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    Oyetola formally flags off Nigeria’s IMO Council election campaign in London

    Oyetola formally flags off Nigeria’s IMO Council election campaign in London

    TTPs should consider renewable energy for long term projects – Dantsoho, MD NPA

    Dantsoho prioritises human capital development, promotes 1,500 staff

    NDLEA to launch narcotic operations at Benin City airport

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    Nigeria contributes 85,325km² global seabed mapping initiative – Rear Adm. Olugbode

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    Master mariners seek appointment of coordinating minister for effective marine, blue economy governance

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    Oyetola courts island nations for Nigeria’s IMO Council election bid

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      Oyetola formally flags off Nigeria’s IMO Council election campaign in London

      Oyetola formally flags off Nigeria’s IMO Council election campaign in London

      TTPs should consider renewable energy for long term projects – Dantsoho, MD NPA

      Dantsoho prioritises human capital development, promotes 1,500 staff

      Nigeria contributes 85,325km² global seabed mapping initiative – Rear Adm. Olugbode

      Nigeria contributes 85,325km² global seabed mapping initiative – Rear Adm. Olugbode

      Master mariners seek appointment of coordinating minister for effective marine, blue economy governance

      Master mariners seek appointment of coordinating minister for effective marine, blue economy governance

      TTPs should consider renewable energy for long term projects – Dantsoho, MD NPA

      Spotlight on Dantsoho’s performance as NPA MD

      Oyetola courts island nations for Nigeria’s IMO Council election bid

      Oyetola courts island nations for Nigeria’s IMO Council election bid

      Lagos Govt says residents lose N4 trillion annually to traffic congestion

      Lagos Govt says residents lose N4 trillion annually to traffic congestion

      Sang-ho visits NIMASA, spotlights need for maritime capacity development

      Sang-ho visits NIMASA, spotlights need for maritime capacity development

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        Oyetola formally flags off Nigeria’s IMO Council election campaign in London

        Oyetola formally flags off Nigeria’s IMO Council election campaign in London

        TTPs should consider renewable energy for long term projects – Dantsoho, MD NPA

        Dantsoho prioritises human capital development, promotes 1,500 staff

        NDLEA to launch narcotic operations at Benin City airport

        NDLEA to launch narcotic operations at Benin City airport

        Nigeria contributes 85,325km² global seabed mapping initiative – Rear Adm. Olugbode

        Nigeria contributes 85,325km² global seabed mapping initiative – Rear Adm. Olugbode

        Master mariners seek appointment of coordinating minister for effective marine, blue economy governance

        Master mariners seek appointment of coordinating minister for effective marine, blue economy governance

        Oyetola courts island nations for Nigeria’s IMO Council election bid

        Oyetola courts island nations for Nigeria’s IMO Council election bid

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        Oyetola formally flags off Nigeria’s IMO Council election campaign in London

        Oyetola formally flags off Nigeria’s IMO Council election campaign in London

        TTPs should consider renewable energy for long term projects – Dantsoho, MD NPA

        Dantsoho prioritises human capital development, promotes 1,500 staff

        NDLEA to launch narcotic operations at Benin City airport

        NDLEA to launch narcotic operations at Benin City airport

        Nigeria contributes 85,325km² global seabed mapping initiative – Rear Adm. Olugbode

        Nigeria contributes 85,325km² global seabed mapping initiative – Rear Adm. Olugbode

        Master mariners seek appointment of coordinating minister for effective marine, blue economy governance

        Master mariners seek appointment of coordinating minister for effective marine, blue economy governance

        TTPs should consider renewable energy for long term projects – Dantsoho, MD NPA

        Spotlight on Dantsoho’s performance as NPA MD

        Oyetola courts island nations for Nigeria’s IMO Council election bid

        Oyetola courts island nations for Nigeria’s IMO Council election bid

        Lagos Govt says residents lose N4 trillion annually to traffic congestion

        Lagos Govt says residents lose N4 trillion annually to traffic congestion

        Sang-ho visits NIMASA, spotlights need for maritime capacity development

        Sang-ho visits NIMASA, spotlights need for maritime capacity development

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          Oyetola formally flags off Nigeria’s IMO Council election campaign in London

          Oyetola formally flags off Nigeria’s IMO Council election campaign in London

          TTPs should consider renewable energy for long term projects – Dantsoho, MD NPA

          Dantsoho prioritises human capital development, promotes 1,500 staff

          Nigeria contributes 85,325km² global seabed mapping initiative – Rear Adm. Olugbode

          Nigeria contributes 85,325km² global seabed mapping initiative – Rear Adm. Olugbode

          Master mariners seek appointment of coordinating minister for effective marine, blue economy governance

          Master mariners seek appointment of coordinating minister for effective marine, blue economy governance

          TTPs should consider renewable energy for long term projects – Dantsoho, MD NPA

          Spotlight on Dantsoho’s performance as NPA MD

          Oyetola courts island nations for Nigeria’s IMO Council election bid

          Oyetola courts island nations for Nigeria’s IMO Council election bid

          Lagos Govt says residents lose N4 trillion annually to traffic congestion

          Lagos Govt says residents lose N4 trillion annually to traffic congestion

          Sang-ho visits NIMASA, spotlights need for maritime capacity development

          Sang-ho visits NIMASA, spotlights need for maritime capacity development

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          Nigeria contributes 85,325km² global seabed mapping initiative – Rear Adm. Olugbode

          Nigeria contributes 85,325km² global seabed mapping initiative – Rear Adm. Olugbode

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          Watch: At 16th Technical Summit, AMES to unveil new technical support for Nigeria’s maritime industry

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          Over USD 1 trillion needed to decarbonize shipping by 2050

          H.O, by H.O,
          June 4, 2020
          in Uncategorized
          0
          Over USD 1 trillion needed to decarbonize shipping by 2050
          Share this

          At least USD 1 trillion of
          capital investment in land-based and ship-related infrastructure is required to
          halve international shipping’s greenhouse gas emissions by 2050, a new study
          shows.

          Shipping needs to make a radical
          shift to zero-carbon energy sources in the coming three decades to reduce the
          sectors total greenhouse gas emissions by at least 50% of 2008 levels by 2050 –
          a target set by the International Maritime Organization (IMO).

          This transition requires
          significant infrastructure investments in new fuel production, supply chains,
          and a new or retrofitted fleet, the Getting to Zero Coalition said. The study
          by UMAS and the Energy Transitions Commission for the Getting to Zero Coalition
          spells out the scale of the challenge.

          Depending on the production
          method, the cumulative investment needed between 2030 and 2050 to halve
          shipping’s emissions amounts to approximately USD 1-1.4 trillion, or an average
          of USD 50-70 billion annually for 20 years. If shipping is to fully decarbonize
          by 2050, this will require further investments of some USD 400 billion over 20
          years, bringing the total to USD 1.4-1.9 trillion.

          “We need to understand the scale
          of the challenge to solve it. Shipping’s shift to zero carbon energy sources
          calls for significant infrastructure investments. The investment needed should
          be seen in the context of global investments in energy, which in 2018 amounted
          to USD 1.85 trillion. This illustrates that shipping’s green transition is
          considerable, but certainly within reach if the right policy measures are put
          in place,” Johannah Christensen, Managing Director, Head of Projects &
          Programmes at the Global Maritime Forum, a partner of the Getting to Zero
          Coalition, commented.

          “Energy infrastructure and ships
          are long-life capital-intensive assets that normally evolve slowly. In the next
          3 decades however, our analysis suggests we will see a disruptive and rapid
          change to align to a new zero carbon system, with fossil fuel aligned assets
          becoming obsolete or needing significant modification,” Tristan Smith, Reader
          at the UCL Energy Institute, said.

          “Even though regulatory drivers
          of this system change such as carbon pricing are only starting to be debated,
          the economic viability of today’s investments and even the returns on recent
          investments will be challenged, and the sooner this is factored into strategies
          and plans, the better.”

          The analysis also sheds light on
          where investments need to take place. These can be broken down into two main
          areas — ship-related investments and land-based investments.

          The biggest share of investments
          is needed in the land-based infrastructure and production facilities for low
          carbon fuels, which make up around 87% of the total. This includes investments
          in the production of low carbon fuels, and the land-based storage and bunkering
          infrastructure needed for their supply.

          Only 13% of the investments
          needed are related to the ships themselves. These investments include the
          machinery and onboard storage required for a ship to run on low carbon fuels in
          newbuilds and, in some cases, for retrofits. 
          Ship-related investments also
          include investments in improving energy efficiency, which are estimated to grow
          due to the higher cost of low carbon fuels compared to traditional marine
          fuels.
          “Sustainable investing is here to
          stay. We foresee that there will be a great appetite for investments in
          sustainable infrastructure projects that help reduce greenhouse gas emissions,“
          Michael Parker, Chairman of Global Shipping Logistics & Offshore at Citi,
          noted.

          Much of shipping’s decarbonization
          will take place on land. It is a systemic transformation that goes beyond the
          capabilities of the maritime industry alone. We need to bring together the full
          range of upstream and downstream fuels value chains to unlock shipping’s shift
          to zero carbon energy sources. Done right, this represents a trillion-dollar
          market opportunity,” Lord Adair Turner, Chair of the Energy Transitions
          Commission, explained.

          At the Global Maritime Forum’s
          recent annual summit, maritime leaders proposed a global carbon levy to
          accelerate shipping’s decarbonization through investments in technology and
          design of new propulsion systems, alternative fuels, and scaling and
          infrastructure to deliver these fuels – while taking into consideration the
          impact on trade and developing states.

          The starting level for a carbon
          levy should be USD 10 per ton CO2, and USD 50-USD 75 per ton CO2 around 2030. A
          price of USD 10 per ton CO2 would correspond to an annual fund of USD 8
          billion. A price of USD 75 per ton CO2 would correspond to an annual fund of
          USD 70 billion.
          World Maritime News.

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