Emission Reduction Initiatives: The International Maritime Organization (IMO) has set ambitious targets to reduce greenhouse gas emissions from shipping. In a landmark agreement involving 108 countries, the IMO introduced financial penalties for greenhouse gas emissions, making shipping the first global industry to adopt such measures. Starting in 2028, vessels will be required to use cleaner fuels or pay penalties of up to £290 per tonne of CO₂ emitted.
Alternative Fuels and Technologies: The industry is exploring alternative fuels like green ammonia, hydrogen, and biofuels to replace traditional fossil fuels. Innovations such as the GREEN Cell shipping concept propose using containerized power units powered by renewable energy sources, including solar and wind, to propel ships.
Carbon Pricing Mechanisms: Market-based measures, including carbon pricing and emissions trading schemes, are being implemented to incentivize emission reductions. The European Union has expanded its Emissions Trading Scheme to include shipping, and the IMO is developing a global carbon pricing system aimed at achieving net-zero emissions by 2050.
Collaborative Efforts: Initiatives like the Zero Emission Maritime Buyers Alliance (ZEMBA), comprising companies such as Amazon and Patagonia, are investing in low-carbon shipping solutions. For instance, ZEMBA’s partnership with Hapag-Lloyd involves using biomethane-powered ships, significantly reducing carbon emissions.
Quadrise plc (LON:QED) is an energy technology provider whose solutions enable production of cheaper, cleaner, simpler and safer alternatives to fuel oil and biofuels, proven in real world applications. Quadrise technologies produce transition fuels called MSAR® and bioMSAR™, which allow clients in the shipping, utilities and industrial sectors to reduce carbon emissions whilst also saving costs.
