According to a recent estimate, the world is not on track to reach the maritime industry\’s 2050 decarbonization objective of 5% zero-emission fuels in international shipping by 2030.
The estimate, which was unveiled on Wednesday at the Global Maritime Forum\’s annual summit in Athens, concludes that the amount of scalable zero-emissions fuel (SZEF) now being produced in the pipeline would only provide 25% of the fuel required by 2030.
Additionally, there are problems with the delivery of zero-emission ships. At the end of 2022, there were 24 ships that could run on SZEF, which is primarily methanol, and 144 more were on order.
However, the analysis by the UMAS consultancy, which included experts from the University College London Energy Institute, showed that current orders only represent one-fifth of what is required to reach mid-term goals.
At a press conference, Katharine Palmer, the shipping lead for the U.N. COP Climate Champions, stated that \”it\’s just not enough at scale or at the pace that is needed.\”
\”We need to see the demand and supply actors work together to implement specific solutions\” .
Approximately 3% of the global greenhouse gas emissions caused by human activity are attributable to global shipping.
The International Maritime Organization updated its greenhouse gas strategy this year, defining the 5% target while emphasizing that by the end of the decade, the industry should aim to employ 10% zero-emission energy in international shipping fuels.
About 5.3 million metric tons of hydrogen, 29.8 million metric tons of ammonia, or 28.1 million metric tons of methanol would make up five to ten percent of the fuel required for transportation in 2030.
The sector will reportedly need to spend roughly $40 billion a year on SZEF production and bunkering.
