The International Chamber of Shipping (ICS) has endorsed onboard carbon capture and storage (OCCS) as a viable near-term solution for reducing emissions from vessels, according to a new report. This endorsement comes as the shipping industry faces increasingly stringent greenhouse gas regulations.
The Current State of Carbon Capture
The report, prepared by Lloyd’s Register Advisory for ICS, evaluates the readiness of carbon capture technologies, including their fuel consumption, costs, safety, and environmental performance. It suggests that OCCS is one of the few technologies capable of delivering significant emissions reductions for ships using conventional or transitional fuels over the next decade.
Challenges and Opportunities
While OCCS is not presented as a complete solution, the report highlights its potential to bridge the gap until green fuels like methanol and ammonia become more available and affordable. Chris Waddington, ICS technical director, notes that OCCS can significantly contribute to decarbonization efforts in the interim.
"Shipowners need practical options they can act on now to improve emissions performance while continuing to operate efficiently," said Olympia Tsitonaki, decarbonisation specialist at Lloyd’s Register Advisory.
Implications for Shipowners
For shipowners, the report suggests that ignoring OCCS could be costly as compliance costs rise and emissions targets tighten. The International Maritime Organization (IMO)'s Carbon Intensity Indicator regime is tightening annual targets, making OCCS a potentially crucial tool for compliance.
Watch List
- The availability and cost of green fuels like methanol and ammonia.
- Further regulatory developments from the IMO regarding emissions targets.
- Technological advancements in carbon capture and storage.
The shipping industry must navigate these challenges while considering OCCS as a strategic option to meet emissions targets and maintain operational efficiency.
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