American Bureau of Shipping (ABS) on Thursday (16 April) published the latest trends and projections on carbon-reduction strategies for shipping as the industry looks to meet decarbonisation ambitions.
Setting the Course to Low Carbon Shipping examines new fuels, technologies and operational measures and matches that with forecasts for the world’s key trade lanes to envision what shipping may look like in 2030 and 2050, says ABS.
The second of two ‘Outlook’ documents – the first was published in June 2019 – it applies what ABS currently knows about existing and future fuels to project which energy source could be best suited for each trade lane and what that may mean for the design of the vessels working them, adds the bureau.
“Maritime’s decarbonization challenge can be regarded as a complex riddle with three elements: vessel energy efficient technologies, operational optimization and low and zero carbon or carbon neutral fuels,” said Christopher J. Wiernicki, ABS Chairman, President and Chief Executive Officer.
“All elements have a role to play, but we have identified that the rate of shipping’s transition to lower carbon fuels will have the single biggest impact on its global carbon footprint; more than any predictable shifts in commodity demand, enhancements to operating practices, vessel routings, or ship designs.
“The models in our research suggest our industry will meet the targets for the reduction in carbon intensity by 2050, but it might miss the target for the total GHG emitted annually. In short, there is a gap between the industry’s present course, and its stated ambition.”
The Outlook’s approach was supported by Maersk, adds ABS.
“In Maersk, we have for more than a decade been industry leaders in CO2 efficiency, and we have set ourselves the bold target of becoming carbon neutral by 2050,” comments Palle B. Laursen, Maersk Chief Technical Officer.
“To bring this ambition to life, we need to bring the first commercially viable carbon neutral vessel into operation by 2030 already, which can only happen if we work together across the industry and supply chain, which is why the research from ABS on decarbonization pathways and what shipping may look like in the future is well timed.”
ABS says it collaborated with Maritime Strategies International (MSI) to create a global scenario for the future CO2 emissions from shipping, which takes into account the future variation of fuels used in vessels, as well as the decarbonization of different industrial sectors on which shipping depends.
ABS adds it also worked with Herbert Engineering Corp. (HEC) to develop a series of tanker, bulk carrier and container ship design concepts to explore practical options for meeting IMO greenhouse gas goals.
The Bureau shares that research in the Outlook suggests, on the current trajectory, petroleum-based fuels will still have considerable market share by 2050, which has significant implications for meeting the emissions challenge
To hear more from ABS sustainability experts on carbon reduction strategies for shipping, register for their upcoming webinar here.
Download a copy of Setting the Course to Low Carbon Shipping here.
Photo credit: ABS
Published: 20 April, 2020
Legal representatives met at the High Court on Tuesday to discuss the discharge of KPMG liquidators from all liability in respect of conduct in the course of winding up, show court documents.
Global sentence adjusts to 80 month’s imprisonment term for both Chang and Koh under application of the Masui sentencing framework; fine of SGD 6.2 million against Chang remains unchanged.
Company has been ranked EIGHTH for 2020; ‘we are humbled and proud to be placed amongst the top ten winners of the Enterprise 50 Awards,’ says Satnam Singh, COO, Sing Fuels.
Mads Bjornebye, Manager of Bunker Services at Teekay Tankers Ltd, shares about the company’s perspective of e-BDNs, bunker purchasing & planning tools, while offering his thoughts on future marine fuels.
Maritime sector may find it increasingly challenging to manage bunker prices, Dennis Ho, Managing Director at ElbOil Singapore tells Singapore bunkering publication Manifold Times.
NBF mulls use of blockchain-based registry of trade finance transactions as secure central database for the banking industry to streamline documentation processes and resolve transparency issues.