The world is not on track for zero-emission fuels to account for 5% of international shipping fuels by 2030, a new analysis has found, jeopardizing the shipping industry’s 2050 decarbonization goal.
Launched at the Global Maritime Forum’s annual summit in Athens on Wednesday, the assessment finds that current scalable zero-emissions fuel (SZEF) production in the pipeline would cover just a quarter of the fuel needed by 2030.
And the delivery of zero-emission vessels is also faltering. At the end of 2022, there were 24 ships capable of running on SZEF, mostly methanol, with another 144 on order.
But current orders are just one-fifth of what is needed to meet mid-term goals, found the report, carried out by the UMAS consultancy which includes University College London Energy Institute experts.
Global shipping is responsible for about 3% of the world’s greenhouse gas emissions from human activities.
This year, the International Maritime Organization revised its greenhouse gas strategy, outlining the 5% goal but noting the industry should strive to achieve 10% zero-emission energy in international shipping fuels by the end of the decade.
Five to 10% of the fuel demand for shipping in 2030 would amount to about 5.3 million metric tons of hydrogen, 29.8 million metric tons of ammonia, or 28.1 million metric tons of methanol.
It is estimated that the industry will have to invest about $40 billion annually in SZEF bunkering and production.
Tags: Industry, Shipping, SZEF, Zero Emission
Recent Posts
Port of Brisbane Unveils Vision 2060 to Drive Smarter, Cleaner, and More Connected Future
Wärtsilä to Deliver Hybrid Propulsion Systems for Vertom Group’s New Low-Emission Vessels
Latvian port receives electric Konecranes Gottwald Mobile Harbor Crane
Sustainable Ocean Economy Vital for Human Development, Says UNDP at UN Ocean Conference
Green Hydrogen Costs in India Could Drop by 40%, Says IEEFA-JMK Report
Cavotec Secures €1.55 Million Shore Power Contract for Port of Antwerp-Bruges
APM Terminals and SANY Marine sign landmark agreement to accelerate decarbonisation
The Port of Gothenburg takes big step towards shore power connection for container and car/RoRo vessels