Norwegian chemical company Yara International ASA has in cooperation with The Maritime and Port Authority of Singapore (MPA) joined an industry-led project to advance the use of ammonia as a marine fuel to reduce carbon emissions, writes Reuters.
The two companies will work on the project called ‘Castor Initiative’ together with existing members including Lloyd’s Register, Samsung Heavy Industries, and MAN Energy Solutions to develop ammonia propulsion ships. The partners have stated the hopes that their collaboration would spur others in the industry to explore multiple decarbonization pathways.
The UN’s International Maritime Organization (IMO) has set a target of reducing overall greenhouse gas emissions from ships from 2008 levels by 50% by 2050 and now the shipping industry is looking to meet those targets by examining a range of technologies. according to a study published in January, at least $1 trillion of investment in new fuel technology is needed to enable the industry to meet the target.
The world’s largest bunkering hub, The MPA, has stated it would help the recently formed consortium gather insights on safety issues and ammonia bunkering procedures, and gain access to research capabilities in Singapore. “Zero-carbon vessels need to enter the world fleet by 2030,” to meet targets the MPA said.
Magnus Ankarstrand, head of Ammonia at Yara International ASA stated that “supporting the enabling role of ammonia in the energy transition, we recognize the need for value chain collaboration to make zero-emission shipping by using ammonia as a fuel a reality.”