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therefore, not surprising that 35% of the Progress towards the industry’s decar-
survey participants would not invest in bonisation will not be linear. We are
such systems for a newly built vessel. currently at a stage where numerous
CO2 capture technology is a good exam- alternative fuels, such as methanol and
ple of an effective solution that is not ammonia, are being simultaneously
yet commercially viable. Although the developed, alongside modern nuclear
technology for capturing emitted CO2 is reactors, CO2 capture systems, wind-as-
available, the CO2 must be unloaded to sisted propulsion systems, etc. However,
a port equipped with the relevant infra- addressing the widespread production
structure to receive, process, and trans- of these alternative fuels and developing
port it. This crucial infrastructure is not the necessary infrastructure to support
widely available, rendering the use of the them at scale is essential. The anticipated
technology uneconomical and ineffec- shortage of seafarers and the need for
tive: uneconomical because the costs of retraining to operate new technologies
unloading CO2 would exceed the savings are also issues that must be taken into
from reduced emissions, and ineffective account. Finally, there are external fac-
because the captured CO2 would not be tors, like regulatory and geopolitical
able to be offloaded to allow for further uncertainty, which will affect the indus-
capture and storage. try’s path to decarbonisation.
At the moment, it is practically impos-
According to the participants’ responses, imple- sible to predict which of these systems
menting multiple technological solutions is will be incorporated into commercially
viewed as the most effective way to reduce a viable newbuildings a decade from now.
ship’s carbon footprint. Is the shipping industry Fortunately, the shipping industry is used
nearing a tipping point where substantial benefits to dealing with uncertainty and will be
from the implementation of technological solu- ready to adopt innovative solutions as
tions will be witnessed? they become available.

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