BLUE Insight's "Low Carbon Shipping Fuels & Energy Guide 2020" is available now. Image Credit: BLUE Insight
More than 40 organisations are already vying for a share of the low carbon shipping fuels and energy market that is valued at $1.4 trillion, a new study by BLUE Insight has revealed.
This is despite the fact the market is still in its infancy, with the focus of most industry stakeholders still on matters related to the IMO 2020 transition as well as dealing with the rapidly changing economic environment.
However, it is widely accepted that the industry must start moving now if it is to achieve its IMO 2030 and IMO 2050 emissions reduction targets - the latter requiring a 50% reduction by 2050.
BLUE Insight's research and analysis - Low Carbon Shipping Fuels & Energy Guide 2020 - explores only fuels and energy with 50% less well-to-wake carbon emissions than conventional fossil fuels, as based on current evidence.
Adrian Tolson, Director and Lead, BLUE Insight
Some might find it surprising that there are so many initiatives and innovations that are already in progress
"Some might find it surprising that there are so many initiatives and innovations that are already in progress. However, it fundamentally demonstrates – even at this relatively early stage – the scale of the challenge, and the speed of change required to meet shipping's decarbonisation targets," said Adrian Tolson, Director and Lead, BLUE Insight.
"And it also highlights the commercial opportunities that it will bring, particularly for the finance community looking to invest in sustainable projects."
The complete guide has been developed in partnership with classification society Bureau Veritas and is available here: https://www.blue-comms.com/guide-2020/
"The projects and initiatives described in the BLUE Insight Guide demonstrate how we, as an industry, working together, can create the shipping industry of the future – a newer, even more valuable, shipping industry," said Matthieu de Tugny, President, Bureau Veritas Marine and Energy.
"The world depends on it."