Ships hungry for biofuel to reduce EUA buying with break-even point from next year, say analysts
The break-even point between the cost of biofuels and EUAs for the shipping sector is likely to occur as soon as next year, as purchasing greener alternatives to petroleum products becomes cheaper than the cost of carbon permits, according to market analysts.
Read MoreOil majors join initiative to tackle ‘methane slip’ from fuelled vessels
Two oil and gas majors and a gas shipping company have joined an initiative aimed at improving technologies to measure and mitigate methane emissions from the maritime sector, in an effort to reduce pollution from the use of LNG as a fuel.
Read MoreAsian fleet faces 20 Mt/year EU carbon allowance bill once shipping is phased into ETS
The 4,000-strong Asian-flagged shipping fleet that keeps goods flowing from east to west will need to surrender around 20 million EU Allowances (EUAs) a year to cover its emissions once the maritime sector is fully included in the trading bloc’s Emission Trading System (ETS), research finds.
Read MoreJapanese trading house to subsidise low-friction paint for maritime decarbonisation
A major trading house in Japan has launched a performance-based payment scheme that encourages the use of anti-fouling paint for ship bottoms with the view of driving down emissions in the shipping sector, it announced Wednesday.
Read MoreStringent maritime targets urgently needed to align with IMO strategy -report
International shipping targets would need to be “very stringent right from the start”, to align with the International Maritime Organisation (IMO) strategy and reach net-zero emissions by 2050, according to a report released Thursday.
Read MoreJapanese shipping firm completes blockchain-backed insetting pilot
A Japanese shipping giant has carried out an insetting pilot featuring the tokenisation of emissions reductions as part of a broader target to decarbonise its supply chain, it announced Thursday.
Read MoreWider green corridors could cut shipping emissions further -report
South Korea could cut emissions from shipping, which it depends on, by up to 20 million tonnes of CO2 per year at a single port via establishing wider scale green corridors, according to a report released Tuesday.
Read MoreSBTi validates its first 1.5C-aligned shipping company emissions plan
One of the world’s largest shipping container companies has become the first in the industry to have its emissions reduction targets validated by the Science Based Targets initiative (SBTi) for a 1.5C-aligned pathway.
Read MoreMaritime emissions to surge as ships speed up to bypass Red Sea danger
Emissions from maritime vessels are set to surge by up to 70% as companies increase speeds to compensate for the longer voyages necessitated by re-routing around the Cape of Good Hope instead of through the riskier Suez Canal.
Read More‘Polluter pays’ principle in EU ETS affecting shipping sector contracts, say experts
The extension of the EU ETS to shipping on Jan. 1 has sparked a new tug-of-war between carriers and charterers founded on cost pass-through and risk management, according to a panel of industry experts on Wednesday.
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