Wärtsilä Corp. released a new report finding that sustainable maritime shipping fuels can reach cost parity with fossil fuels by 2035. The report finds that the EU Emissions Trading Scheme and FuelEU Maritime Initiative will more than double fossil fuel costs by 2030, closing the price gap by 2035 with sustainable fuels. The report includes new modeling that shows a timeline for which fuels will be best deployed.
The International Maritime Organization’s Marine Environment Protection Committee (MEPC 81) meeting came to a close with countries supporting a global greenhouse gas price on maritime shipping. Member states from across North America, Africa, Caribbean and Europe all expressed support for a price on GHG emissions, leading to the IMO’s first-ever agreed draft outline of a legislative framework for economic measure and fuel standard that mandates a growing share of green energy used in ships.