Australia urged to lead on green shipping fuels
Australia has the potential to become a leading producer of green shipping fuels, according to a keynote address at the Maritime Decarbonisation Summit delivered by Rod Sims, the chairman of the Superpower Institute (TSI), in Melbourne recently.
Backed by the IMO’s forthcoming net-zero framework, the sector offers export revenues and emissions-reduction potential. The Superpower Institute estimates green fuel exports could cut global emissions by 2%, with shipping alone accounting for 0.4%.
With its vast renewable resources and biomass capacity, Australia is well-positioned to produce e-methanol and bio-methanol at scale. Projects like Bell Bay Powerfuels are already in development. Policy support is critical, with calls for innovation grants, shared infrastructure and streamlined project approvals.
The IMO’s global carbon pricing scheme offers a first-mover advantage, despite shifting US policy. Australia must act now to secure economic and climate benefits, boost Australia’s economy and provide a hedge against declining exports of fossil fuels. (gy)