In a setback to the global campaign for zero-emission fuels, we are behind schedule to reach international shipping’s 5% target by 2030. A new study uncovers this troubling trend that could ultimately derail the shipping sector’s decarbonization ambition for 2050. The report made public at the Global Maritime Forum’s annual gathering in Athens, predicts that the existing scalable zero-emissions fuels will fall short, fulfilling only one-fourth of the 2030 fuel requirement.
A Scant Supply of Zero-Emission Ships
The production of zero-emission vessels too is lagging behind. By the close of 2022, a mere 24 ships with the capability of running on SZEF, predominantly methanol, were available, with an additional 144 on the books. This order size falls considerably short of the necessary amount needed to reach our mid-term objectives.
The Need for Urgent Action
These findings, compiled by the well-respected UMAS consultancy group, including specialists from the University College London Energy Institute, emphasize the urgent need for scaled-up action. Kathryn Palmer, the UN COP Climate Champions’ shipping expert, warns of insufficient progress. “The demand and supply stakeholders must collaborate more effectively and put specific solutions into action,” she stated during a media briefing.
The Weight of Shipping Emissions
It’s crucial to note that shipping activity is responsible for roughly 3% of total global greenhouse gas emissions produced by human activities. Recently, the International Maritime Organization updated its greenhouse gas strategy. They maintained the 5% zero-emission energy target but encouraged the shipping industry to pursue a more ambitious 10% by the decade’s end.
The Fuel Reality
This translates to an extensive fuel demand for shipping in 2030. It implies needing about 5.3 million metric tons of hydrogen, 29.8 million metric tons of ammonia, or 28.1 million metric tons of methanol. These projections suggest the industry will have to invest around $40 billion yearly in SZEF production and bunkering.
Forging Ahead
The pursuit of cleaner fuels demands urgent action and collaboration from every corner of the shipping industry. Let’s navigate these troubled waters together, pushing through the current setbacks towards a sustainable, zero-emission shipping future. In this way, we can ensure our planet can breathe a little easier.
