The period from 2000 to 2018 has seen a 93% increase in shipping volume, followed by a 65% increase in World GDP. Parallelly, there has been a subsequent rise in the shipping emissions as well (~39%), which has proved quite counteractive for the shipping industry’s growth. With the latest buzz around environmental protection and all industries gearing up to do their bit, the shipping industry has also formulated its strategy to reduce greenhouse emissions by 50% within the year 2050. This is a much-needed effort on the industry’s part, considering its stake (almost 2.4%) in the world’s greenhouse gas emissions. This decision is also in keeping with the Sustainable Developmental Goals (Goal 13).
However, reducing carbon or greenhouse gas emissions requires decarbonizing of all ships on the deck and is a mammoth task in itself. With the shipping industry forming the backbone of trade in the world economy, how easy would it be to bring about this radical change? Industries that rely on the shipping sector have their concerns regarding the impact of this change. Many questions are going around concerning this change:
The ownership of short sea vessels lies with small to medium-sized companies who usually do not have the resources to spend additionally on technology. However, with government subsidies, even they can adopt new technology quite well. The short sea vessels have a fixed route for travel and have access to frequent refueling. Thus, it would be much easier for them to comply with the new norms and reduce carbon emissions. Deep-sea vessels, on the other hand, are built specifically for a particular function (such as a single cargo). They are in use for intercontinental trade and have to comply with strict global regulations. Going for a paradigm shift, such as decarbonizing or changing fuels, in such a scenario would not only be cost-intensive but will also pose critical supply chain challenges. Thus, owners of deep-sea vessels are a little skeptical about adopting new technology. Contrary to short sea vessels, deep-sea vessels cannot be customized with new technology so easily. A holistic approach is required to redesign these vessels to come up with energy-saving and sustainable operations. As is evident, reducing emissions for the shipping industry has a plethora of challenges and can be more time taking than it seems.
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