The second edition of the Global Maritime Decarbonisation Survey, jointly conducted by GCMD and BCG between October 2024 and February 2025, finds that despite economic turmoil caused by tariffs and geopolitical tensions, the maritime industry remains steadfast in its ambitions to decarbonize.
As informed by the Global Centre for Maritime Decarbonisation (GCMD), the survey gathered 114 responses from shipowners and operators across a range of vessel types, fleet sizes, and regions. While the survey was conducted before the International Maritime Organization’s (IMO) MEPC 83 session in April, its findings already reflected sustained commitment across the industry. The outcomes of MEPC 83—introducing new regulatory targets and incentives—are expected to reinforce these ambitions and further accelerate momentum.
The recent MEPC outcomes mark a pivotal step forward, sharpening demand signals with incentives for exceeding compliance goals and penalty mechanisms for shortfalls. Now is the time for the industry—both ships and ports—to build on this momentum
… commented Anand Veeraraghavan, Managing Director and Senior Partner of BCG
According to the report, the approved pricing framework from the committee to be voted on for adoption in October 2025 at the upcoming Extraordinary meeting will establish a transparent global mechanism that will encourage shipowners and operators to optimize their total cost of operations i.e., balancing rewards and penalties versus prevailing freight rates, by selecting the right combination of decarbonization levers e.g., low-carbon fuels, TOLs to achieve the corresponding GFI. While OCCS solution is still being deliberated, these myriad solutions will be key to achieving IMO’s decarbonization targets.
The state of the maritime industry: solutions adoption and challenges
Survey results show that 60% of respondents have now set net-zero targets (up from 54%), while the use of bio-blended fuels has more than doubled to 46%, and methanol use has increased from 3% to 6%. However, uptake of more nascent technologies—such as ammonia, wind-assisted propulsion systems, solar panels, super-light ships, and air lubrication—remains limited.
The survey also reflects the industry’s desire for policies and regulations to create a level playing field. Nearly three-quarters of respondents identified either compliance measures or financial incentives as the most important policy objectives. A level playing field will ensure that early adopters are not competitively disadvantaged on cost and stakeholders with limited resources can benefit from financial support to overcome economic barriers.
The survey also gathered insights from key bunkering ports, whose support is critical for maritime decarbonisation. Most surveyed ports have roadmaps and dedicated teams focused on initiatives to facilitate maritime decarbonisation, and all of them, namely Port of Antwerp-Bruges, Port of Long Beach, Port of New York and New Jersey, Port of Rotterdam, and Port of Singapore, offer green incentives.
A significant concern for ports, however, is the lack of demand certainty from shipping companies for both low-carbon fuels and Onboard Carbon Capture Systems (OCCS). This ‘chicken-and-egg’ dilemma hinders ports to take on the investment decision to develop the requisite infrastructure, though the recently introduced GHG pricing mechanism is expected to strengthen demand signals for low-carbon fuels.
Four key initiatives for maritime decarbonisation
Based on the survey and interviews, this report identifies four key initiatives needed to achieve the sector’s decarbonisation ambitions.
1. Establishing a level regulatory playing field
Regulators need to level the playing field to ensure that all stakeholders can adopt decarbonisation solutions without being competitively disadvantaged. Challenges cited include regulatory methodologies not accounting for the myriad of conditions vessels operate under (52%), lack of clear guidelines within existing regulations (44%) and, non-uniform standards in regional policies and regulations (39%).
2. Ensuring economic viability through blended financing
Equally important is the need to foster economic viability of decarbonisation solutions. Addressing the higher cost for adopting these solutions may require blended financing, which could encompass financial incentives from government and innovative financing mechanisms from the private sector like pay-as-you-save. More than 70% of respondents reported that the availability of financial incentives has remained largely unchanged since 2022.
3. Creating demand certainty for infrastructure investment
Another critical initiative is creating demand certainty for infrastructure investment. Demand signals can be achieved by aggregating low-carbon fuel demand across multiple shipping companies. By collaborating with ports, shipping companies can better guarantee demand—through measures such as sharing demand forecasts or offering demand guarantees—thereby providing ports with a more reliable customer base and catalysing investment in supporting infrastructure. However, any such collaborative mechanisms must be structured in compliance with relevant antitrust laws to ensure they do not inadvertently restrict competition.
4. Bridging awareness and knowledge gaps
Finally, bridging awareness and knowledge gaps will play a key role. Creating a data sharing environment that balances security with mutual benefits would allow companies to share data while retaining control, in exchange for advanced insights. These platforms could aggregate performance data and package it into ‘sister ship’ benchmarks to help reduce uncertainty, and accelerate adoption of decarbonisation solutions, particularly the less widely adopted ones. Internally, companies could also allocate resources to build internal capabilities, including dedicated sustainability teams, or partner with industry bodies, such as classification societies, regulatory authorities, and thinktanks.
Archetypes in shipping and the need for tailored strategies
The GCMD-BCG industry survey has uniquely categorized the shipping ecosystem into Frontrunners, Followers, and Conservatives based on a set of criteria that will help us continue to gather insights from these archetypes as they each navigate distinct phases of the decarbonization journey and face unique challenges in the process. There is no doubt that success will require all the stakeholders in the maritime industry to advance together, supported by tailored approaches addressing the needs of each archetype.
Encouraging signals and the role of collaboration
Positive developments in maritime policy especially from the IMO that further tightens limits on GHG emissions, and the increased ambitions voiced by survey respondents are encouraging signals. Greater cooperation with the ports and pertinent stakeholders of the various value chains will be required to address challenges across the broader ecosystem that has a direct influence on shipping’s decarbonization efforts. With the right investments and collaborative actions, the maritime industry can chart a course to a future where sustainable decarbonization and commercial success thrive in harmony.
Greater cooperation with the ports and pertinent stakeholders across the various value chains will be required to address challenges across the broader ecosystem. With the right investments and collaborative actions, the maritime industry can chart a course to a future where sustainable decarbonisation and commercial success can co-exist.
… said Dr Sanjay C Kuttan, Chief Strategy Officer of GCMD
