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GCMD-led consortium pledges $18 Mn for green marine fuel supply chain

Author : Pankaj Singh | Published Date : 2022-07-27 

GCMD-led consortium pledges $18 Mn for green marine fuel supply chain

The GCMD (Global Centre for Maritime Decarbonisation), along with 18 other industry partners, is reportedly unveiling a drop-in biofuels trial project with a total contribution of USD 18 million.

This combined cash and in-kind contribution will help in setting up a structure to ensure the supply chain integrity of existing and upcoming green marine fuels, thereby benefitting the climate and end-users.

Some of the industry partners for the trial project include Chevron Corporation, Anglo American, Hapag-Lloyd AG, CMA CGM S.A., and Ocean Network Express Pte. Ltd.

GCMD CEO Professor Lynn Loo has stated that the organization is leading this route-based trial to align shareholders in the supply chain for adopting biofuels.

She added that the trial project will help in shaping international and national biofuels bunkering standards and facilitate its broader adoption to curb GHG (greenhouse gas) emissions.

Biofuels could be a short-term solution to lower GHG emissions, and they can be distributed in the same way as marine fuels with slight changes to the current shipboard technologies, distribution infrastructure, and operational standards of ships.

However, Senior Vice President and Head of Two Stroke Business at MAN Energy Solutions, Bjarne Foldager, pointed out that there is no assurance framework across the industry that can acknowledge issues on biofuel quality, quantity, and abatement of GHG emissions nor one that protects their value and premium.

Foldager added that the GCMD-led pilot intends to address this gap by setting up an assurance framework that ensures transparency in the supply chain of drop-in biofuels whose applications can be extended to upcoming drop-in fuels like biomethanol, bio-LNG, and green ammonia when they are available in relevant quantities.

Charterers, operators, and ship owners participating in the trial project together cover almost 2,300 vessels across the tanker, container, and bulker segments. They are responsible for transporting 80.6 million DWT or 8.4 million TEUs globally.

The pilot project is scheduled to commence on August 1st, 2022, and is expected to be completed within 12 to 18 months.

Source credit:

https://www.logupdateafrica.com/shipping/gcmd-led-consortium-commits-18mn-for-green-marine-fuels-1346053

About Author

Pankaj Singh . .

Pankaj Singh

Endowed with a post graduate degree in management and finance, Pankaj Singh has been a part of the online content domain for quite a while. Having worked previously as a U.K. insurance underwriter for two years, he now writes articles for fractovia.org and other online portals. He can be contacted at- [email protected] | https://twitter.com/PankajSingh2605

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