SHIPPINGInsight ended its three-day conference facing the benefits of innovation, along with the reality of…
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There is a flurry of activity surrounding the decarbonization of shipping, which is a wonderful demonstration of a global industry coming together to effect change. Given that we have just experienced the hottest summer on record worldwide, I doubt there remain any naysayers about climate change, which removes one barrier to moving forward.
Last week’s announcement by Exxon was discouraging, though. We have the goals, we are working on the technology, society is ready which prompts the political will, the financial tools are lining up, so what is the barrier? Despite these efforts, it is predicted that heavy industry will only be able to reduce its emissions by 25%. What a lemon!!!!
This week has brought news of a mitigating measure to the fore that might help heavy industries like shipping—Carbon Capture Utilization and Storage (CCUS or CCS). While not a new technology (it has been in use since 1972 in the United States), it offers an opportunity for heavy industries to meet its goals while society pivots away from fossil fuels. We are also seeing an increased uptake in Methane Abatement, making LNG a more viable alternative.
There is no doubt we need to continue to strive towards our decarbonization goals. In the meantime, when you get lemons, make lemonade!