Maritime transport is the primary means by which more than 80% of globally traded goods are transported. However, ship voyages, which are directly linked to multiple supply chains, are estimated to account for between 2% and 3% of global greenhouse gas emissions , according to a United Nations (UN) report , but this figure could rise to 17% by 2050 if stricter controls are not implemented, given that it is estimated that by that year the volume of trade could more than double.
Clearly, global alarms have been sounded. For this reason, the International Maritime Organization (IMO) , the United Nations body that regulates maritime transport, has set on its agenda a 20% reduction in maritime transport emissions by 2030, a 70% reduction by 2040 , taking 2008 as a reference, as well as achieving net zero emissions by 2050. In this sense, a large part of this effort will require shipping companies to modernize their fleets and adopt low-carbon solutions.
In this industry, it is known that ships are long-lived, that is, they can reach an average life of 25 years, “so some are too old to be refurbished and at the same time too new to be withdrawn from the market,” according to CEPSA , a global company focused on sustainable mobility and energy.
The same UN study states that the transition of the maritime sector could reach costs of between eight and twenty billion dollars (mdd) annually to decarbonize ships by 2050. Regarding the development of infrastructure, investments could even reach 90 billion dollars annually.
The World Economic Forum (WEF) has mentioned in its climate change analysis that the shipping sector is taking steps to reduce emissions. For example, shippers have placed orders for more than 200 dual-methanol vessels (a viable fuel for a transition to decarbonisation). In addition, trials are also underway with engines capable of sailing on other so-called green fuels, such as ammonia.
However, the WEF notes that methanol and other zero-emission fuels are already in short supply, and the current outlook for supply projects is worrying: more than 95% of maritime fuel project plans have not yet reached the final investment decision (FID), necessary for construction to begin.
Specialists have agreed that the decarbonization initiatives of this industry must involve…
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