By Faridat Salifu
The global shipping industry could face compliance costs of up to $51 billion by 2030 if it fails to accelerate its transition to green fuels and energy-saving technologies, according to Bureau Veritas Marine & Offshore.
Matthieu de Tugny, Executive Vice President of Bureau Veritas, recently said shipping represents 40 percent of the $2.2 trillion ocean economy but remains slow to align with tightening environmental regulations.
He noted that the International Maritime Organization (IMO) is preparing to roll out its Net Zero Framework in October following MEPC 83, setting mandatory fuel standards and introducing greenhouse gas emissions pricing.
Additional measures such as the EU’s FuelEU Maritime rules and the Emissions Trading System (ETS) are expected to cost the industry $6 billion in 2025, rising to $51 billion by 2030, unless shipowners invest in low-carbon solutions.
Reports show fewer than 40 percent of shipping companies met the first-year emissions reporting deadline under the EU ETS, reflecting industry struggles with complex requirements.
Tugny urged regulators, financiers, and operators to synchronize efforts by adopting green financing, supporting alternative fuels such as green ammonia, and creating zero-emission trade corridors.
Bureau Veritas is already collaborating with partners including Fortescue and K Line on the Australia–Japan iron ore corridor to integrate green fuel production, bunkering, and port infrastructure.
Operational inefficiencies also need urgent attention. Tugny cited the “sail fast, then wait” practice, where vessels race to ports only to idle, wasting fuel and raising emissions. New optimization tools such as the Blue Visby Solution could cut emissions by up to 15 percent, or 45 million tonnes of CO₂ annually, across tankers and bulk carriers.
“Progress is real but fragile,” Tugny said. “Only decisive, collaborative action will unlock the full potential of a sustainable blue economy and avoid escalating costs.”
