Carbon capture could be one means of reducing the shipping industry's emissions. File Image / Pixabay
New research from the Oil and Gas Climate Initiative (OGCI) and Stena Bulk has set out what it might cost for the shipping industry to take on carbon capture systems to reduce its emissions.
The report takes a Suezmax tanker as a case study to assess the technology, finding it technically feasible but expensive.
Capturing a steady 30% of the vessel's carbon emissions over 12 years would cost $18.5 million, or $175 per mt of CO2 captured, according to the report.
"Although technically feasible, the study found that high operational and capital expenses would be involved in any deployment," OGCI said in a statement on its website last week.
"The study recommends further work should be done to compare costs of carbon capture against other long-term marine carbon dioxide reduction technologies.
"The study's findings demonstrate that marine carbon capture can play a role in meeting the International Maritime Organization's (IMO) 2050 target of reducing emissions from the industry by 50% compared to 2008 baselines."