BAR Technologies is advocating for a more comprehensive discussion on future shipping fuels, in light of a recent study by UMAS and the UCL Energy Institute. The study pointed out the difficulties developing nations encounter in securing affordable funding for e-fuel production. BAR Technologies argues that while alternative fuels like e-ammonia are being considered, wind power is consistently undervalued and should be recognized as a crucial component of the future fuel mix, reports BAR Technologies.
Utilizing Wind Energy
A recent report highlights that developing nations will face significantly higher costs for e-fuels compared to developed economies, even with access to superior renewable energy resources like wind and solar.
BAR Technologies argues that wind propulsion, being a zero-emission, self-sufficient, and widely available energy source, should be a crucial part of closing the energy transition gap, especially considering the financial challenges in developing countries.
John Cooper, CEO of BAR Technologies, emphasizes the importance of utilizing wind energy, stating that e-fuels, while promising, present cost and financing obstacles that could impede global shipping decarbonization efforts, particularly in developing economies. He promotes WindWings as a scalable and commercially viable solution accessible to all nations.
A study by UMAS and the UCL Energy Institute indicates that countries in the global south, despite having abundant renewable resources, could face financial barriers that hinder their competitiveness in green fuel projects.
The IMO’s strategy for zero or near-zero emission fuels by 2030 requires an estimated $1.6 trillion in investment, with $400 billion needed by 2030.
The report warns that ignoring the financial constraints in developing nations could worsen existing inequalities in the shipping industry’s transition to greener fuels.
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Source: BAR Technologies
