Shipping contributes heavily to climate change. Are green ships the solution?

illuminem summarizes for you the essential news of the day. Read the full piece on The New York Times or enjoy below:

🗞️ Driving the news: The Laura Maersk, a containership commissioned by Danish shipping giant Maersk, has made its official arrival in Copenhagen, showcasing the global shipping industry's efforts to reduce its carbon footprint
• The ship is equipped with a special engine capable of burning traditional black oil or a greener fuel made from methanol, potentially reducing its greenhouse gas emissions by 100 tons per day

🔭 The context: Cargo shipping contributes nearly 3% of global greenhouse gas emissions, a figure comparable to the aviation industry
• The industry is exploring various strategies to reduce these emissions, including the use of greener fuels like methanol, ammonia, and hydrogen

🌍 Why it matters for the planet: The shipping industry's transition to cleaner fuels is crucial for reducing global greenhouse gas emissions and mitigating climate change
• However, the market for green methanol is still developing, and there is uncertainty regarding its availability and affordability for powering the vast fleet of cargo ships worldwide

⏭️ What's next: The industry faces several challenges in transitioning to greener fuels, including the need for new or retrofitted ships, updated port infrastructure, and the development of a robust green methanol production industry
• Global regulations and incentives will play a key role in facilitating this transition

💬 One quote: "There has to be an economic mechanism by which you level the playing field so that people are incentivized and not punished for using low-carbon fuels" (John Butler, CEO of the World Shipping Council)

📈 One stat: Approximately 125 methanol-powered ships are currently being constructed at shipyards globally, including orders from Maersk and others, but this is only a small percentage of the existing 50,000+ cargo ships, which are responsible for transporting 90% of the world’s traded goods

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