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Why Biofuels Are Not The Answer To Decarbonizing Shipping
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94%
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Short Term
Article Context
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Last year, the International Maritime Organization (IMO) approved its 2023 Net-Zero Framework that set a target to eliminate greenhouse gas (GHG) emissions from the global shipping industry by 2050. The framework consists of a Global Fuel Standard that requires ships to gradually reduce the GHG Fuel Intensity (GFI) of the energy they use as well as a Pricing Mechanism whereby ships exceeding GFI thresholds are required to pay for remedial units while ships that use zero or near-zero (ZNZ) fuels can earn surplus units to trade or bank in the future.…
Original article published by
OilPrice.com
on April 24, 2026.
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