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Japan’s Hydrogen Society Promotion Act

Two new Bills make up a “hydrogen promotion” package submitted to the Japanese parliament. The “Hydrogen Society Promotion Bill”, sets up a framework for awarding subsidies under the GX bonds scheme (a contracts-for-difference program), while the “CCS Business Bill” sets out permitting and monitoring requirements for domestic CCS projects in Japan.

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Order book for alternative-fueled vessels grows in 2023

Clarksons Research and DNV have provided their analysis of global ship orders for 2023. Last year saw the first orders for ammonia-fueled vessels, with container ships & car carriers dominating the order book for alternative fuel propulsion ships. But UMAS & the Global Maritime Forum warn that the current order book trajectory may only be a fifth of what is needed to achieve the IMO’s 2030 target for alternative fuel uptake.

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All hands to the pump: every stakeholder needed to support marine ammonia fuel

For our final episode of Maritime Ammonia Insights, we asked our resident experts Sofia and Conor Fürstenberg Stott to provide their insights on the pathway forward for marine ammonia fuel. Discussion topics included challenges for overlaying alternative fuels onto the existing bunker industry, the importance of seafarers to the transition, and why we need to move beyond talking about competition between alternative fuel candidates.

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COP28 Debrief: Flagship Hydrogen Initiatives Launched

A series of flagship hydrogen initiatives were launched at COP28 last month. The initiatives are headlined by a 37-country joint declaration on mutual recognition of certification schemes, a response to sustained calls for increased global regulatory consistency. Additionally, the new ISO methodology for calculating hydrogen emissions was unveiled, paving the way for harmonisation.

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Scaling clean ammonia: a World Bank perspective

To scale clean ammonia production from 1.4 million tonnes under construction today to the projected 269 million tonnes needed by 2030, key risks including offtake, uncertain price and demand need to be addressed. Potential solutions include technological innovation, a clear mapping of supply and demand, and harmonised standards and certification. Learn more about our 2023 annual conference keynote featuring Dolf Gielen from the World Bank.

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Avaada Group: $2 billion secured for new Odisha project

REC Limited has committed nearly $5 billion total to three new energy projects in Odisha state, including renewable ammonia projects to be developed by Avaada and ACME Group. Avaada also announced that its facility will include a “cutting-edge” ammonia storage facility, to be developed at Gopalpur Port. The new funds follow a $1 billion investment in Avaada from infrastructure giant Brookfield earlier this year.

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Successful finance pathways for the NoGAPS vessel

New analysis from the Global Maritime Forum has found that the cost gap between ammonia fuel and conventional fuel could be closed as early as 2026 for their new NoGAPS vessel. A series of levers need to be pulled to fully finance NoGAPS and similar vessels (such as long-term charters), but the authors report favorable deals should be readily available. The authors also map out three commercial pathways for NoGAPS to operate, the easiest being exclusive bunkering on the US Gulf Coast.

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Macquarie, ACME help finance renewable ammonia projects

A $325 million investment from Macquarie Asset Management will support Atlas Agro’s new Pacific Green Fertilizer Plant in Washington state, USA. FID on the plant is due early next year, which will produce 700,000 tonnes of zero-carbon nitrate fertiliser each year.

In India, ACME Group has secured two loans from REC Limited: $500 million to fully finance the first phase of the ACME’s Duqm renewable ammonia project, and $2.5 billion to support the first phases of ACME’s “round the clock” renewable power projects in Odisha and Tail Nadu.

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The IMO charts a course to net-zero

The IMO member states have agreed to a new roadmap for the decarbonisation of the global shipping sector, including emissions reduction targets to be met in 2030 and 2040. It was also established that a well-to-wake approach will be the basis for the lifecycle analysis of maritime fuels going forward, with the uptake of near or zero-carbon alternative technologies & fuels to account for 5 - 10% of the global shipping sector by 2030.