World-renowned shipping economist, Dr. Martin Stopford, has estimated global costs to ensure ships comply with the International Maritime Organization’s 2050 decarbonisation goals as well as handling likely increased trade growth over the next thirty years. Stopford, non-executive president of Clarkson Research Services, said, in what he conceded was a “very crude” estimate, US$3.4 trillion would need to be spent upgrading the merchant fleet between now and 2050, with US$2.2 trillion required to ensure tonnage is green enough to meet regulatory goals and $1.2trn to factor in increased global trade.
This comes in comparison to estimates from UMAS and the Energy Transitions Commission in 2020 for the Getting to Zero Coalition publishing a US$1-1.9 trillion decarbonization cost estimate through 2050.
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