International
Green fuels in shipping face major challenges for 2050 net zero target
Shipping companies are turning the tanker too slowly to decarbonise on time.
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Ships carry around 90% of traded goods and emit about 3% of global CO₂. The International Maritime Organization (IMO), the UN agency responsible for regulating shipping, recently set out plans for this industry to reach net zero emissions by 2050.
Like their ancient forebears, modern vessels can be partially propelled by wind. Indeed, a British cargo ship recently took its maiden voyage using sails made from the same material as wind turbines.
This can reduce a ship’s lifetime emissions, but wind’s ability to power the global shipping fleet is limited by propeller systems, which only provide up to 30% of the energy vessels need to navigate – and even less in poor weather. Wind propellers might assist cargo ships but are unlikely to fully replace fuel engines. What the shipping industry needs is to swap oil for alternative green fuels.
The shipping industry faces great challenges in making this shift to fuels such as ammonia, hydrogen and methanol. While a few companies like Maersk have begun to test them, converting the entire industry will require ramping up renewable energy, creating new globe-spanning fuel distribution networks, overhauling regulatory frameworks and building ship engines that can burn green fuels.
Some of these steps are underway, yet much more remains to be done.
What makes shipping fuel green?
Green hydrogen is produced by splitting water into hydrogen and oxygen using electricity generated by wind, solar or other renewable sources. Green ammonia is formed by combining nitrogen from the air and green hydrogen through a process called Haber-Bosch.
Green methanol is either generated by heating plant or other organic waste to create a gas that can then be converted into bio-methanol, or by combining green hydrogen and captured CO₂ to make e-methanol.
When assessing how green a fuel really is, not only are the emissions created by burning it in the ship’s engine important, but also, the emissions from extracting, producing, transporting and storing it.
This lifecycle assessment of emissions is called “well-to-wake”. In the same way an electric car is not zero-carbon if its power is generated using fossil fuels, nor is a ship using ammonia or methanol produced by burning natural gas.
This assessment demands that the three fuels be generated using only renewable energy. That alone will require enormous investment. According to a study undertaken by the International Chamber of Shipping in 2022, the shipping industry will require up to 3,000 terawatt-hours (TWh) of renewable electricity a year, which almost equals the current global total of wind and solar electricity output (about 3,444 TWh).
This output must be ramped up as other industries, such as steel and cement, will also need zero-emission energy by 2050. In fact, up to US$1.9 trillion (£1.5 trillion) must be invested to fully decarbonise shipping, with over half of that needed to make green hydrogen, which is also essential for producing green methanol and ammonia.
Ships with compatible engines needed…
Vessels that run on oil and diesel cannot simply switch to burning green fuels. The world’s fleet of around 61,000 ships will need to be upgraded or replaced before 2050.
Retrofitting can allow existing vessels to run on methanol and ammonia, but it costs between US$5 million and US$15 million a ship depending on the fuel. Older vessels are likely to reach the end of their service before this investment is paid off and the onerous cost is the same even for smaller ships.
Ships capable of burning both methanol and methane are already being ordered by container shipping lines such as Maersk, Evergreen, CMA CGM and COSCO. Maersk has received its first dual-fuel vessel which burns green methanol and fuel oil, and sailed from South Korea to Denmark with cargo in August 2023.
The first ammonia-ready vessel, Kriti Future, is already sailing the ocean, though it isn’t burning ammonia yet. Vessels powered by hydrogen fuel cells lag behind the other two fuels, yet MSC cruises have ordered two hydrogen-ready vessels for 2028.
While these vessel orders inspire a sense of optimism about decarbonisation, they only account for a very small percentage of the global fleet.
…and so are safety regulations
A lack of safety regulations is partly responsible for the slow uptake of alternative fuels.
Although the International Energy Agency predicts green ammonia will be the most widely used fuel in 2050, shipping companies have placed more orders for vessels powered by methanol and methane. This is partly because the IMO has issued safety regulations for methanol as fuel, but not ammonia and hydrogen, which has cast doubt on their future among shipowners.
For green fuels to be widely adopted they must be at ports worldwide, but none are widely available. There are about 120 ports capable of storing and delivering methanol, but not enough green methanol. Where this fuel is available it’s often secured by private arrangements between a few large shipowners and methanol producers.
According to the Green Methanol Institute, about 0.7 million tonnes of green methanol could be produced globally by the end of 2023. Production capacity is projected to reach 8 million tonnes a year by 2027. But the global shipping industry requires 550 million tonnes by 2050 to replace oil.
There may not be enough farm and food waste to decarbonise all sectors of the global economy. And so the production of fuels from renewable electricity must increase.
Lots to build
Rolling out green fuels will also require building pipelines, storage tanks and port refuelling stations. Green hydrogen in particular, the key ingredient for other fuels, will need a large investment as it must be stored in special containers at around −253°C.
The shipping industry has not decided on its fuel of the future. But more than one is necessary considering the limited supply of renewable energy.
The good news is that decarbonising international shipping will benefit more than this vital industry by expediting renewable energy investments and helping sun-rich emerging economies flourish with the chance to make lots of cost-effective green hydrogen.
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The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.
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International
United Airlines adds new flights to faraway destinations
The airline said that it has been working hard to "find hidden gem destinations."
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Since countries started opening up after the pandemic in 2021 and 2022, airlines have been seeing demand soar not just for major global cities and popular routes but also for farther-away destinations.
Numerous reports, including a recent TripAdvisor survey of trending destinations, showed that there has been a rise in U.S. traveler interest in Asian countries such as Japan, South Korea and Vietnam as well as growing tourism traction in off-the-beaten-path European countries such as Slovenia, Estonia and Montenegro.
Related: 'No more flying for you': Travel agency sounds alarm over risk of 'carbon passports'
As a result, airlines have been looking at their networks to include more faraway destinations as well as smaller cities that are growing increasingly popular with tourists and may not be served by their competitors.
Shutterstock
United brings back more routes, says it is committed to 'finding hidden gems'
This week, United Airlines (UAL) announced that it will be launching a new route from Newark Liberty International Airport (EWR) to Morocco's Marrakesh. While it is only the country's fourth-largest city, Marrakesh is a particularly popular place for tourists to seek out the sights and experiences that many associate with the country — colorful souks, gardens with ornate architecture and mosques from the Moorish period.
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"We have consistently been ahead of the curve in finding hidden gem destinations for our customers to explore and remain committed to providing the most unique slate of travel options for their adventures abroad," United's SVP of Global Network Planning Patrick Quayle, said in a press statement.
The new route will launch on Oct. 24 and take place three times a week on a Boeing 767-300ER (BA) plane that is equipped with 46 Polaris business class and 22 Premium Plus seats. The plane choice was a way to reach a luxury customer customer looking to start their holiday in Marrakesh in the plane.
Along with the new Morocco route, United is also launching a flight between Houston (IAH) and Colombia's Medellín on Oct. 27 as well as a route between Tokyo and Cebu in the Philippines on July 31 — the latter is known as a "fifth freedom" flight in which the airline flies to the larger hub from the mainland U.S. and then goes on to smaller Asian city popular with tourists after some travelers get off (and others get on) in Tokyo.
United's network expansion includes new 'fifth freedom' flight
In the fall of 2023, United became the first U.S. airline to fly to the Philippines with a new Manila-San Francisco flight. It has expanded its service to Asia from different U.S. cities earlier last year. Cebu has been on its radar amid growing tourist interest in the region known for marine parks, rainforests and Spanish-style architecture.
With the summer coming up, United also announced that it plans to run its current flights to Hong Kong, Seoul, and Portugal's Porto more frequently at different points of the week and reach four weekly flights between Los Angeles and Shanghai by August 29.
"This is your normal, exciting network planning team back in action," Quayle told travel website The Points Guy of the airline's plans for the new routes.
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Walmart launches clever answer to Target’s new membership program
The retail superstore is adding a new feature to its Walmart+ plan — and customers will be happy.
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It's just been a few days since Target (TGT) launched its new Target Circle 360 paid membership plan.
The plan offers free and fast shipping on many products to customers, initially for $49 a year and then $99 after the initial promotional signup period. It promises to be a success, since many Target customers are loyal to the brand and will go out of their way to shop at one instead of at its two larger peers, Walmart and Amazon.
Related: Walmart makes a major price cut that will delight customers
And stop us if this sounds familiar: Target will rely on its more than 2,000 stores to act as fulfillment hubs.
This model is a proven winner; Walmart also uses its more than 4,600 stores as fulfillment and shipping locations to get orders to customers as soon as possible.
Sometimes, this means shipping goods from the nearest warehouse. But if a desired product is in-store and closer to a customer, it reduces miles on the road and delivery time. It's a kind of logistical magic that makes any efficiency lover's (or retail nerd's) heart go pitter patter.
Walmart rolls out answer to Target's new membership tier
Walmart has certainly had more time than Target to develop and work out the kinks in Walmart+. It first launched the paid membership in 2020 during the height of the pandemic, when many shoppers sheltered at home but still required many staples they might ordinarily pick up at a Walmart, like cleaning supplies, personal-care products, pantry goods and, of course, toilet paper.
It also undercut Amazon (AMZN) Prime, which costs customers $139 a year for free and fast shipping (plus several other benefits including access to its streaming service, Amazon Prime Video).
Walmart+ costs $98 a year, which also gets you free and speedy delivery, plus access to a Paramount+ streaming subscription, fuel savings, and more.
If that's not enough to tempt you, however, Walmart+ just added a new benefit to its membership program, ostensibly to compete directly with something Target now has: ultrafast delivery.
Target Circle 360 particularly attracts customers with free same-day delivery for select orders over $35 and as little as one-hour delivery on select items. Target executes this through its Shipt subsidiary.
We've seen this lightning-fast delivery speed only in snippets from Amazon, the king of delivery efficiency. Who better to take on Target, though, than Walmart, which is using a similar store-as-fulfillment-center model?
"Walmart is stepping up to save our customers even more time with our latest delivery offering: Express On-Demand Early Morning Delivery," Walmart said in a statement, just a day after Target Circle 360 launched. "Starting at 6 a.m., earlier than ever before, customers can enjoy the convenience of On-Demand delivery."
Walmart (WMT) clearly sees consumers' desire for near-instant delivery, which obviously saves time and trips to the store. Rather than waiting a day for your order to show up, it might be on your doorstep when you wake up.
Consumers also tend to spend more money when they shop online, and they remain stickier as paying annual members. So, to a growing number of retail giants, almost instant gratification like this seems like something worth striving for.
Related: Veteran fund manager picks favorite stocks for 2024
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President Biden Delivers The “Darkest, Most Un-American Speech Given By A President”
President Biden Delivers The "Darkest, Most Un-American Speech Given By A President"
Having successfully raged, ranted, lied, and yelled through…
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Having successfully raged, ranted, lied, and yelled through the State of The Union, President Biden can go back to his crypt now.
Whatever 'they' gave Biden, every American man, woman, and the other should be allowed to take it - though it seems the cocktail brings out 'dark Brandon'?
Tl;dw: Biden's Speech tonight ...
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Fund Ukraine.
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Trump is threat to democracy and America itself.
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Abortion is good.
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American Economy is stronger than ever.
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Inflation wasn't Biden's fault.
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Illegals are Americans too.
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Republicans are responsible for the border crisis.
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Trump is bad.
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Biden stands with trans-children.
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J6 was the worst insurrection since the Civil War.
(h/t @TCDMS99)
Tucker Carlson's response sums it all up perfectly:
"that was possibly the darkest, most un-American speech given by an American president. It wasn't a speech, it was a rant..."
Carlson continued: "The true measure of a nation's greatness lies within its capacity to control borders, yet Bid refuses to do it."
"In a fair election, Joe Biden cannot win"
And concluded:
“There was not a meaningful word for the entire duration about the things that actually matter to people who live here.”
Victor Davis Hanson added some excellent color, but this was probably the best line on Biden:
"he doesn't care... he lives in an alternative reality."
— Tucker Carlson (@TuckerCarlson) March 8, 2024
* * *
Watch SOTU Live here...
* * *
Mises' Connor O'Keeffe, warns: "Be on the Lookout for These Lies in Biden's State of the Union Address."
On Thursday evening, President Joe Biden is set to give his third State of the Union address. The political press has been buzzing with speculation over what the president will say. That speculation, however, is focused more on how Biden will perform, and which issues he will prioritize. Much of the speech is expected to be familiar.
The story Biden will tell about what he has done as president and where the country finds itself as a result will be the same dishonest story he's been telling since at least the summer.
He'll cite government statistics to say the economy is growing, unemployment is low, and inflation is down.
Something that has been frustrating Biden, his team, and his allies in the media is that the American people do not feel as economically well off as the official data says they are. Despite what the White House and establishment-friendly journalists say, the problem lies with the data, not the American people's ability to perceive their own well-being.
As I wrote back in January, the reason for the discrepancy is the lack of distinction made between private economic activity and government spending in the most frequently cited economic indicators. There is an important difference between the two:
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Government, unlike any other entity in the economy, can simply take money and resources from others to spend on things and hire people. Whether or not the spending brings people value is irrelevant
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It's the private sector that's responsible for producing goods and services that actually meet people's needs and wants. So, the private components of the economy have the most significant effect on people's economic well-being.
Recently, government spending and hiring has accounted for a larger than normal share of both economic activity and employment. This means the government is propping up these traditional measures, making the economy appear better than it actually is. Also, many of the jobs Biden and his allies take credit for creating will quickly go away once it becomes clear that consumers don't actually want whatever the government encouraged these companies to produce.
On top of all that, the administration is dealing with the consequences of their chosen inflation rhetoric.
Since its peak in the summer of 2022, the president's team has talked about inflation "coming back down," which can easily give the impression that it's prices that will eventually come back down.
But that's not what that phrase means. It would be more honest to say that price increases are slowing down.
Americans are finally waking up to the fact that the cost of living will not return to prepandemic levels, and they're not happy about it.
The president has made some clumsy attempts at damage control, such as a Super Bowl Sunday video attacking food companies for "shrinkflation"—selling smaller portions at the same price instead of simply raising prices.
In his speech Thursday, Biden is expected to play up his desire to crack down on the "corporate greed" he's blaming for high prices.
In the name of "bringing down costs for Americans," the administration wants to implement targeted price ceilings - something anyone who has taken even a single economics class could tell you does more harm than good. Biden would never place the blame for the dramatic price increases we've experienced during his term where it actually belongs—on all the government spending that he and President Donald Trump oversaw during the pandemic, funded by the creation of $6 trillion out of thin air - because that kind of spending is precisely what he hopes to kick back up in a second term.
If reelected, the president wants to "revive" parts of his so-called Build Back Better agenda, which he tried and failed to pass in his first year. That would bring a significant expansion of domestic spending. And Biden remains committed to the idea that Americans must be forced to continue funding the war in Ukraine. That's another topic Biden is expected to highlight in the State of the Union, likely accompanied by the lie that Ukraine spending is good for the American economy. It isn't.
It's not possible to predict all the ways President Biden will exaggerate, mislead, and outright lie in his speech on Thursday. But we can be sure of two things. The "state of the Union" is not as strong as Biden will say it is. And his policy ambitions risk making it much worse.
* * *
The American people will be tuning in on their smartphones, laptops, and televisions on Thursday evening to see if 'sloppy joe' 81-year-old President Joe Biden can coherently put together more than two sentences (even with a teleprompter) as he gives his third State of the Union in front of a divided Congress.
President Biden will speak on various topics to convince voters why he shouldn't be sent to a retirement home.
The state of our union under President Biden: three years of decline. pic.twitter.com/Da1KOIb3eR
— Speaker Mike Johnson (@SpeakerJohnson) March 7, 2024
According to CNN sources, here are some of the topics Biden will discuss tonight:
Economic issues: Biden and his team have been drafting a speech heavy on economic populism, aides said, with calls for higher taxes on corporations and the wealthy – an attempt to draw a sharp contrast with Republicans and their likely presidential nominee, Donald Trump.
Health care expenses: Biden will also push for lowering health care costs and discuss his efforts to go after drug manufacturers to lower the cost of prescription medications — all issues his advisers believe can help buoy what have been sagging economic approval ratings.
Israel's war with Hamas: Also looming large over Biden's primetime address is the ongoing Israel-Hamas war, which has consumed much of the president's time and attention over the past few months. The president's top national security advisers have been working around the clock to try to finalize a ceasefire-hostages release deal by Ramadan, the Muslim holy month that begins next week.
An argument for reelection: Aides view Thursday's speech as a critical opportunity for the president to tout his accomplishments in office and lay out his plans for another four years in the nation's top job. Even though viewership has declined over the years, the yearly speech reliably draws tens of millions of households.
Sources provided more color on Biden's SOTU address:
The speech is expected to be heavy on economic populism. The president will talk about raising taxes on corporations and the wealthy. He'll highlight efforts to cut costs for the American people, including pushing Congress to help make prescription drugs more affordable.
Biden will talk about the need to preserve democracy and freedom, a cornerstone of his re-election bid. That includes protecting and bolstering reproductive rights, an issue Democrats believe will energize voters in November. Biden is also expected to promote his unity agenda, a key feature of each of his addresses to Congress while in office.
Biden is also expected to give remarks on border security while the invasion of illegals has become one of the most heated topics among American voters. A majority of voters are frustrated with radical progressives in the White House facilitating the illegal migrant invasion.
It is probable that the president will attribute the failure of the Senate border bill to the Republicans, a claim many voters view as unfounded. This is because the White House has the option to issue an executive order to restore border security, yet opts not to do so
Maybe this is why?
Most Americans are still unaware that the census counts ALL people, including illegal immigrants, for deciding how many House seats each state gets!
— Elon Musk (@elonmusk) March 7, 2024
This results in Dem states getting roughly 20 more House seats, which is another strong incentive for them not to deport illegals.
While Biden addresses the nation, the Biden administration will be armed with a social media team to pump propaganda to at least 100 million Americans.
"The White House hosted about 70 creators, digital publishers, and influencers across three separate events" on Wednesday and Thursday, a White House official told CNN.
Not a very capable social media team...
The State of Confusion https://t.co/C31mHc5ABJ
— zerohedge (@zerohedge) March 7, 2024
The administration's move to ramp up social media operations comes as users on X are mostly free from government censorship with Elon Musk at the helm. This infuriates Democrats, who can no longer censor their political enemies on X.
Meanwhile, Democratic lawmakers tell Axios that the president's SOTU performance will be critical as he tries to dispel voter concerns about his elderly age. The address reached as many as 27 million people in 2023.
"We are all nervous," said one House Democrat, citing concerns about the president's "ability to speak without blowing things."
The SOTU address comes as Biden's polling data is in the dumps.
BetOnline has created several money-making opportunities for gamblers tonight, such as betting on what word Biden mentions the most.
As well as...
We will update you when Tucker Carlson's live feed of SOTU is published.
Fuck it. We’ll do it live! Thursday night, March 7, our live response to Joe Biden’s State of the Union speech. pic.twitter.com/V0UwOrgKvz
— Tucker Carlson (@TuckerCarlson) March 6, 2024
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