Charting a Course for Decarbonizing Maritime Transport : Summary for Policymakers and Industry

As the backbone of global trade, international maritime transport connects the world and facilitates economic growth and development, especially in developing countries. However, producing around three percent of global greenhouse gas (GHG) emissions and emitting around 15 percent of some of the wor...

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Main Authors:	Englert, Dominik, Losos, Andrew
Format:	Report
Published:	World Bank, Washington, DC 2021
Subjects:	INTERNATIONAL SHIPPING GREENHOUSE GAS EMISSIONS ZERO-CARBON FUEL BUNKER FUEL MARITIME TRANSPORT DECARBONIZING MARITIME TRANSPORT LIQUEFIED NATURAL GAS LNG
Online Access:	http://documents.worldbank.org/curated/en/680021617997493409/Charting-a-Course-for-Decarbonizing-Maritime-Transport http://hdl.handle.net/10986/35436

id	okr-10986-35436
recordtype	oai_dc
spelling	okr-10986-354362021-12-16T15:53:58Z Charting a Course for Decarbonizing Maritime Transport : Summary for Policymakers and Industry Englert, Dominik Losos, Andrew INTERNATIONAL SHIPPING GREENHOUSE GAS EMISSIONS ZERO-CARBON FUEL BUNKER FUEL MARITIME TRANSPORT DECARBONIZING MARITIME TRANSPORT LIQUEFIED NATURAL GAS LNG As the backbone of global trade, international maritime transport connects the world and facilitates economic growth and development, especially in developing countries. However, producing around three percent of global greenhouse gas (GHG) emissions and emitting around 15 percent of some of the world’s major air pollutants, shipping is a major contributor to climate change and air pollution. To mitigate its negative environmental impact, shipping needs to abandon fossil-based bunker fuels and turn to zero-carbon alternatives. This report, the “Summary for Policymakers and Industry,” summarizes recent World Bank research on decarbonizing the maritime sector. The analysis identifies green ammonia and hydrogen as the most promising zero-carbon bunker fuels within the maritime industry at present. These fuels strike the most advantageous balance of favorable features relating to their lifecycle GHG emissions, broader environmental factors, scalability, economics, and technical and safety implications. The analysis also identifies that LNG will likely only play a limited role in shipping’s energy transition due to concerns over methane slip and stranded assets. Crucially, the research reveals that decarbonizing maritime transport offers unique business and development opportunities for developing countries. Developing countries with large renewable energy resources could take advantage of the new and emerging future zero-carbon bunker fuel market, estimated at over $1 trillion, to establish new export markets while also modernizing their own domestic energy and industrial infrastructure. However, strategic policy interventions are needed to hasten the sector’s energy transition. 2021-04-14T18:31:00Z 2021-04-14T18:31:00Z 2021-04-15 Report http://documents.worldbank.org/curated/en/680021617997493409/Charting-a-Course-for-Decarbonizing-Maritime-Transport http://hdl.handle.net/10986/35436 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Publications & Research :: Working Paper Publications & Research
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
topic	INTERNATIONAL SHIPPING GREENHOUSE GAS EMISSIONS ZERO-CARBON FUEL BUNKER FUEL MARITIME TRANSPORT DECARBONIZING MARITIME TRANSPORT LIQUEFIED NATURAL GAS LNG
spellingShingle	INTERNATIONAL SHIPPING GREENHOUSE GAS EMISSIONS ZERO-CARBON FUEL BUNKER FUEL MARITIME TRANSPORT DECARBONIZING MARITIME TRANSPORT LIQUEFIED NATURAL GAS LNG Englert, Dominik Losos, Andrew Charting a Course for Decarbonizing Maritime Transport : Summary for Policymakers and Industry
description	As the backbone of global trade, international maritime transport connects the world and facilitates economic growth and development, especially in developing countries. However, producing around three percent of global greenhouse gas (GHG) emissions and emitting around 15 percent of some of the world’s major air pollutants, shipping is a major contributor to climate change and air pollution. To mitigate its negative environmental impact, shipping needs to abandon fossil-based bunker fuels and turn to zero-carbon alternatives. This report, the “Summary for Policymakers and Industry,” summarizes recent World Bank research on decarbonizing the maritime sector. The analysis identifies green ammonia and hydrogen as the most promising zero-carbon bunker fuels within the maritime industry at present. These fuels strike the most advantageous balance of favorable features relating to their lifecycle GHG emissions, broader environmental factors, scalability, economics, and technical and safety implications. The analysis also identifies that LNG will likely only play a limited role in shipping’s energy transition due to concerns over methane slip and stranded assets. Crucially, the research reveals that decarbonizing maritime transport offers unique business and development opportunities for developing countries. Developing countries with large renewable energy resources could take advantage of the new and emerging future zero-carbon bunker fuel market, estimated at over $1 trillion, to establish new export markets while also modernizing their own domestic energy and industrial infrastructure. However, strategic policy interventions are needed to hasten the sector’s energy transition.
format	Report
author	Englert, Dominik Losos, Andrew
author_facet	Englert, Dominik Losos, Andrew
author_sort	Englert, Dominik
title	Charting a Course for Decarbonizing Maritime Transport : Summary for Policymakers and Industry
title_short	Charting a Course for Decarbonizing Maritime Transport : Summary for Policymakers and Industry
title_full	Charting a Course for Decarbonizing Maritime Transport : Summary for Policymakers and Industry
title_fullStr	Charting a Course for Decarbonizing Maritime Transport : Summary for Policymakers and Industry
title_full_unstemmed	Charting a Course for Decarbonizing Maritime Transport : Summary for Policymakers and Industry
title_sort	charting a course for decarbonizing maritime transport : summary for policymakers and industry
publisher	World Bank, Washington, DC
publishDate	2021
url	http://documents.worldbank.org/curated/en/680021617997493409/Charting-a-Course-for-Decarbonizing-Maritime-Transport http://hdl.handle.net/10986/35436
_version_	1764483030415572992

Charting a Course for Decarbonizing Maritime Transport : Summary for Policymakers and Industry

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