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New Energy World
New Energy World embraces the whole energy industry as it connects and converges to address the decarbonisation challenge. It covers progress being made across the industry, from the dynamics under way to reduce emissions in oil and gas, through improvements to the efficiency of energy conversion and use, to cutting-edge initiatives in renewable and low carbon technologies.
How to decarbonise shipping: why cross-sector collaboration is important
11/9/2024
8 min read
Feature
The decarbonisation of international shipping will require global and regional cooperation and work to bring together often segregated stakeholders across the energy and shipping value chains. Here, Dr Carlo Raucci, Director, Sustainable Fuels and Strategy, at the Lloyd’s Register Maritime Decarbonisation Hub, outlines ways in which the decarbonisation picture is shaping up around Singapore and the wider Asia-Pacific region, as well as the lessons that can be learnt from regional initiatives like the Silk Alliance.
More than 80% of the world’s traded goods travel by ship, with maritime transport accounting for 2–3% of global greenhouse gas (GHG) emissions, according to the World Economic Forum. As part of the International Maritime Organization’s (IMO) commitment to support the UN Sustainable Development Goal 7, it is strengthening targets within its 2023 GHG strategy, with the aim of accelerating the adoption of zero or near-zero GHG emission fuels of at least 5% (striving for 10%) of the energy used by 2030.
As the home of major global shipping lanes and transshipment and bunkering hubs, the Asia-Pacific region has a key role to play in the sector’s delivery of these GHG reduction targets. As such, the Port of Singapore – the largest in the world – has already shown active engagement in developing its own green corridors, to address the urgent need for new technologies and alternative fuels adoption.
How do we decarbonise international shipping, and why is regional collaboration important?
While bunkering – supplying fuel – drives demand, it is important to remember that decarbonisation is about more than just refuelling. It’s about producing, sourcing and transporting new fuel alternatives – something that cannot happen in isolation, or in Singapore alone.