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However, biofuels have challenges in terms of sustainability and availability, which, thus, in the mid–long-term, “any biofuel pathway is uncompetitive and prone to restrictions or higher prices”. Lloyd’s Register and UMAS concluded that in the short term, biofuels look marginally more competitive than fuels derived from renewable electricity or from natural gas with carbon capture and storage. Lloyd’s Register and University of Maritime Advisory Services (UMAS) performed a technoeconomic study of carbon fuels with the potential of becoming a zero-carbon emitter. Climate Change and the Shipping Industry 2.1. Finally, the review will conclude with a summary and future recommendations. Section 5 discusses the various CO 2 abatement options in essence, strategies and techniques that can help reduce fuel consumption such as vessel and propeller design and waste heat recovery. Various technologies will be presented, such as Internal Combustion Engines, fuel cells, batteries, supercapacitors and nuclear energy. Section 4 discusses the maturity of technologies currently available that can help the shipping industry achieve deep decarbonization. Section 3 discusses renewable energy sources that are available within shipping, such as wind, solar and biomass. The section will discuss the relative advantages and disadvantages of alternative fuels. Section 2 discusses alternative fuels that can be used in shipping. The scope of this review paper is to survey the literature related to the shipping industry, based on research articles and grey literature, and discuss the potential routes to achieve deep decarbonization by 2050, as set by the International Maritime Organization’s (IMO) targets. Thus, there is “no single route and a multifaceted response is required” from different sectors of the industry. It is obvious that numerous problems/issues must be tackled in order to achieve deep decarbonization of the shipping industry.
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In addition, fuel consumption can be improved by various efficiency improvements (such as hull design and cleaning, and propeller design, to name a few). Other fuels and/or other technologies such as biofuels, hydrogen, nuclear and carbon capture and storage (CCS) could all decarbonize the industry, but each have significant barriers regarding cost, resources and social acceptability.
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For example, Liquefied Natural Gas (LNG) can improve the performance, and on the other hand, with methane slip, the benefits are reduced. Due to the scale of the sector, shipping represents ~3% of the total global green house gas (GHG) emissions, therefore strict environmental regulations around NO x, SO x and CO 2 emissions are set to cause major technological changes in the industry. The shipping sector is crucial for international trade (~80–90% of the global trade occurs through shipping) and hence vital to the world economy.
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The IMO’s 2050 targets will be achieved via radical technology shift together with the aid of social pressure, financial incentives, regulatory and legislative reforms at the local, regional and international level. The review presents a discussion on the recent literature regarding alternative fuels (nuclear, hydrogen, ammonia, methanol), renewable energy sources (biofuels, wind, solar), the maturity of technologies (fuel cells, internal combustion engines) as well as technical and operational strategies to reduce fuel consumption for new and existing ships (slow steaming, cleaning and coating, waste heat recovery, hull and propeller design). The review paper, based on research articles and grey literature, discusses technoeconomic problems and/or benefits for technologies that will help the shipping sector achieve the IMO’s targets. However, deep decarbonization will require financial incentives and policies at an international and regional level given the maritime sector’s ~3% contribution to green house gas (GHG) emissions. There has been increased interest from important stakeholders regarding deep decarbonization, evidenced by market surveys conducted by Shell and Deloitte. This review paper examines the possible pathways and possible technologies available that will help the shipping sector achieve the International Maritime Organization’s (IMO) deep decarbonization targets by 2050.