(Yicai) July 8 -- China has established a new trading platform for hydrogen products in the Lingang New Area of the ​​Shanghai Free Trade Zone to help the eastern city become an international shipping center amid a shift to low-emission fuels.

The Shanghai Environment and Energy Exchange, Shanghai Lingang Economic Development Group, Shanghai International Port Group, and China Energy Investment Group formed the platform for hydrogen-based products including methanol and ammonia, Yicai learned at the opening ceremony today.

Methanol and green hydrogen are touted as next-generation fuels for the shipping industry, said Liu Jie, general manager of the SEEE. The platform will be committed to building an international center for subscribing, pricing, and trading green financial products to help China achieve its carbon peak and neutrality goals, Liu added.

Shanghai is bringing green innovation to the area that has a deepwater port. Lingang's Yangshan Port completed a ship-to-ship transfer of green methanol to a container ship of Danish shipping giant Maersk in April, becoming the first port in China 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.

Editors: Dou Shicong, Emmi Laine