UK maritime sector will need around £75bn ($90bn) of investment over the coming three decades to transition to net zero, a new report released by London-based shipping asset manager Marine Capital estimates. In 2019, the UK became the first major economy in the world to legislate to reach net zero by 2050 including the domestic
EU institutions have hammered out a preliminary agreement to include shipping within the scope of the emissions trading system (ETS). Under the deal struck late Tuesday evening, all ships of 5,000 gt and over within the EU will be required to pay for 100% of their emissions, while 50% of the emissions on voyages between
Celsius Tankers has ordered an additional 180,000 cu m LNG carrier at Samsung Heavy Industries. With this its orderbook of ultra-eco ships at the yard reaches to 10 and adding to the fleet of four units already delivered in 2020 and 2021. The vessel will be built to Lloyds’ Register class EEDI 3 meeting IMO
The project was launched by Tian Yulong, member of the Chinese Communist Party (CCP) and Chief Engineer of the Ministry of Industry and Information Technology, who encouraged CSSC to “accelerate the development of new green fuel engines” powered by methanol, ammonia, and hydrogen. Tian Yulong highlighted all units of CSSC to “conscientiously implement” the spirit
Carbon Capture Utilisation and Storage (CCUS), the technology for decarbonising carbon dioxide (CO2) from high polluting sectors such as steel, cement, oil, gas, petrochemicals, chemicals and fertilisers, has a critical role to play for the country to halve CO2 emissions by 2050, says a report on the policy framework of the CCUS prepared by the
Germany is exiting the Energy Charter Treaty, Economy Minister Robert Habeck announced. The treaty has been criticized for hampering efforts to reduce the use of fossil fuels, allowing companies to sue for compensation. The agreement binds its members to its provisions for 20 years. Germany’s coalition government announced plans to leave the treaty in November.
Energy giant Centrica and Ryze Hydrogen will jointly build and operate hydrogen production facilities aimed at providing a reliable supply of hydrogen for industry and transportation, it was announced (TUES). Under the landmark agreement the firms will jointly develop hydrogen production projects on existing Centrica sites and work with third-parties to build production on their
ConocoPhillips signed two contracts to buy LNG from QatarEnergy and deliver it to Germany beginning in 2026, marking the first ever long-term supply agreement to move the super-chilled fuel to Europe’s largest gas-consuming nation. Under the agreements, Conoco would purchase 2 million tons (Mt) of liquefied natural gas annually for a term of at least
The technology group Wärtsilä has entered into a joint development agreement with Hycamite TCD Technologies, a privately-owned Finnish company specializing in the development of technology for the thermo-catalytic decomposition (TCD) of methane to produce clean hydrogen and solid carbon. The two companies will work together to enable cost-effective production of hydrogen from LNG onboard marine
Diesel outboard manufacturer OXE Marine said it will use biodiesel for all development and testing of its products going forward. The company said it has decided to implement HVO100 in all development and testing after its recently published sea trials showed the company’s 300 hp diesel outboard OXE300 was tested against a gasoline outboard of