Iceland has launched a groundbreaking initiative, the Carbon Iceland project, aimed at converting CO2 emissions into renewable marine fuel. This project, which will serve the fishing and maritime sectors, is supported by Mitsubishi Heavy Industries, providing carbon capture technology, and Siemens Energy, contributing to energy system design optimization. The project is a key part of Iceland's efforts to meet its ambitious emission reduction targets for 2030 and 2040, as established by the Icelandic government. An introductory meeting for the project took place in Reykjavik on October 17-18, where Guðlaugur Þór Þórðarson, Iceland’s Minister of the Environment, Energy, and Climate, met with Carbon Iceland and its partners to discuss the next steps.
The urgency of such initiatives is highlighted by the International Maritime Organization (IMO), which recently reported that over 200 million tons of fuel were consumed by ships globally in 2023. Data from 28,620 ships (85% of which are responsible for international shipping emissions) shows that total fuel usage slightly decreased in 2023 (211 million tonnes) compared to 2022 (213 million tonnes). However, 93.5% of this fuel remains traditional, such as Heavy Fuel Oil and Diesel, with only a small fraction (6.5%) comprising cleaner alternatives.
At the recent 82nd session of the IMO's Marine Environment Protection Committee (MEPC), global efforts to reduce emissions were discussed, including the development of carbon intensity indicators (CII) and the refinement of data reporting processes. The committee also approved guidelines for enhancing ship energy efficiency and tracking carbon emissions, with a new reporting framework set to begin in 2025. These measures aim to accelerate the transition to cleaner fuels in international shipping.
In response to these global challenges, Russia is also intensifying efforts to reduce emissions in the maritime industry. Key initiatives include expanding the use of liquefied natural gas (LNG) as a cleaner fuel, alongside investments in carbon capture and energy efficiency technologies. Notably, Nornickel has launched the Arctic Sulphur Programme, aiming to cut sulphur dioxide emissions significantly, and is developing palladium-based hydrogen energy technologies. These projects align with international standards and reflect Russia’s commitment to long-term environmental goals. Gazprom (one of the largest oil producers in Russia), in turn, has set a long-term goal to reduce carbon intensity by 30% by 2030 compared to the level of 2019. Carbon intensity, expressed in grams of CO2 equivalent per MJ, is calculated as direct and indirect greenhouse gas emissions per unit of energy produced.
Source: Safety4sea, The Arctic Century and Gazprom.
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