Commissioner Louis E. Sola delivered a speech at Maritime Week Americas addressing “Alternative Marine Fuels: Regulation, Cooperation, and Funding”.
The Commissioner highlighted the need for non-traditional fuels, such as liquified natural gas and biofuels, to achieve zero emissions in the maritime industry. According to the European Maritime Safety Agency, adopting these classes of fuels could reduce carbon emissions by up to 70% by 2050.
Realistic regulatory standards are important to help the maritime industry achieve its zero emissions goals. The Commissioner referenced the Renewable Fuels Standard and the International Maritime Organization’s decarbonization initiatives as viable solutions for a sustainable maritime future.
Additionally, he highlighted how the lack of financial incentives could slow the adoption of alternative marine fuels by industry. The Commissioner suggested that the Federal Aviation Administration (FAA) serves as a model for the maritime industry in its transition to zero emissions. As part of the 2023 Bipartisan Infrastructure Law, the FAA received $15 billion to help fund airport-related projects that support sustainable practices, with $3 billion allocated annually over five years.
Commissioner Sola delivered his speech on May 22, 2024, in Panama City, Panama, in front of leading industry experts from around the world.
Louis E. Sola is a Commissioner with the U.S. Federal Maritime Commission. The thoughts and comments expressed here are his own and do not necessarily represent the position of the Commission.