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It comes after a June 2021, study into zero emissions shipping, published by the University of Oxford and Pinsent Masons, noted that batteries and biofuels were currently the only commercially viable alternatives to dirty fuels. It found that the costs of clean fuels, such as green hydrogen and green ammonia, were more than double their fossil fuel counterparts.
The shipping industry is under increased pressure to cut its carbon emissions, as part of a broader drive by governments and regulators to decarbonise the global economy and address the risks posed by climate change. Cleaner, ‘greener’ fuels are emerging as alternatives to the “bunker fuel” currently relied on to power vessels across oceans, which is typically the ‘dirty’ remnants from the petroleum refining process. However, there is significant cost associated with their adoption.
As the UK and other countries seek to seize the potential in floating offshore wind (FLOW), the nascent technology offers diversification opportunities for the oil and gas industry and the supply chain.
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