According to a new research published this week, running cargo ships exclusively on green hydrogen-based fuels would add less than 15 cents to a new pair of Nikes and up to $12 to a new refrigerator.
Transport & Environment (T&E), Europe’s premier sustainable transport campaign organization, presented a new report on Tuesday that analyzed the likely cost increase in maritime transport if the sector were to fully decarbonize.
Specifically, T&E study based on the proposed increase to the FuelEU Maritime (FEUM) and the Maritime Emissions Trading Scheme (ETS) determined that running ships on renewable hydrogen would have a negligible effect on the price of consumer goods.
T&E argue that their analysis “debunks arguments by the shipping industry” that a complete decarbonization of the industry would be excessively expensive and lead to exorbitant price increases for customers.
The analysis revealed that green initiatives to decarbonize the shipping industry would have no negative impact on the price of delivered products.
In particular, the additional cost of achieving the ambitious Fit for 55 (FF55) package proposed by the European Commission – which includes a suite of regulatory measures to ensure that the EU economy meets the newly established economy-wide target of achieving a 55 percent emissions reduction by 2030 – would have little impact on consumer prices.
According to T&E, a pair of Nike sneakers would cost an additional €0.003, a television €0.03, and a refrigerator up to €0.27.