Economics Key Benefits and External Environmental Costs of Merchant Ships

Question:-

Construct a table and summarise the key benefits and external environmental costs of merchant ships.

Answer:-

60,000 merchant ships float in the ocean  around the world, which act as a carrier of primary to secondary products. Most of the ships are diesel powered, which is having negative environmental impacts, because every ship helps to emit green house gases.

UN agency International Maritime Organization (IMO) seeks to reduce green house gases. UN agency aims to reduce Carbon dioxide emissions from each ship by 2030.

The shipping industry is more important than any other industry for transporting various vehicles. The traded goods that are needed for most of world’s businesses are transported through the shipping industry. But with that comes greenhouse gas emissions from shipping industries.

Various strategies are being taken to reduce the emission in this green house gas. UN agency adopts short-term strategy and ling-term strategy to reduce greenhouse gas emissions by 50% by 2050. The main target is to decarbonize marine shipping. The short- term strategy adopted was called slow streaming for carbon reduction. But in the case of slow streaming, silver bullets are used which is quite costly. Alternative fuels are being considered hat will be powered by Liquified natural gas, bio fuel, wind, hydrogen fuel. It is very easy to reduce carbon emissions through alternative fuels. Renewable energy can easily reduce carbon emission, as China has exemplified.

Renewable technology is increasingly being used to reduce carbon emissions as the marine industry operates a wide range of transportation systems.