New nuclear key to reaching 2050 net-zero emissions goal: ABS CEO

American Bureau of Shipping (ABS) Chairman and CEO Christopher J. Wiernicki recently emphasized that the maritime industry cannot achieve net-zero emissions by 2050 without the integration of new nuclear technology. The CEO said the industry is in the early phases of transformative changes associated with the fifth industrial revolution, which focuses on decarbonization and digitalization. Wiernicki highlighted the need for 70% zero-carbon fuels, necessitating a tenfold increase in the current production of renewable energy, and 30% carbon-neutral fuels, requiring a hundredfold increase in carbon capture technologies. Wiernicki pointed out that new nuclear technology, particularly smaller reactors generating between 50 MW and 600 MW, will be crucial in meeting these ambitious targets.

Wiernicki also discussed the pressures shipping companies face to reduce emissions, noting the International Maritime Organization's decarbonization goals and the European Union's inclusion of shipping in its Emissions Trading System. The executive stressed the need for the International Maritime Organization to play a central role in facilitating the midterm transition toward alternative fuels such as methanol, ammonia and hydrogen while addressing the significant cost disparities between fossil and alternative fuels.

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