By CityAM
The shipping industry must spend at least $1 trillion on new fuel technology if it is to meet UN emissions targets by 2050.
According to a new study by experts from UCL and the Energy Transitions Commission, the minimum average that would need to be spent every year from 2030 is $50bn.
Global shipping is responsible for about 2.2 percent of the world’s carbon dioxide emissions. The International Maritime Organisation has set itself the target of reducing emissions by 50 percent by 2050.
If the sector was to fully decarbonise by 2050, an additional $400bn of investment would be needed over the 20-year period.
Roughly 87 percent of the investment would be in land-based infrastructure and production facilities for low-carbon fuels.
The remainder would be used for upgrades to the ships themselves.
Tristan Smith, reader at UCL’s Energy Institute, said: “Our analysis suggests we will see a disruptive and rapid change to align to a new zero carbon system, with fossil fuel aligned assets becoming obsolete or needing significant modification.”
In December the sector submitted a proposal to form a $5bn research and development fund for decarbonising the industry.
The fund, which will operate over a ten-year period, is designed to accelerate the development of commercially viable net zero ships by the early 2030s.
The International Maritime Research and Development Board (IMRB), as the fund will be known, will be financed by the payment of a mandatory $2 for every tonne of fuel a shipping company buys.
The study comes as the global shipping sector gears up for rising costs and new rules on the maximum amount of sulphur that will be allowed in their fuel.
The legislation from the IMO, which comes in to force on 1 March, is an attempt to reduce sulphur emissions by 80 percent.
- Dr. Geert Vanden Bossche forecasts total chaos within 2 months.
- Breyer retirement letter has no President name on it. – Opinions coming Thursday
- Chicago shoplifter gets folded up like a pretzel by jujitsu instructor
- Why Are They Still Pushing the Global Warming Hoax When We Have Real Problems to Take Care Of?
- Rationing Has Already Started In Europe As The Entire Globe Plunges Into A Horrific Economic Nightmare
- Armstrong: Prepare for WWIII: The West NEEDS war because the entire financial system is collapsing
- What’s Happening to America’s Wealthiest Families Proves the Dollar Is Failing
- Things are going down in the Netherlands.
- 29-year-old trans woman beats 13-year-old girl to 1st place in NYC girl’s skateboarding contest
- PEDOPHILES ARE OFFICIALLY A PROTECTED CLASS IN AMERICA NOW
Views: 0