The international trade industry is a major contributor to the deterioration of climate change. According to the third IMO GHG study, maritime transport emits approximately 940 million tonnes of CO2 per year, accounting for roughly 2.5% of global greenhouse gas emissions.

While this figure may not appear to be much at first glance, it is actually equal to Germany's entire annual emissions. In fact, global shipping is currently the world's sixth-largest emitter of greenhouse gases. The International Maritime Organization (IMO) has thus acknowledged this issue and pledged to cut its emissions by at least half over the next 30 years. While it is certainly a plan, it is not particularly ambitious. The problem is, it has never been clear how to decarbonize global shipping.

And this is not a problem for the future that can be postponed any longer. People are suffering from the pollution of shipping right now, as air pollution from shipping causes roughly 60,000 premature deaths every year. This is most common in developing countries, which are most vulnerable to the effects of climate change.

However, when it comes to shipping, developing countries have some power. As of 2016, developing countries accounted for over 60% of global outbound/exports loaded, roughly 80% of vessel registration, and more than 40% of vessel ownership. Furthermore, 15 of the world’s 20 largest ports are in these countries, many of which have the potential to take advantage of host countries’ abundant renewable energy sources.

To achieve the necessary greenhouse gas reduction, ships must run on new fuels. Producing and supplying zero-emission fuels to a global fleet can thus provide developing countries with a significant opportunity for economic development. Thankfully, there are already a variety of options available. Many shipping companies have seen success using hydrogen or ammonia in combustion engines, primarily for long-distance shipping, and using electric batteries or hydrogen fuel cells for shorter distances.

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