Abstract
According to the International Maritime Organization (IMO) Greenhouse Gas (GHG) Strategy, the shipping industry by 2050 aims to reduce by at least 50% of GHG emission level in 2008. Among various alternative energy sources, biofuels illustrate potential as a drop-in fuel using existing shipboard technologies, bunkering infrastructure, and a new fuel replacing conventional fossil-based fuels. However, the decision to adopt biofuel in vessels depends on various factors. Biofuels may be derived from different feedstock and production routes and thus demonstrate different economic and environmental performances. The compatible type of engines also differs across biofuels, implying differences in capital cost. In addition, a high carbon tax may push the usage of a more expensive biofuel, while a low carbon tax may not drive the switch from fossil fuel. This study aims to analyse biofuel adoption pathways under carbon tax to achieve a net 50% GHG emission reduction for cargo vessels, including bulk carriers, container vessels and tankers. The study focuses on the following types of fuels: low sulphur fuel oil (LSFO), marine gas oil (MGO), Liquefied natural gas (LNG), biodiesel in the form of palm methyl ester (PME), hydrotreated vegetable oil (HVO), and bio-LNG.
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