Jamie Hailstone writes in Forbes on how shipping is attempting to decarbonize.
- Shipping is responsible for transporting 80% of the world’s goods and contributes to 2.4% of annual greenhouse gas emissions.
- While there has been substantial interest from investors, some experts believe that a lack of incentives are slowing down the deployment of decarbonization in the shipping industry.
- One solution that has been touted as having the “greatest emissions reduction potential of all” is mechanical rotor sails, which are placed on vessels to collect renewable wind energy.
- As the world looks to reach net-zero, the shipping industry will play a pivotal role. Private-sector financing mechanisms for shipping may need to improve and adjust to reach these goals.
“He added there is also a potential issue regarding who funds retrofitting projects, because of the way in which some ships are financed. In other words, would a bank fund retrofitting work if it was not behind the original financing of the ship itself?”
Read the full article here.