The Shipping Industry’s $1 Trillion Problem

The Shipping Industry’s $1 Trillion Problem

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The shipping industry must spend at least $1 trillion on new fuel technology if it is to meet UN emissions targets by 2050. According to a new study by experts from UCL and the Energy Transitions Commission, the minimum average that would need to be spent every year from 2030 is $50bn. Global shipping is responsible for about 2.2 percent of the world’s carbon dioxide emissions. The International Maritime Organisation has set itself the target of reducing emissions by 50 percent by 2050. If the sector was to fully decarbonise by 2050, an additional…

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