Riding the ‘hydrogen wave’: A new fuel source for a shipping industry seeking lower emissions

Shipping keeps the world moving; but what moves the ships? As part of the increasing global push to achieve net-zero greenhouse gas emissions by 2050, significant attention has been paid to the energy and power sectors. However, pressure is also mounting to address emissions from various “hard-to-decarbonize” sectors, such as shipping. This pressure comes from a variety of sources. For example, in 2018, the International Maritime Organization (“IMO”) adopted a goal of reducing greenhouse gas (“GHG”) emissions 50% below 2008 levels by 2050. Commensurate with the IMO’s goal, several financial institutions launched the Poseidon Principles, committing to reduce the emissions from their shipping finance portfolios.