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FinancialNews


  • 30-11-19

    Shipping giants team up to develop carbon capture, storage solutions

    (MENAFN) A project by the world's leading shipping companies including NYK, Sovcomflot, Knutsen OAS and Ardmore and DSME besides the mining company Vale teaming up with Denmark-based Maritime Development Center aims to develop an on-board carbon capture and storage solution in a project named decarbonICE.

    The move comes at a time when the shipping industry is looking for carbon-free solutions to achieve the IMO 2050 target of a 50 per cent CO2 emissions reduction compared to the 2008 level.

    According to experts, better technical and operational solutions must continue to be pursued; they will only bring the industry part of the way. Low or zero carbon fuel solutions must be introduced and scaled by 2050 to reach the target.

    The decarbonICE project began in October and will run through 2020. The goal is to prepare a viability study and to start the IMO approval process for the technology, they added.

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