Shanghai Unveils Green Shipping Plan as New Emissions Rules Loom [Yahoo! Finance Canada]
A.P MOLLER-MRS UNS/ADR (AMKBY)
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Source: Yahoo! Finance Canada
Most Read from Bloomberg China's biggest city aims to build its capacity to supply cleaner fuels in preparation for more stringent global emissions mandates. The target is to raise Shanghai's low-carbon bunkering to over 1 million tons a year by 2030, according to a statement on Friday. China is stepping up competition with Asia's bunkering hub of Singapore ahead of a decarbonization plan that's expected from the International Maritime Organization next year. The European Union is already imposing carbon targets on shipping. The sector is responsible for 3% the world's emissions. Shanghai's goal is just a fraction of the near 20 million tons of fuel oil sold to international shipping in China in 2023, suggesting that the transition to hydrogen-based propellants like methanol and ammonia is likely to take many years. Traditional bunker fuels will only be displaced on a larger scale from 2040, China's biggest supplier said last month. Singapore Dominates Singapore, for its pa
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