， during the Shipping Electrification Technology Summit held in Wuhan last week, opening a new chapter in the green transformation of the industry in China.

"Shipping is responsible for 3 percent of global carbon emissions, therefore, the decarbonization of the shipping industry has a significant role to play in efforts to reach the climate goals. The initiative will accelerate the green transition of energy system of the shipping industry along the Yangtze River," said Arthur Xu, president of Danfoss China.