The shipping industry faces challenging obstacles to decarbonisation, according to a report by UNCTAD. The sector has been slow in moving towards carbon neutrality due to the long life cycle of ships and expensive upfront costs for green technology.
Transitioning to renewable energy is problematic due to the large amount of energy storage required. Retrofitting existing ships with green technologies is also complex, with the process still being under development.
The report concludes that significant investment is needed to tackle multiple challenges, from developing new technology to changing current systems. Regulatory changes might be necessary to incentivise the industry to make this shift.
Read source article here:
https://www.reuters.com/sustainability/shipping-industry-has-no-easy-path-towards-decarbonisation-unctad-2023-09-27/
