Accelleron’s inaugural report on maritime decarbonization, titled “Deadlock: What’s Stopping Shipping’s Carbon-Neutral Fuel Transition?”, posits that implementing efficiency measures—like retrofitting vessels and leveraging digital solutions—could enable the shipping industry to meet the International Maritime Organization’s (IMO) carbon reduction targets for 2030. However, achieving deeper decarbonization and reaching net-zero emissions will require a shift to green hydrogen-based fuels, which are currently rare and costly. Despite the availability of technology to power ships with carbon-neutral fuels, production remains nearly nonexistent, even as major shipowners have ordered hundreds of new vessels.
The report highlights a critical impasse within the shipping sector. It emphasizes that the industry cannot tackle this challenge alone. To stimulate the production of affordable carbon-neutral fuels, shipping must collaborate with other hard-to-abate sectors, such as steel, fertilizer, and power generation. Instead of competing for limited hydrogen resources, these industries can unite to create a significant demand, thereby reducing risks associated with large hydrogen projects and attracting necessary financing.
Accelleron’s findings indicate that technical and operational efficiencies could lead to over a 30% reduction in emissions by 2030, surpassing the IMO’s goals. By 2050, the shipping sector alone will require between 100-150 million tons of green hydrogen annually. Collectively, shipping, aviation, steel, cement, power, and agriculture contribute to approximately 70% of global emissions, necessitating around 500 million tons of green hydrogen and an estimated $9 trillion in investment to meet future demands. Currently, only about 38 million tons of green hydrogen production is in progress, backed by less than $320 billion in committed investments.
Accelleron aims for this report to spur action in the decarbonization dialogue, emphasizing that achieving net-zero emissions requires not just advancements in fuels and systems but also a new paradigm of collaboration across sectors. Daniel Bischofberger, CEO of Accelleron, underscores that the shipping industry’s historical strength lies in partnership, which will be essential for securing the necessary fuels to achieve a sustainable future.
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