DNV forecast indicates potential shortage of green fuel in shipping industry

Shipping could face green fuel shortage: DNV forecast shows
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The shipping industry is under increasing pressure to reduce emissions and decarbonize. The International Maritime Organization (IMO) has set tougher targets for the industry, including a 20% emissions reduction by 2030 and net-zero emissions by 2050. To meet the projected demand, the maritime sector will need to access 30-40% of the global carbon neutral fuel supply.

DNV, a maritime classification society, believes that shipowners need to go beyond fuel and focus on energy efficiency measures to achieve emissions reductions. Knut Ørbeck-Nilssen, the CEO of DNV Maritime, emphasizes the importance of concrete measures that can deliver decarbonization outcomes now and by 2030. Operational energy efficiency measures like air lubrication systems and wind-assisted propulsion can help address decarbonization challenges.

In addition to energy efficiency measures, technologies such as onboard CO2 capture and storage and nuclear propulsion can play a role in reducing emissions. DNV’s study suggests that onboard CO2 capture can be operational for large container ships, capturing 70% of the carbon dioxide annually. The study also highlights that the transition to fuel technology is already underway, with a significant portion of the tonnage on order suitable for the use of LNG, LPG, or methanol in dual-fuel engines.

Overall, the shipping industry is facing increasing regulatory pressure to decarbonize, and shipowners need to explore energy efficiency measures and alternative technologies to achieve emissions reductions.

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