The maritime shipping industry emits more CO2 than Germany and is the 6th largest producer of greenhouse gas (GHG) emissions globally. Despite being the most efficient method of cargo-transport, because over 90% of the world’s goods are transported by sea, the industry emits more than 1 billion tons of CO2e per year. Maintaining business as usual will result in an estimated 250% growth in emissions by 2050, leaving the industry responsible for 18% of global emissions.
Shipping Efficiency aims to encourage investment, development and installation of energy efficiency technology to improve the efficiency of the fleet, by providing transparent data to the wider market. The latest International Maritime Organization study highlighted that up to 75% fuel efficiency was potentially achievable.
Shipping Efficiency envisions a future shipping industry whereby technologies that deliver both real cost savings and reductions in carbon emissions are deployed on both new and existing ships. From modern wind power, energy recovery (waste heat recovery from engine) and hull optimization air lubrication to new optimized engines and the latest in rudders, hull coatings and propeller technology, the future fleet will be a flagship for efficient transport. As a result of retrofitting the existing fleet, new jobs and business will be created for ship-yards and contractors around the world.
Working with experts across the industry, Carbon War Room have identified three key objectives to address the barriers and encourage greater efficiency in the shipping industry:
- Improve the flow of information about the relative efficiency of the existing fleet and enable greater transparency
- Increase the demand for energy efficient vessels and efficiency retrofits
- Unlock new sources of third-party capital for efficiency retrofits by attracting sources of private finance and developing the financial mechanisms to accelerate investment
For more information on our shipping work, please visit Carbon War Room and the official Shipping Efficiency web site.