The World Ocean Initiative launches 2030

What does a sustainable ocean economy look like by 2030? The World Ocean Initiative assesses industries including seafood, shipping, tourism and renewable energy in its latest report. It also claims:

"Decarbonising the global shipping fleet is the greatest sustainability challenge facing shipping companies, creating a trillion-dollar opportunity for investment in zero-carbon fuel and engine technologies to 2030 and beyond. In doing so, the industry has a pivotal role to play in decarbonising energy use in the wider economy."

The problem is that there is no consensus in the shipping industry over which low-carbon alternative fuel to switch to. For transporting cargo long distances across the ocean, ammonia appears to be the front-runner. Alternative low- and zero-carbon fuels are 2-3 times as expensive as heavy fuel oil. A price on carbon is probably one of the best ways to close that gap.

To fully decarbonise shipping by 2050, investment totalling $1.4trn-1.9trn is needed, mostly in the fuels supply chain developing low-carbon hydrogen and ammonia. Sustainably produced hydrogen is likely to have many additional uses in a greener economy.

Shipping has potential to be a catalyst that brings scale to the deployment of zero-emission fuels and enable a broader energy transition in other sectors

Johannah Christensen

Managing director,

Global Maritime Forum 

Explore the other aspects of the ocean economy which must be addressed and safeguarded over the coming decade and read the full report here: