The maritime industry's path to decarbonisation is high priority but progress is uneven and needs a "whole-of-value-chain" and integrated approach, a report by the Global Center for Maritime Decarbonisation (GCMD) and Boston Consulting (BCG) has said.
Net zero is seen as a strategic priority and 77pc of the 128 shipowners, according to the Voyaging Towards a Green Maritime Future report published on 27 September. Operators surveyed in the report said that they have set concrete targets to reach decarbonisation by 2050.
The report outlines six key elements that are expected to lead shipowners and operators in this direction. These are a strategic plan, operational efficiency, technological efficiency, fuel transition, and shipboard carbon capture.
In terms of fuel transition, the high costs and supply gaps of green fuels were seen to be the key constraints. Meanwhile, there was skepticism about the commitment from market participants about green fuels in the future.
The shipowners and operators are also in need of dedicated sustainability teams, strategic investments in green initiatives, internal carbon prices and digitisation, the report said.
In terms of strategic investments in green initiatives, about 75pc of the participants are looking into this with a variety of actions, the report said.
The report segments the categories of participants based on their interest and commitment to maritime decarbonisation. "Frontrunners" are seen to be those who are at the forefront of emerging decarbonisation measures like wind propulsion.
A majority of this category of participants are looking to implement carbon capture solutions by 2025, and they are also the ones which are expected to adopt methanol and ammonia as alternative fuel solutions around 2026 and 2029, respectively.
The second category of participants were labelled "Followers" with a more conservative investment threshold and are seen to be slower in accepting the newer green fuels in the coming years. Lastly, the "Conservatives" are those who are still early in their efforts in decarbonising.
This last group is a target area to raise awareness and build capabilities, the report said. Building infrastructure at ports for future fuels was also cited as key for the maritime decarbonisation journey.
