Industry leaders conduct multi-month study on carbon capture for shipping.

Oil rig and vessel at sea silhouetted in a sunset with overlayed carbon capture-related icons
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A group of major maritime companies have come together to announce a multi-month study on carbon capture technology. The study will examine various aspects of carbon capture, including technology, regulation, financial implications, infrastructure, and operating parameters. ABS, Diana Shipping Services, Equinor, GasLog LNG Services, Maran Gas Maritime, Minerva Gas, Neptune Lines Shipping and Managing Enterprises, the Norwegian Maritime Authority, Prime Tanker Management, Solvang and Springfield Shipping Co. Panama, Thenamaris, and Wärtsilä Moss are all participating in the project.

According to Kostas Karathanos, COO of GasLog, carbon capture is gaining increasing interest as a way to decarbonize shipping in the absence of abundant and affordable zero-carbon fuels. He expressed pride in working together with industry leaders to bring this technology to sea. Panos Koutsourakis, ABS Vice President for Global Sustainability, stated that carbon capture has the potential to be a key transformational technology for shipping to achieve net-zero emissions by 2050. He added that the expertise and resources of the partners would play a vital role in overcoming the technical, regulatory, and economic challenges associated with this innovative approach to emissions reduction.

The maritime industry accounts for around 3% of the world’s greenhouse gas emissions. Carbon capture technology could play a crucial role in reducing these emissions, helping to limit the impact of climate change. The partners involved in this study are among the largest maritime companies globally, making their collaboration a significant step forward in achieving a sustainable shipping industry. As the world increasingly shifts towards carbon-neutral policies and agendas, initiatives like this could be the key to achieving a more sustainable future.

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