Page 162 - ΝΑΥΤΙΚΑ ΧΡΟΝΙΚΑ - ΟΚΤΩΒΡΙΟΣ 2024

ALTERNATIVE FUELS

ulatory push’. An IMO global carbon levy is crucial
for establishing a consistent pricing mechanism for
carbon, which will help producers and consumers
make informed investment choices.
The MI encourages technology-neutral and fuel-ag-
nostic policymaking to avoid creating artificial barri-
ers to the entry of low-carbon and renewable alter-
native fuels into the EU and the global fuel mix.
We are committed to working with policymakers
to further awareness, acceptance, and the uptake
of methanol as a marine fuel. The MI has regularly
participated in IMO intersessional and committee
The transition to cleaner meetings and has an active dialogue with stakehold-
energy will be a gradual ers, such as EU authorities and producers, to bridge
process, not an abrupt switch the green premium.
from conventional bunker The recent granting of consultative status to the MI
fuels to renewables. at the IMO allows us to actively participate in shap-
ing shipping industry regulations. Our expertise will
contribute significantly to the policy development
process around demand signals and best practices
for the safe and economic use of methanol as a
marine fuel.

Progress is possible
Even with the supply of renewables currently limited,
the ability to reduce carbon emissions is not off the
table for shipping. Owners using conventional meth-
anol can blend increasing proportions of renewable
and conventional products to lower their exposure to
EU ETS and achieve compliance with FuelEU Mar-
are being carried out. However, for the majority of itime. Under the permitted pool approach, even a
the industry — bulk and tanker vessels operating on small percentage of renewable methanol achieves
a tramp basis — the supply chain to secondary ports EU Fuel Maritime compliance for a fleet.
must be built out to ensure seamless operations. The work undertaken by the MI and its 100+ mem-
bers and partners in preparing Methanol for wide-
Navigating the transition spread industry adoption shipping spans research,
Clearly, the EU ETS and FuelEU Maritime regula- pilots, testbeds, education, regulatory approval, bun-
tions will change the landscape for fossil fuels and kering and crew training, and awareness building.
renewables, progressively raising the prices of con- This work has been neither a marathon nor a sprint.
ventional fuels and incentivising the production and Instead, it is more akin to constructing the stadium,
offtake of renewables. training the athletes and assembling the crowd.
The shipping industry—suppliers, buyers, and carri- The frequent updates on methanol dual-fuel vessel
ers alike—also needs to work together. ‘Being green’ concepts, newbuilding and retrofit orders, engine
will come with higher prices, but the influence of advancements, and bunkering facilities highlight the
major charterers and cargo owners is vital to creating considerable progress made. The development of an
market momentum and driving change. alternative fuel supply chain - through collaboration,
Companies cannot afford the transition alone: initia- policy measures, outreach, partnerships, research,
tives that better inform public understanding must and performance milestones - demonstrates how
be accompanied by regulations to achieve lasting far we have come.
change. With the IMO already considering a carbon levy and
Achieving a stable and affordable clean fuel price how to tighten emissions targets, and with EU reg-
hinges on effective regulation and enforcement. ulations coming into force, we anticipate increased
Methanol, being a simple liquid fuel, offers the low- interest in methanol as more and more ship oper-
est newbuild and retrofit costs among available ators seek compliant solutions. Clear and strong
alternative fuels. regulatory frameworks, including market-based
Currently, ‘customer pull’ is driving investment deci- measures and well-to-wake emissions accounting,
sions, but future investments will be shaped by ‘reg- will only accelerate the trend of increased adoption.

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