GLOBAL DECARBONISATION
IEA: HOW THE SHIPPING SECTOR COULD SAVE ON ENERGY COSTS
• Shipping’ s energy intensity fell by about 30 % between 2008 and 2023
• Without those gains, 2023 marine fuel demand would have been roughly 1.8 million barrels per day higher
• That avoided demand equated to around US $ 60bn in fuel costs in 2023
• Average commercial ship size is now more than 50 % larger than in 2008
• Average operating speeds fell by about 10 % versus 2008 as slow steaming became standard practice.
Ship emissions are measured using greenhouse gas fuel intensity( GFI) that calculates how much greenhouse gas is emitted for each unit of energy used, expressed in gCO₂eq / MJ. This framework covers emissions from the entire fuel lifecycle and data must be independently certified through a Sustainable Fuel Certification Scheme recognised by the MEPC.
If a ship exceeds the set compliance thresholds, the deficit must be balanced by using surplus units transferred from other over-compliant ships or banked from previous years or remedial units acquired by paying into the IMO Net Zero Fund. If a ship switches to zero or near zero emissions fuels, it qualifies for financial rewards. Each ship’ s compliance will be tracked through a new digital IMO GFI registry.
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