Amazon’s new net-zero carbon pledge is focused on the oceans, as shipping giants pursue alternative fuels

Published

3 years ago

October 24, 2021

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For the marine shipping industry to cut its carbon footprint in half by 2050, promising technology will need to become reality, and efficiency gains will need to increase as well.

Lucy Nicholson | Reuters

Amazon and IKEA are among the major companies pushing the ocean shipping industry to adopt zero-carbon fuel sources for vessels by 2040.

Marine shipping accounts for 1 billion tons of carbon emissions per year, according to the Clean Air Task Force, which worked with the Aspen Institute on a plan to accelerate a marketplace for zero-carbon shipping among the world’s largest cargo ship owners. The announcement on Tuesday included other consumer-facing companies such as Patagonia, Brooks Running, Inditex, Michelin, Unilever, Tchibo, and Frog Bikes. The announcement did not include cargo companies.

In 2018, the International Maritime Organization set an initial goal of cutting carbon emissions from international shipping by at least 50% by 2050 compared to 2008.

According to Clean Air Task Force research, for the IMO to reach its goals a large part of the international shipping fleet would need to transition to net-zero-carbon fuels. CATF has cited ammonia as a likely option for marine, though it noted that ammonia is approximately 3-7 times more expensive than conventional marine fuel.

Its research also suggests liquified natural gas as a transition — but only transitional fuel — and small-scale nuclear on-vessel as an underexplored option for the future. It estimated that ships could change over to LNG use for a 15% carbon reduction, but that figure would depend on methane leakage being reduced “well below current levels.”

“In order to combat the climate crisis, we must rapidly decarbonize marine shipping,” Jonathon Lewis, Director of Transportation Decarbonization at CATF said in a statement announcing the consortium of merchants.

CATF stated in its research that U.S. shipping is responsible for 80 million tonnes of CO2 emissions, a figure which is increasing, and for the U.S. shipping fleet to meet the IMO 2050 deadline, use of marine ammonia would need to reach as high as 47 million tonnes.

CATF proposes making marine ammonia from renewables (referred to as green ammonia), nuclear power, or carbon capture and storage operations in industries including fossil fuels (referred to as blue ammonia). But it noted that there is still a long way to go to “make marine ammonia a reality.”

Current ammonia production has a carbon footprint, mostly from within the fertilizer industry.

In March of this year, several of the major cargo companies including Maersk, Fleet Management Limited, Keppel Offshore & Marine, Sumitomo Corporation and Yara International began a study of a green ammonia supply chain at the Port of Singapore.

“Emitting zero CO2 when combusted, ammonia has long been considered as one of the most promising alternative marine fuels to reduce greenhouse gas (GHG) emissions within the shipping industry,” the group said in a statement.

“So far, it is unclear which measures could achieve the emissions reduction targeted by the IMO (much less, reductions that are consistent with the Paris Agreement), but it is unlikely that it will be through technology alone,” CATF wrote in its report on transportation decarbonization. And it said, “The shift to ammonia will need an intense globally coordinated effort.”

IMO itself implemented a mandatory data collection system for fuel oil consumption of ships in March 2018, and by 2025, set the goal of new ship builds being 30% more energy efficient than those built in 2014, according to its greenhouse gas reduction plan.

Over the last few years, Amazon has stepped up its commitment to reducing its carbon footprint while it also has taken over more control of its massive logistics operations. In 2019, Amazon first unveiled its pledge to meet the Paris climate agreement goals through the use of renewable energy and new transportation technology, such as electric delivery vehicles, 10 years ahead of the Paris timeline.

Among its most notable carbon-free transportation investments is electric vehicle maker Rivian, which has raised billions from venture investors including Amazon. The retail giant plans to buy 100,000 electric vehicles from Rivian and, by 2020, Amazon said it had already delivered over 20 million packages using electric vehicles. The retail giant rolled out its custom electric delivery vehicles earlier this year and says it will have 10,000 vehicles on the road by 2022.

Amazon’s own logistics footprint has grown in recent years to include direct competition with third-party shipping services. By 2028, Amazon is predicted to acquire 200 airplanes for its freight needs.

Environment

Cramer names oil and natural gas stocks set to do well under Trump

Published

1 hour ago

November 22, 2024

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Cramer names oil and natural gas stocks set to do well under Trump

CNBC’s Jim Cramer on Friday said companies related to natural gas and oil will thrive under President-elect Donald Trump’s administration and a majority Republican Congress.

“We’re hearing about all sorts of Trump trades right now, and many of these things have made insane moves in less than three weeks, to the point where, actually, they’re feeling precarious to me,” he said. “If you want a sustainable Trump trade, I say bet on the natural gas ecosystem. This is an industry that already had a lot going for it, it just needed some cooperation from the federal government, which it is about to get.”

President Joe Biden’s administration is largely opposed to fossil fuels, Cramer said, and the federal government has worked to block pipelines and paused new liquified gas export authorizations. This dynamic, coupled with a weaker global economy, caused the sector to underperform for much of the year, he suggested. But Trump has shown more favor to the industry, and Cramer pointed out that he tapped prominent oil executive Chris Wright to lead the Department of Energy.

Cramer recommended several stocks in the sector, including energy producers EQT and Coterra. The former is focused on natural gas and recently acquired peer Equitrans, raising the combined company’s valuation to an estimated $35 billion, Cramer noted. He added that Coterra is a good long-term holding and called the company “one of the shrewdest operators in the industry.”

He highlighted pipeline companies, including Energy Transfer and Kinder Morgan, and said he was especially bullish on Enbridge. Enbridge says it transports about 20% of all natural gas consumed in the U.S., and Cramer claimed the Canadian outfit has “strategically located assets.” He also named Cheniere and Sempra, saying the former is the “best play” for liquified natural gas exports.

“Seasonally, this is a good time for the commodity,” he said, pointing out that natural gas itself has climbed since the election. “But I also think there’s some optimism about the future of the industry driving this move.”

Jim Cramer’s Guide to Investing

Environment

Jeep launches Wagoneer S EV lease prices starting at just $599 per month

Published

2 hours ago

November 22, 2024

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Jeep launches Wagoneer S EV lease prices starting at just 9 per month

Jeep’s first global luxury electric SUV will arrive at US dealerships any day. Despite its $72,000 price tag, lease prices for the 2024 Jeep Wagoneer S EV start at just $599 per month.

2024 Jeep Wagoneer S EV lease prices

After unveiling its first global electric SUV, Jeep’s CEO said the Wagoneer S “marks a new chapter” in its storied history.

Jeep claims the Wagoneer S packs “exhilarating performance.” With 600 hp and 617 lb-ft of torque, the big-body SUV can sprint from 0 to 60 mph in just 3.4 seconds. Its 100 kWh battery pack also gives it a driving range of over 300 miles.

The electric SUV is unmistakably still a Jeep, but it did get several upgrades to distinguish it as an EV. The grille is now enclosed without the need to cool a massive engine, giving it a sporty, more modern look.

Jeep revamped its design with a new illuminated seven-slot grille with ambient cast lightning. It also fine-tuned its profile, adding flush door handles, a rear wing, and integrated fins for better airflow.

The first Jeep Wagoneer S Launch Edition models get exclusive dark accent design elements like 20″ Gloss Black Wheels.

Inside, the electric SUV is loaded with the latest tech and connectivity, including a best-in-class 45″ of usable screen space. The setup includes a 12.3″ center screen and an exclusive 10.25″ interactive front passenger screen.

Jeep already announced that the 2024 Wagoneer S EV will start at $71,995, but now the company has revealed lease prices for the first time.

According to Jeep, the 2024 Jeep Wagoneer S Launch Edition can be leased for $599 per month for 36 months (10,000 miles per year). The deal includes $4,999 due at signing and a $7,500 EV incentive. However, you may want to act fast, as Jeep’s offer is only good until December 2, 2024.

Jeep Wagoneer S vs Tesla Model Y	Starting Price	Range	Lease Price
Jeep Wagoneer S Launch Edition	$71,995	+300 miles	$599/mo
Tesla Model Y RWD	$44,990	320 miles	$299/mo
Tesla Model Y AWD	$47,990	308 miles	$399/mo
Tesla Model Y AWD Performance	$51,490	279 miles	$599/mo

In comparison, Tesla Model Y RWD lease prices start at $299 for 36 months with $2,999 down (10,000 miles). The Performance AWD model starts at $599 per month. In an end-of-year promo, Tesla also offers 3 months of free Supercharging and Full Self-Driving.

Ready to drive off in your new electric SUV? We can help you get started. You can use our links below to view offers on the Jeep Wagoneer S and Tesla Model Y at a dealer near you.

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Environment

Caltrain makes history with fully electric trains on SF to San Jose route

Published

3 hours ago

November 22, 2024

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Caltrain makes history with fully electric trains on SF to San Jose route

Caltrain, the 160-year-old San Francisco to San Jose rail corridor, has ditched diesel and is now fully electric.

This makes Caltrain’s zero-emission service from San Francisco to San Jose the first diesel-to-electric transition in North America in a generation. To celebrate, Caltrain is offering free rides this weekend on its new half-hourly weekend service, and it’s hosting events at every city along the corridor.

The new electric service is also faster and more frequent. During peak hours, trains will run every 15 to 20 minutes at 16 stations along the corridor. Express service from San Francisco to San Jose will take less than an hour, and weekend service will be twice as frequent as before.

Each trainset will have seven cars instead of the previous five to six. The new electric trains accelerate and decelerate faster than the diesel fleet, allowing more frequent stops in the same amount of time.

The trains were built by Stadler US at their facility in Salt Lake City, Utah. After they were assembled, they were sent to a test facility in Pueblo, Colorado. where they were tested at high speeds under numerous conditions as required by the Federal Railroad Administration.

The new electric trains are not just better for the environment; they’re also a big upgrade for passengers. Riders can now enjoy perks such as free wifi, more seat power outlets, and expanded under-seat storage. Plus, the ride is much quieter.

Serving the region since 1863, Caltrain is the oldest continually operating rail system west of the Mississippi. The Electrification Project is fully funded by federal, state, and local partners.

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