The Methanol Institute welcomes the European Union’s package of proposals Fit for 55
The Methanol Institute (MI) has welcomed the European Union’s package of proposals known as Fit for 55 as an opportunity to advance the availability of alternative fuels for shipping. But MI has urged the Commission to consider how best to support the industry on the journey towards the ultimate goal of carbon neutrality by 2050, according to the Methanol Institute’s release.
In a recently published policy position paper MI states that supply-side mechanisms aimed at spurring the uptake of renewable fuels should be emphasized so as to make low carbon and net carbon neutral fuels more affordable and so drive the switch to renewables.
MI also recommends a steeper incremental increase of the FuelEU Maritime GHG reduction targets beyond 2030, accelerating faster than currently proposed, to direct investment towards alternative fuels offering transitional pathways towards carbon neutrality.
MI also supports the extension of the Emissions Trading System to shipping as long as the system is grounded in Lifecycle Assessment (LCA) and the concept of CO2 equivalence, but proposes a five-year phase-in, starting in 2030, to help overcome industry resistance to change and enable experience-building to be incorporated into the policy.
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