The shipping industry appears particularly concerned with the new regulations whose introduction the International Maritime Organization is considering ahead of reaching the target of zero-carbon fuel by 2050, the 11th Annual Capital Link Greek Shipping Forum heard on Thursday in Athens.
After the successful implementation of the IMO 2020 rule for the use of fuel with a sulfur cap of 0.5 percent last month, the global shipping regulator is setting new targets for the coming years culminating in full decarbonization in 30 years’ time – much to the disappointment of some companies in the industry.
“You cannot create a environmental paradise on an economic graveyard,” said Ioanna Procopiou, chief executive at Prominence Maritime in Athens.
“We are constantly compelled to alter our vessels. It is hard when the rules of the game keep changing while the game is being played. Shipping is already a sector with high risks. The shipping industry is forced to change its fuel, although it is not the one that produces the ships, unlike in the automotive and airplane industry,” she added.
Claire Wright, business economics manager at Shell International Trading and Shipping Company, warned that “the IMO wants zero carbon fuels after 2050, but that will be very difficult. We need cooperation, support from the regulators, and significant technological development.”