Energy efficiency measures can reduce the total cost of the maritime energy transition by up to $220 billion per year, according to a new report released by the World Bank.

As explained, improving the energy efficiency of the global merchant fleet is insufficient to meet the IMO’s policy objectives alone . Therefore, green fuels, such as methanol and ammonia, will be indispensable in 2040 and 2050 , but are more expensive than conventional fuels. A cost-efficient route to meeting the sector’s GHG emissions targets is to prioritize energy efficiency, which reduces the fuel consumption of the fleet and, therefore, the overall cost of the transition.