“Regulations alone cannot do the job,” Arsenio Dominguez, Secretary-General of the International Maritime Organization (IMO) said at a recent conference in Monaco.

IMAGE: Illustration depicting finance for green shipping. ENGINE via ChatGPT

“We need technological development and we need alternative fuels… And that can only happen in one way – with investment," he said.

Dominguez called for increased investment to scale up the production of low- and zero-emission fuels to a level that can replace the “350 million tonnes of fuel oil currently burned by ships each year.”

He also highlighted the need for parallel investments in port infrastructure and onboard systems to support bunkering and use of these fuels.

Dominguez further stressed the importance of training at least 500,000 seafarers by 2030 to operate ships using alternative fuels, along with implementing robust safety protocols to ensure their secure and efficient deployment.

At the same event, the World Shipping Council pointed out that the liner industry has already committed $150 billion toward decarbonisation.

Around 200 container ships currently in operation are capable of running on zero or near-zero emission fuels, according to the World Shipping Council. It also noted that approximately 80% of all new orders for container ships and vehicle carriers include dual-fuel capability.

"But we need the fuel supply... it's a tremendous investment opportunity,” Joe Kramek, president of the World Shipping Council said.

By Konica Bhatt

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