Reducing Greenhouse Gas Emissions in the Marine Shipping Industry

The marine shipping industry is under increasing pressure to reduce its greenhouse gas emissions in line with the Paris Climate Agreement, as it currently accounts for about 3% of global emissions. The European Union and the International Maritime Organization have adopted policies and targets to reduce the GHG intensity of energy used on board by ships, with the IMO aiming for net-zero emissions by around 2050. In response, ship and engine manufacturers are investing in ships and services that can be fueled with alternative low- and zero-carbon fuels, such as methanol and ammonia.

The flexibility of blending in low-carbon alternative fuels will be critical given the long operating life of commercial ships, and alternative fuels have different levels of carbon intensity, ranging from natural gas to zero-carbon hydrogen-based fuels. The IMO is working on developing a carbon-intensity standard and economic incentive policies over the next two years to achieve its net-zero emissions goals.

In order to make rapid progress in transitioning to low- and zero-emission shipping, critical factors include minimal upstream emissions, safe bunkering of alternative fuels, on-board pollution controls, and managing fuel costs. The varying carbon intensity and costs of these fuels will give dual-fuel ship operators flexibility in meeting carbon reduction targets and managing fuel costs, and reducing speeds can also result in reduced fuel use. The availability of low- and zero-carbon fuels in major ports of call will be critical in meeting the IMO’s zero-emission shipping targets.

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