What would you do with 3.15 billion euros per year?
In shipping, ships calling at European ports will have to offset 40% of their CO2 emissions from 2024. There is a lot of money in there that is used to invest in the development of green technologies.
Here’s a rough estimate:
We have around 700,000 port calls in European ports every year (Statista).
Let’s assume that 50% came from or went to outside Europe and that these ships sailed from abroad for an average of 5 days before calling at a European port.
And let’s guess that the average consumption is about 15 tons of bunkers per day.
Annual fuel consumption would be 50% x 700,000 x 5 days x 15 tons = 26,250,000 tons
One bunker ton produces around 3 tons of CO2. The CO2 price is around €80/mt. 50% of the CO2 must be compensated.
The following amounts would be available for inventing green technologies in shipping:
- In 2024: 40% = €1.26 billion
- In 2025: 70% = €2.2 billion
- From 2026 100% = €3.15 billion per year.
These figures do not include intra-European traffic (100% compensation).
You could do this every (!) year for €3.15 billion
- Hire 31,500 engineers to think exclusively about how to make the shipping industry 100% carbon-free
- Installation of 3.15 gigawatts of solar panels (1000 €/KW), equivalent to the required power of 787 ships (4 MW per main engine)
- Development and construction of 126 innovative, CO2-free new sailing ships (€25 million per ship)
- Digitize all European ports for free to ensure transparent traffic monitoring and reduce waiting times
- …
Okay, it’s a very rough estimate. But there’s money in it. What do we do with it in Europe to safe the planet?
