Sustainability aims for long-term co-existence on Earth, focusing on environmental, economic, and social dimensions. Often, the environmental aspect is highlighted, addressing issues like climate change and biodiversity loss. Current climate change, characterized by global warming, stems from human activities such as fossil fuel burning since the Industrial Revolution.
In the maritime industry, there is a responsibility to reduce emissions from various activities. The shipping sector faces an increasing demand to decarbonize and lessen its greenhouse gas (GHG) footprint due to multiple global and regional regulations and commercial sustainability requirements. With the International Maritime Organization’s (IMO) latest Greenhouse Gas strategy and its aim to achieve a carbon-neutral shipping industry by 2050, vessels are expected to meet progressively stricter Carbon Intensity Indicator (CII) targets each year.
The European Union has already incorporated shipping into the European Emissions Trading Scheme (EU ETS), significantly impacting vessels’ operational costs. Additionally, the IMO is expected to introduce global carbon taxation schemes within the next few years, which will further affect financial implications. The life cycle (well-to-wake) emissions intensity of fuels used on board will become a critical factor for vessels’ GHG performance. This development is driven by the ongoing work on the Life Cycle GHG Assessment (LCA) framework by the IMO, alongside compliance targets set by Fuel EU Maritime, which will take effect in 2025.
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