Decarbonizing the shipping industry with Carbon3

This two-page brief, published in February 2025, set out the case that still shapes our maritime work. Shipping carries more than 80 percent of the world's goods and produces more than 2.5 percent of global CO2 emissions. Reducing those emissions is expensive at every level: new low-emission vessels, alternative fuels that cost several times more than heavy fuel oil, and infrastructure that does not yet exist at scale.

Regulation raises the cost of waiting. Under the EU ETS, carbon costs for ships calling at European ports could reach €100 to €200 per tonne by 2030, which adds up to millions per vessel.

The brief shows how inset credits can turn part of that burden into revenue. In its worked example, a €100 million vessel investment could be partly funded by €10 to €20 million from credit sales over the ship's lifetime. Ports can use the same mechanism to finance shore power, fuel suppliers to attract investment in alternative fuel production, and cargo owners to reduce their Scope 3 emissions directly.