The European Community Shipowners’ Association (ECSA) has recently released a Draghi report supporting the use of cleaner fuels in the shipping industry, according to a UK shipping-related website.
The report analyzes that the shipping industry is one of the most difficult industries to decarbonize, requiring about 40 billion euros of investment annually, and that the establishment of an alternative fuel supply chain is crucial for the EU to achieve its climate goals.
According to the report, the ‘Fit for 55’ program and the recent historic IMO Greenhouse Gas Strategy Agreement set clear targets for shipping to achieve net zero emissions by 2050 – prioritizing access to cleaner fuels and adequate resources. The report identifies the development of a green fuel supply chain as a priority for the European Union, and the costs of not doing so to meet climate targets will be significant.
The report emphasizes the huge price gap between conventional and clean fuels, and the fact that the shipping industry faces stiff competition from other modes of transport for access to clean fuels, especially advanced biofuels and e-fuels.