Innovation & Sustainability

Chaos is a Ladder

For a long time, heavy fuel oil and diesel were regarded as the primary energy sources. The IMO's Net-Zero 2050 initiative is changing that, with milestones set for 2030 and 2040. What is striking here is that, whereas economic factors used to determine the path forward, it is now environmental targets that do so. You may or may not agree with this. In any case, it is causing chaos.

Lloyd’s Register lists eight alternative energy sources in its Alternative Fuel Reports series – electric, biofuel, LNG, LPG, ammonia, methanol, hydrogen and nuclear. That is five times as many energy sources as there were a few years ago. Do you think that’s a lot?

Due to existing safety regulations, the alternatives also affect everything downstream. For example, in future, methanol-powered river cruise ships will be bunkered and provisioned outside Vienna, whilst passengers travel into the city by bus. Until one energy source becomes established, all alternatives are stopgap solutions. And no long-term investments are made in interim solutions, which in turn affects bunkering. In future, lorries with mobile stations at the pier will supply the fuel, rather than bunker vessels.

Enough chaos for you? Yes – but not just there. As an innovation manager, I think that’s a good thing, because every company can benefit from it. Many technologies and processes can be transferred almost one-to-one to the maritime sector. As the Green Inland Port Conference at thinkport Vienna showed, the maritime industry is more open to innovative and sustainable solutions than ever before. This is a welcome diversification for the struggling domestic industry.

Should Austrian companies seize this opportunity? Absolutely! Other countries are already leading the way. I recently had the chance to meet a fintech company from Ghana that aims to redesign bunker payments, including a credit system, and capitalise on the chaos. In this way, it generates liquidity at a time when investment is needed.

How do you think Austrian companies can get involved? Drop us a line – we’re curious: hello@alba-innovations.com.