BAR Technologies is calling for a broader discussion on the future of shipping fuels, highlighting wind energy as a prominent solution.
This was based on a recent study by UMAS and the UCL Energy Institute’s Shipping and Oceans Research Group, which underscores the difficulties developing nations face in obtaining affordable financing for e-fuel production.
The report highlights the economic disparities that could make e-fuels substantially more expensive for developing countries, despite their rich renewable energy resources like onshore wind and solar.
John Cooper, CEO of BAR Technologies, stated that while e-fuels are promising, their associated costs and financial obstacles could impede global efforts to decarbonize shipping, particularly in developing economies.
By 2030, achieving the IMO’s goals for zero or near-zero emission fuels in shipping is projected to require about US$1.6 trillion, with US$400 billion needed by 2030 alone. Without addressing these financial barriers, disparities in the industry’s shift to greener fuels could widen.
Cooper noted that wind-assisted propulsion provides a low-cost, scalable option that complements the transition to cleaner fuels.
