Mitsui O.S.K. Lines (MOL) participated in the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) held in Dubai, UAE, from November 30 to December 12, 2023. MOL exhibited the Next-Generation Wind Powered Vessel WIND CHALLENGER and the ultimate zero-emissions seagoing vessel, Wind Hunter, at the Japan Pavilion hosted by the Ministry of the Environment. In conjunction with the COP, the Company’s executives, including President Hashimoto, spoke at various events hosted by various companies and organizations at Blue Zone.
In conjunction with COP28, a statement on the decarbonization of the shipping industry was released on the official website of the World Economic Forum and A.P. Moller Maersk, one of the world’s largest container shipping companies.
Bridging the price gap between clean alternative fuels and fossil fuels is key to decarbonizing the shipping industry
It is estimated that the cost of converting renewable energy into a form that can be used as fuel on ships is three to four times higher than that of conventional fossil fuels. Fuel costs account for about 30-50% of operating costs, and this price difference is a barrier to the decarbonization of the shipping industry.
There is no singular zero-emission fuel alternative that can satisfy the volume of bunker fuel that is used today. The maritime industry is a melting pot of participants with an extreme diversity of attributes, and different solutions need to be nurtured with different partners for the decarbonization of all types of ships. To decarbonize, the industry depends on scaling the production of zero-emission (green) fuels like ammonia, methanol, hydrogen and batteries to deploy and power zero-emission vessels. Support from within and outside the industry, including the government and its policies, is important to correct the price difference and promote the stable supply of various clean alternative fuels.
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