Getting to net zero
As a global marine fuel supplier, TFG Marine is well placed to help achieve the transition to carbon-free shipping. The IMO set minimum goals for the shipping industry in 2018. It has targeted a 50 percent reduction in overall emissions by 2050 and carbon intensity reductions of 40 percent by 2030 and 70 percent by 2050.
The IMO targets have encouraged innovation and focused industry thinking on carbon-neutral alternatives. We need rapid reductions in carbon intensity now and a long-term industry objective of net-zero emissions.
Decarbonisation poses enormous challenges for the shipping industry. It depends on wholesale structural transformation. Our industry will have to adopt new transportation technologies, replace fuels with carbon-neutral alternatives and change existing infrastructure.
Exploring alternative fuels
TFG Marine is exploring the potential for hydrogen-based fuels alongside our partners and we are positioning our operations for carbon-neutral alternatives.
Ammonia is widely seen as the most promising hydrogen-based fuel for long-distance shipping. Our majority stakeholder, Trafigura, is co-sponsoring the development of green ammonia-fuelled engines for maritime vessels by MAN Energy Solutions. These will be ready for use in new-build, ocean-going ships by 2024, with a retrofit package for existing vessels due in 2025.
In addition, Trafigura is a founding signatory of an ITOCHU-led cross-industry joint study framework that is focused on the development of green ammonia as an alternative fuel. It is also working with Yara International, a leading global green ammonia company, in the same area.