Sustainable shipping: Pathways to Decarbonize the Maritime Industry

Abstract

The maritime industry has a considerable impact on global trade. Statistical data shows that marine transport accounts for around 80% of global commerce volume and more than 70% of total value. Despite playing a major role in international trade, the shipping industry accounts for around 3% of worldwide manmade emissions of greenhouse gases (GHG), which will likely grow in the next decades. Still, cutting emissions is proving challenging due to the industry's significant reliance on fossil fuels, particularly heavy fuel oil (HFO), which produces high levels of CO2 and other pollutants. With mounting pressure to combat climate change, the industry needs to transition toward sustainable practices and start decarbonizing its operations. Thus, based on research papers, emerging technologies, ambitious projects by stakeholders, case studies and interviews, this thesis seek to identifies possible solutions and opportunities to help accelerate the transition to clean energy. The qualitative research method was used to collect and analyse data. Semi-structured interviews will be arranged where participants are allowed to speak freely, and data will be recorded. This research project showed that as challenging as it may seem, achieving net-zero GHG by 2050 is possible through a multifaceted approach to decarbonization. Technologies and measures are being developed and are available that can significantly curb GHG. This project has some recommendations and solutions that can help fast-track a company's transition to green energy by 2050.