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Market Report: A pathway to decarbonise the shipping sector by 2050
Market Report: A pathway to decarbonise the shipping sector by 2050

Market Report: A pathway to decarbonise the shipping sector by 2050

A precis of the 2021 report from the International Renewable Energy Agency (IRENA) exploring the challenges and opportunities facing the global shipping sector.

Urgent action is necessary to accelerate the pace of the global energy transition and the decarbonisation of the global economy. Green hydrogen-based fuels are set to be the backbone for the sector’s decarbonisation.

The International Maritime Organisation’s (IMO’s) Fourth GHG study 2020 reported that in 2018 global shipping energy demand accounted for nearly 11 exajoules (EJ), resulting in around 1 billion tonnes of carbon dioxide (CO2) (international shipping and domestic navigation) and 3% of annual global greenhouse gas (GHG) emissions on a CO2-equivalent basis. Fossil fuels. i.e. heavy fuel oil (HFO), marine gas oil (MGO), very low-sulphur fuel oil (VLSFO) and, more recently on a small scale, the use of liquefied natural gas (LNG) currently provide up to 99% of the sector’s final energy demand. 

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