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The global shipping sector is grappling with a significant gap between the rising demand for green fuels and the limited supply of biofuels necessary to achieve the International Maritime Organization's net zero targets by 2050. Christopher Wiernicki, chairman and CEO of the American Bureau of Shipping, emphasized that the challenge lies not in technology but in the scarcity of sustainable feedstocks for biofuels.

Despite a 73% increase in biofuel usage from 2019 to 2023, it represents only 0.73% of total fuel consumption in the industry. The IMO's framework aims for net zero emissions by 2050, with interim targets set for 2030 and 2040.