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Why Invest in Efficiency
“Improving fuel efficiency across the global fleet could save the industry up to $50 billion a year in fuel costs. Arguably the shipping industry is facing its worst ever crisis as it struggles to stay afloat amidst a global trade slowdown, suppressed demand and uncertainty compounded by fuel prices at record levels,” Peter Boyd, Chief Operating Officer, Carbon War Room.
One of the biggest opportunities for growth and job creation lies in the development, manufacture and retrofitting of clean eco-efficient technologies to the global shipping fleet – this is particularly the case in Europe, which has traditionally been the global leader in maritime technology.
Measuring and disseminating the fuel efficiency of vessels will incentivise the retrofitting of efficiency technologies to ships – increasing investment and job growth while reducing marine GHG emissions by up to 220 million tonnes per year.
How a vessel rates on energy efficiency against relevant comparable fleets will reward the best ships and create a ‘green race’ in the implementation of tried and tested clean technologies – often with payback periods of as little as 6 months – to increase fuel efficiency.
The Institute of Marine Engineering, Science and Technology (IMarEST) submitted these figures to the 61st Session of the Marine Environment protection Committee in September 2012:
“Using a projected fuel cost of $700 per metric tonne (pmt) for the year 2020, the MACCs showed that the maritime industry can reduce its CO2 emissions by between 150 million to 520 million mt of CO2 per year, with an expected 320 million mt of CO2 per year with ‘negative marginal abatement costs’, or in other words, profitably. A 320 million mt CO2 saving would mean just over 100 million mt less bunker fuel used by ships, which at the study's assumed price of $700 pmt would reduce the global fleet's fuel bill by over $70 billion.”