Friday 22 March 2024

Sustainable shipping fuels could match fossil fuel costs by 2035

Sustainable shipping fuels could match fossil fuel costs by 2035

Sustainable shipping fuels could match the cost of fossil fuels by 2035, but only with decisive policy actions.

That’s according to a recent report by Wärtsilä, which suggests the shipping sector faces challenges like global conflicts and trade disruptions.

Wärtsilä emphasises the need for coordinated efforts among policymakers, industry players, and shipping operators to speed up the transition.

The report outlines a timeline for the availability of sustainable fuel types, with biofuels expected to grow significantly in the 2030s, followed by “blue” fuels like blue ammonia, and green synthetic fuels in the late 2030s.

Despite the positive outlook, sustainable fuels are projected to be significantly more expensive than fossil fuels by 2030.

However, the implementation of regulatory measures similar to the EU Emissions Trading System and FuelEU Maritime could help bridge this cost gap and achieve parity by 2035, according to the report.

Written by

Dimitris Mavrokefalidis

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