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Alternative Fuels TEST
As one of the world’s leading P&I insurers, we are committed to helping our members and shipowners across the globe make a safe, sustainable and successful transition to greener energy solutions.
The 2015 Paris Agreement on climate change – agreed by the majority of United Nations members – sets challenging and far-reaching goals that require sizeable reductions in carbon dioxide (CO2) emissions and greenhouse gases (GHG).
The International Maritime Organisation (IMO) has made the urgent need to address climate change a prominent feature of its strategic plan, and sets out its own ambitious goals for the shipping industry between now and 2050 (all compared to 2008 levels):
By 2030
- Reduce CO2 by at least 40% (compared to 2008 levels)
By 2050
- Reduce CO2 by at least 70%
By 2050
- Reduce total annual GHG emissions by at least 50% with an aim to phase them out entirely within this century.
We are focused on a supportive role that, through the entire timeline, provides members and brokers with all the information needed to make an informed choice and decision along the journey to decarbonization.
Alternatives to fossil fuels
Despite the need for urgent action, there is some inertia in the industry. This is largely caused by the lack of clarity and direction about which alternative to adopt and the need for greater detail on the potential safety, cost of implementation, the emissions efficiency of each fuel on both ship and shore, and the ‘well-to-wake’ carbon impact.
Currently, the shipping industry is considering a number of alternative fuels as replacements for conventional fuels, all with their own unique set of benefits – and challenges.
The main alternatives to fossil fuels being considered are:
Ammonia (NH3)
Biofuels
Hydrogen (H2)
Liquified natural gas (LNG)
Liquified petroleum gas (LPG)
Methanol (CH3OH)
Energy Efficiency Technology (EET)
Alternative Fuels Resources
Key Contacts
Yves Vandenborn
Head of Loss Prevention - Asia Pacific
yves.vandenborn@north-standard.com
140 Cecil Street
#16-03/04 PIL Building
069540
Singapore
David Roberts
Head of Asia Pacific
david.roberts@north-standard.com
140 Cecil Street
#16-03/04 PIL Building
069540
Singapore