Social and Economic Impacts of Decarbonisation in the Maritime Sector

Growing recognition of the threat posed by man-made climate change has spurred government institutions, industry, and science to find clean fuels to power economic activity. The Maritime industry stands for 90% of global freight and emits around 2,7% of carbon emissions, but still, the industry has to play its role in decarbonisation.

Deep-sea vessels consume large amounts of fuel and contribute more than 85% to global maritime emissions. Our total global fleet emits around 840 million tons of carbon annually and there are expectations from charterers and consumers to reduce these emissions. Regulations and policies are put in place to help us with this, but we need access to investors and capital to make this happen.

Several actions will be needed in parallel to succeed, and the vessels’ trading patterns will play an important role in finding the right solution. This has to do with infrastructure and the availability of renewable fuels, as well as other technological solutions. Important aspects here are:

  1. Energy optimisation. No matter what solution is chosen, the energy consumption must be reduced and consequently the emissions. Renewable solutions are costly
  2. What type of renewable fuels will be available, where, and when?
  3. What solution would be the right for your vessel, liquid (biofuels, ammonia, methanol, hydrogen) or gas (bio, synthetic, or natural gas)?

OSM Thome will be here to support and advise the industry to make educated solutions for your specific needs.

Special thanks to OSM Thome’s Business Development Manager, Torbjørn Lie, for sharing his key takeaways.