To ask the Secretary of State for Transport, what assessment he has made of the level of funding that would be required to decarbonise the maritime sector.
17 September 2020
The Department has undertaken extensive research to consider the level of investment required for the UK’s domestic maritime sector to achieve net zero by 2050. This research comprises a range of scenarios assessing different policy options, including both costs and benefits, and has been published on Gov.UK at https://www.gov.uk/government/publications/clean-maritime-plan-maritime-2050-environment-route-map
For the global shipping industry, research carried out by UMAS, part of UCL, and published in January 2020, suggests that the total cost to achieve global maritime decarbonisation may be in the region of £1.5 trillion, invested over the next thirty years, with the majority of that investment occurring in the production and supply of alternative fuels.