China looks to corner market for green ship construction [Gas in Transition]
China looks to corner market for green ship construction [Gas in Transition]
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Natural Gas News
China looks to corner market for green ship construction [Gas in Transition]
Summary
Just as it has dominated the markets for renewables and electric vehicles, China now has its eyes on securing an early lead in the construction of low-emission vessels. by: Shi Weijun
China aims to corner more than half of the global market share for green ships powered by cleaner-burning fuels such as LNG and methanol by the end of next year, as Beijing looks to build on an early lead in construction of low-emission vessels to dominate the space – much like how Chinese companies have honed a competitive edge in electric vehicles. China should “implement ship power innovation projects to improve the efficiency of traditional fuel and LNG marine engines, and steadily expand the market application scale of LNG marine engines”, according to the plan released by the Ministry of Industry and Information Technology and four other central government departments at the end of December. Key enterprises have achieved significant results in reducing pollution and carbon emissions, with the comprehensive energy consumption per 10,000 yuan ($1,410) of output value decreasing by 13.5% from 2020 levels, according to the plan. The new plan underlines the Chinese governme...
Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”