Next week, the International Maritime Organization (IMO) will resume discussions in London about the Net-Zero Framework for shipping. Despite ongoing divisions among nations, the intersessional working group aims to reconcile competing proposals, addressing greenhouse gas emissions and their economic implications, particularly for developing countries, amid high stakes for the industry’s sustainability.
According to Wood Mackenzie, the LNG shipping industry is increasingly polarized due to five emissions frameworks. Modern ME-GI vessels excel in low methane emissions and carbon compliance costs, while older DFDE vessels face rising liabilities. By 2030, compliance costs could surpass fuel expenses, challenging the viability of older fleets.
Wind-assisted propulsion systems (WAPS) are pivotal in the maritime sector’s decarbonization efforts. With rising fuel costs and stricter regulations, technologies like wingsails can cut fuel consumption significantly. Studies show potential savings of up to 35%, making WAPS essential for shipping companies aiming to reduce their carbon footprints effectively.
ExxonMobil is entering the LNG marine bunkering market, planning to introduce two LNG bunker vessels to reduce greenhouse gas emissions in the maritime sector. The first vessel, chartered from Avenir LNG, will arrive in early 2027, with a second from Evalend Shipping later that year. This initiative supports ExxonMobil’s $30 billion investment in lower-emission solutions.
Ahti Climate has secured additional funding from Business Finland to enhance its Ahti Pool platform, following an initial grant in September 2024. This funding aims to strengthen Ahti’s growth strategy and product differentiation in the maritime emissions compliance sector, facilitating compliance with the upcoming FuelEU Maritime regulations effective January 1, 2025.
Swedish forest company SCA has partnered with Nordic energy firm Gasum to utilize its liquefied biogas pooling service, aiming to meet EU maritime emissions regulations. This collaboration supports SCA’s goal of reducing emissions by 50% by 2030. Gasum’s bio-LNG can lower greenhouse gas emissions by up to 90%.
Corvus Energy has played a vital role in reducing the maritime industry’s carbon footprint by helping customers cut down 10 million tons of CO2 emissions since 2013. This achievement is crucial in combating the industry’s significant contribution to global greenhouse gas emissions. Corvus Energy has successfully decreased fuel consumption and environmental impact.
