Onboard carbon capture and storage: a readiness assessment for the shipping industry
The shipping industry is working to reduce greenhouse gas (GHG) emissions to play its part in the global energy transition. However, full decarbonisation requires the replacement of fossil fuels with new zero carbon fuels, such as green ammonia, methanol and hydrogen, which requires significant investments in fleet retrofits and newbuilds, as well as the onshore infrastructure development necessary to produce and bunker these fuels.
This new report by the Lloyd’s Register Maritime Decarbonisation Hub (the Hub) assesses how onboard carbon capture, utilisation and storage (OCCUS) solutions can potentially function as a key mid-term “step” measure for shipping’s journey towards zero carbon emissions. The potential for application of OCCUS solutions is greatest for existing vessels where conversion to zero carbon fuels is cost-prohibitive, and provides a route to extending the asset lifetime of these vessels.
While OCCUS solutions can help shipowners and operators to meet interim decarbonisation regulations, the real-world performance of carbon capture rates would be needed to support their investment and safety case. The report identifies key priorities to develop industry standards that will generate the required economies of scale and scope for the economic viability of OCCUS adoption in shipping.