AMMONIA has emerged as a promising alternative fuel as the shipping industry looks for more sustainable fuel options.
With new global regulations having set a clear destination for shipping – net zero emissions by mid-century – ammonia will play a significant role in enabling the shipping industry to reduce its emissions.
A report by Wartsila highlights the role that sustainable fuels will play in achieving this target which is set by the International Maritime Organization (IMO).
According to the report, existing decarbonisation solutions, such as fuel efficiency measures, can cut shipping emissions by up to 27 per cent; however, sustainable fuels, such as ammonia, will be a critical step in eliminating the remaining 73 per cent.
In this context, Hakan Agnevall, President and CEO of Wartsila highlights the importance of cross-industry collaboration.
He says: “In just 25 years – the lifetime of a single vessel – shipping needs to get to net zero emissions. Achieving this will require coordinated action by all maritime industry stakeholders to bring about the system change needed to accept a new generation of sustainable fuels."
Sustainable shipping fuels could reach cost parity with fossil fuels as early as 2035 with the help of decisive emissions policy such as carbon taxes and emissions limits, according to a new report launched today by technology group Wartsila.
The report, titled ‘Sustainable fuels for shipping by 2050 – the 3 key elements of success’, reveals that the EU Emissions Trading Scheme (ETS) and FuelEU Maritime Initiative (FEUM) will see the cost of using fossil fuels more than double by 2030.
By 2035, they will close the price gap between fossil fuels and sustainable fuels for the very first time.
Transporting 80 per cent of world trade, shipping is the engine room of the global economy.
This story is from the October 2024 edition of Oil and Gas News.
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This story is from the October 2024 edition of Oil and Gas News.
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