SIMIC

REGULATORY strong-arm measures must be deployed if the world is to reach net-zero emission shipping by 2050, according to London's Lloyd's Register, reports Hellenic Shipping News Worldwide.

Lloyd's Register Foundation, is a UK charity dedicated to research and education in science and engineering.



"The European Union's FuelEU regulations on fossil fuel pricing and shore power will not achieve net-zero emissions globally by 2050," said International Energy Agency (IEA) analyst Laurence Cret at a Vancouver eco-gathering late last year.



Mr Cret presented his paper together with Lloyd's Register decarbonisation analyst Ahila Karan.



Papers were presented at the November Oceans North, the Vancouver Maritime Centre for Climate, C40 Cities Climate Leadership Group, and Arup convened a multi-stakeholder workshop on new energy markets in west coast shipping.



"Biofuel supply is significantly constrained by the availability of biomass. The deployment of clean technology is fundamental to decarbonization to support new zero-emission fuel engines and bunkering facilities," their paper said.



"The cost of zero-emission fuels is too high for widespread adoption. Upstream costs associated with the build-out of new infrastructure and renewable electricity are high and will require financing.



"Instead of purchasing fuel on the spot market, multi-year fuel offtake agreements are needed to provide certainty for fuel producers, and for vessel owners and port-side fleet operators," they said.