EMEA News
UK Maritime Sector Needs £75 Billion in Net Zero Investment: Report
The UK's maritime sector will need an estimated £75 billion in additional investment over the next 30 years to reduce its GHG emissions to net zero, according to new research.
Consultancy Marine Capital Ltd published the estimate in a report, titled 'UK Domestic Shipping: Mobilising Investment in Net Zero', produced with the support of UMAS and Lloyd's Register.
The report breaks down the UK's domestic fleet by vessel type and emissions profile to identify where further decarbonisation work will be needed, the organisations said in an emailed statement on Wednesday. Ferries and ro-ro vessels take up 10% of the vessel count in the UK but account for 50% of domestic and short-sea emissions, according to the research.
"Domestic shipping is enormously diverse, so merely getting to grips with that diversity was a key element in framing the report," Tony Foster, CEO of Marine Capital, said in the statement.
"We have highlighted, through case studies, financial mechanisms which can facilitate the participation of institutional capital, particularly in the large-scale fleet renewal that is required.
"The report clearly indicates how progress can be made now and the support which government can provide to unlock this investment."
