Our industry has seen global trade normalize after a protracted period of a pandemic-induced cargo surge. In 2024, we have the opportunity to convert lessons learned into the best strategies and practices for scaling quickly as demand warrants, maximizing operational efficiency and decarbonizing our industry.
Infrastructure continues to be a key focus. We must keep improving our terminals, rail systems and roadways to make the best and highest use of our resources. The same is true for the larger freight network connecting our gateways to consumer markets. Success hinges on investment and collaboration. Our collective advocacy on both fronts is now paying off: Matching funds from California and the federal government are flowing to roads, bridges, rail and highway projects strengthening the backbone of the US economy.
Connective infrastructure is also digital. We continue to build our portfolio of supply chain data-sharing and cybersecurity initiatives that increases our fluidity, resilience and competitiveness while advancing our shared emissions reduction goals.
Combatting climate change is more urgent than ever. Our multiple initiatives include working with our private and public sector partners to advance green shipping corridors, and our collaboration with the ports of Shanghai and Long Beach to decarbonize one of the world’s busiest shipping lanes is the farthest along of any such endeavor. With our ocean carrier and cargo owner partners, we have identified 2030 as the target year for demonstrating the world’s first zero-carbon life-cycle container ship. Additionally, we are part of a statewide consortium recently awarded a $1.2 billion grant to create a hydrogen hub. Our share will accelerate testing of hydrogen-fueled cargo handling equipment at seven terminals.
Cargo volumes will continue to grow, and every four new containers we handle creates a new job. Prosperity allows us all to invest in making our industry more sustainable.