Shipping Becomes First Industry in the World with Globally Mandated Targets to Reduce Emissions
Written by: Ja’Pheth Toulson
Aerial Ship
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Originally posted on: medium.com
The recent breakthrough agreement to tackle shipping emissions marks a significant milestone in the global fight against climate change. After nearly a decade of negotiations, countries have come together to address shipping emissions.
The agreement covers the vast majority of the world’s commercial shipping and means that starting in 2028, ship owners will have to use cleaner fuels or face fines according to a BBC news article.
From 2028, UN’s International Maritime Organisation (IMO) requires owners of large international vessels to reduce their use carbon intensive fuels and will charge ships a penalty of $380 per metric tonne on every extra tonne of Co2 equivalent they emit above a fixed emissions threshold, plus a penalty of $100 a tonne on emissions above a stricter emissions limit.
Shipping emissions currently make up around 3% of global emissions. More than 95% of ships today are powered by internal combustion engines (ICE engines), according to a Global Maritime Forum report. This interconnects to several factors.
Oil has a higher energy density, which means it can provide a large amount of volume per weight. This is crucial for long-distance transportation such as maritime shipping where vessels need to carry large amounts of fuel for extended journeys.
Secondly, the infrastructure for oil extraction, refining, transportation, and storage is already established globally, making oil an accessible fuel source for ships operating in various ports.
Lastly, there are several technical challenges when it comes to adapting clean energy into shipping engines including engine capability, energy density and storage, infrastructure, and safety regulations.
Despite these new regulations, billions of dollars will still need to be invested to create clean fuels for the global shipping industry in order to put a dent into reducing emissions.
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