34 MARKETWATCH Photo: IMO Photo: newcleo IMO adopts new GHG strategy Member States of the International Maritime Organization (IMO) adopted a new strategy for reducing greenhouse gas emissions (GHG) from ships at a meeting of the Marine Environment Protection Committee (MEPC 80) in July. The 2023 IMO Strategy on Reduction of GHG Emissions from Ships outlines plans for ship operators to decrease the overall carbon intensity of international shipping. The target is to reduce average carbon dioxide emissions per transport work by at least 40 per cent by 2030 compared to 2008 levels. The IMO also aims to increase the uptake of zero or near-zero GHG emission technologies, fuels and energy sources to provide at least five per cent of the energy used in international shipping by 2030. If possible, it hopes to reach 10 per cent by this date. The first of two indicative checkpoints established by the new strategy sets a goal of cutting total annual GHG emissions from international shipping by at least 20 per cent by 2030 compared to 2008, with an ambition for a 30 per cent reduction. The second checkpoint aims for at least a 70 per cent reduction by 2040, striving for 80 per cent. DID YOU KNOW? 15% of new vessels in the next five years will be equipped to incorporate fuel cells or batteries 31.5 million cruise passengers are expected to cruise globally in 2023 (Cruise Lines International Association) Fincantieri, RINA and Newcleo to study nuclear propulsion Italian shipyard Fincantieri, naval architecture body RINA and nuclear technology company Newcleo are to collaborate on a feasibility study for nuclear applications in the shipping industry. The companies will explore possible uses of nuclear solutions onboard large vessels, including Newcleo’s lead-cooled small modular reactor technology. Newcleo’s solution would involve placing a closed mini reactor on vessels as a small nuclear battery, producing a 30-megawatt electric output. The reactor would require refuelling once every 10-15 years and could be replaced at the end of its life, with the spent unit being taken away for decommissioning and reprocessing. In the event of an accident, the liquid lead inside the reactor would solidify as it cools down in contact with cold water, enclosing the reactor core in a solid casing and containing all radiation. As nuclear reactors do not produce greenhouse gas emissions during operation, the companies are proposing they could be used as a possible solution for decarbonising the shipping industry.