By Per Funch-Nielsen, Director, AuctionConnect The pathway for decarbonization in the shipping industry has been laid out by the IMO, providing clear objectives and checkpoints along the way. The global industry regulator
Per Funch-Nielsen. (Credit: AuctionConnect)
By Per Funch-Nielsen, Director, AuctionConnect
The pathway for decarbonization in the shipping industry has been laid out by the IMO, providing clear objectives and checkpoints along the way. The global industry regulator has set a goal of net zero-emissions from ships for around 2050. Indicative assessments of progress require the industry to achieve at least a 20% reduction in emissions compared to 2008 levels and striving for 30%, and a 70% reduction against 2008 levels by 2040, striving for 80%.
The energy transition will be complex, costly and demand significant resources from shipping and individual owners and operators. Existing approaches to managing fuel costs focus on clean technology and vessel optimization to drive efficiencies and reduce fuel consumption, however, organizations need to also look more widely at solutions that can help them to better manage how they procure fuel and minimize the cost-per-tonne of fuel “at source.”
No single technology or fuel
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