A massive scaling up of finance for research and development is essential to achieve zero carbon emissions by 2050. This report – from International Chamber of Shipping and the global engineering, environmental and strategic consultancy Ricardo – outlines the urgent steps that will be required to completely transform shipping’s current dominant propulsion technology and fuels landscape, and provides a blueprint for governments and industry to target their investment in innovation.
Ricardo has identified a list of more than 260 example R&D projects needed to overcome key technical and systemic challenges and accelerate the transition to zero-carbon emissions in shipping. An estimated cost of $4.4bn would be needed to fund these projects.
Of the hundreds of projects, 20 example projects in hydrogen, ammonia and battery power have been presented in greater detail, serving as a potential blueprint for research and development projects to be commissioned in the future. The example projects were picked on the basis that they are ‘high priority’ and give the broadest coverage of zero carbon fuel and technology options available to the sector. Many of the projects identified will take between 1-6 years to reach commercialisation.