by Peter Jameson, Managing Director & Partner, Maurice Jansen, Partner, and Kevin Maloney, Project Leader, BCG

The global shipping industry carries 80% to 90% of global trade, yet the industry has not yet begun to decarbonize in any meaningful way.

While sea transport is relatively efficient compared to air or road transport, the shipping industry still emits roughly 1 billion tons of CO2e annually.

Meanwhile, trade tonnage is set to grow as much as 130% by 2050, according to the International Maritime Organization (IMO).

About 99% of the industry's energy needs are still filled by fossil fuels, despite intense pressure from customers, policymakers, and society at large to accelerate decarbonization.

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