The Getting to Zero Coalition, a group of leading maritime companies and environmental NGOs dedicated to reducing carbon emissions from shipping, has released a new report calling for carbon pricing of about $200 per tonne of CO2.
“The report shows that the introduction of a relatively low carbon price in the 2020s that is gradually increased to around $200 will make it possible to fully decarbonize shipping and create an industry that is powered solely by net-zero energy sources by 2050.
Market-based measures for carbon include fixed carbon taxes; cap-and-trade carbon credit systems; and direct subsidies.
Using economic modeling, the authors examined two shipping-decarbonization scenarios: a 50 percent reduction in GHG emissions by 2050; and a 100 percent reduction in GHG emissions by 2050.
As 3.1 tonnes of CO2 are emitted for every tonne of bunker fuel burned, this fee would translate to a peak charge of about $560 per tonne of bunkers in 2050 – a tax of roughly 100 percent, based on current HFO pricing.
Our report shows that there is no single perfect policy and that a successful transition will likely hinge on developing and deploying a mix of policies which can address different aspects of the transition.
To make green future fuels more cost-competitive with conventional HFO and VLSFO, the coalition says that a combination of fees and subsidies will be required.
The Royal New Zealand Navy has deployed two vessels to provide relief to the citizens of Tonga, where a massive volcanic eruption and tsunami have created widespread damage and cut off most communication with the rest of the world.
The joint forces credited their increased patrols in the Gulf of Oman and the Arabian Sea contributing to the increased seizures, including more than $193 million in illegal drugs and large caches of weapons being smuggled across the region.
Unite believes that CNR is the first offshore operator in the UK to implement a vaccine requirement for its workforce and its contractors.