A recent survey conducted by Reed Smith has revealed that nearly half of the respondents believe it will take more than 15 years for the transportation sector to be powered by 100% sustainable fuel sources. This survey, involving almost 50 of Reed Smith’s clients from various transportation sectors, underscores the industry’s challenges and uncertainties in meeting ambitious sustainability targets.
Industry Skepticism on Achieving 100% Sustainable Fuel
According to the survey, almost half of the respondents expect it to take more than 15 years for the transportation industry to be fully powered by sustainable fuel sources. This scepticism is partly due to the ambitious targets set by the International Maritime Organization (IMO), such as reducing GHG emissions by at least 70% by 2040 compared to 2008 levels. Additionally, nearly a fifth of the respondents believe that the industry will never achieve 100% sustainability, especially in developing regions where investment in sustainable infrastructure is limited.
Infrastructure and Energy Source Challenges
One of the main obstacles to achieving 100% sustainable fuel sources is the reliance on national grids powered by non-sustainable fuels like oil and gas. This dependency means that even when ships connect to shore power, the energy may still be derived from unsustainable sources. This situation creates a “chicken-and-egg” dilemma: investment in sustainable infrastructure is limited because there are few assets that use it, and asset owners are hesitant to invest in sustainable systems due to the lack of widespread infrastructure.
Path to IMO’s Net-Zero Goals
The IMO’s 2023 GHG Strategy outlines checkpoints to achieve net zero by 2050, with targets of at least 20% reduction by 2030 and 70% by 2040. However, without significant investment in both shore facilities and sustainable assets, these goals may remain out of reach. The survey indicates a cautious optimism, suggesting that while some respondents doubt the feasibility of 100% sustainability, there is still hope that with continued momentum and investment, the industry can progress toward the IMO’s ambitious targets.
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Source: Container News
