THE chairman of Australia's Superpower Institute, Rod Sims, said the country has an opportunity to become the world's dominant provider of green shipping fuel.
"If Australia secured 25 per cent of the green shipping fuel trade, it would generate A$43 billion (US$28.1 billion) in export revenue and help our country become a major exporter of green energy-intensive products," Mr Sims said.
But the country will "fail comprehensively" if progress were simply left to industry or consumers, he said, so the government would have to pave the way by acting in at least three policy areas.
Mr Sims made his comments at the Maritime Industry's 5th Maritime Decarbonisation Summit in Melbourne, reports ABC News.
He said recent regulatory developments in the maritime sector were playing into Australia's hands.
Mr Sims said that in April, the International Maritime Organisation (IMO) approved its draft net zero regulations for the international shipping sector.
The new regulatory framework covers ocean-going vessels over 5,000 gross tonnage, which account for 85 per cent of international shipping emissions.
The draft framework will need to be formally adopted in October, and then it will come into force in 2027.
Mr Sims said that when it came into force, it would create an effective "world carbon price for shipping fuel".
And that will provide Australia with an opportunity.
"One of the first places to start on Australia's journey of being a major exporter of green energy-intensive exports is in producing green shipping fuel," he said.
https://www.shippingazette.com/news?news_id=9250700000079
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