A new report from CORE POWER shows that the US now has the ideal opportunity to demonstrate to the world the clear benefits of advanced nuclear technologies to decarbonize maritime transportation in its own domestic market.
The US maritime trade sector is a $50 billion market which employs around 150,000 people, transporting goods on the Great Lakes, up and down the three coasts as well as transporting goods on the major US inland waterways.
Airborne emissions from US domestic shipping stand at over 60 million tonnes of CO2 per year from the burning of Heavy Fuel Oil as well as Liquefied Natural Gas (LNG) and Marine Gas Oil (MGO).
Tony Huston, US Country Head at CORE POWER says: “The transport of goods on the US coasts, Great Lakes and internal waterways offers strong proof of concept for nuclear powered decarbonisation without the complex regulatory hurdles of moving reactors between nation-states.”
The US has a long record of using nuclear power in its navy with an exemplary safety record. This has led to increased interest in the use of nuclear power for civilian vessels, particularly from US Special Presidential Envoy for Climate John Kerry, reflecting on his own naval career during COP26 in Glasgow last year.
Huston says: “Kerry made it clear that the US nuclear navy has operated for almost 70 years without incident and has the best-trained seafarers in the world. We believe the deployment of commercial nuclear vessels would offer an entirely new career path for these seafarers once they leave the Navy. STEM qualified students from the US college system seeking well paid careers in an exciting industry could also be recruited to supplement the skills of the highly trained ex-US Navy personnel.”
Advanced nuclear ships would be true zero-emission vessels and be immune to carbon pricing as it is introduced to fossil fuels. Large ships that consume close to 500,000 tons of fuel over a lifetime, emit more than 1.5 million tons of CO2 whilst in service. With a carbon levy of $200 per ton, these ships would see an increased OPEX of $300 million over a lifecycle. Advanced nuclear-powered ships would save this cost, making them highly competitive.
“The US would be in a prime position to become an exporter of transformative advanced nuclear technology for the maritime sector to trusted partner nations like the UK, allowing the US to create a valuable export market for technology built by highly skilled American workers. By embracing the possibilities of advanced nuclear shipping, the US now can reinvigorate its shipbuilding and maritime sector putting itself at the forefront of one of the world’s most important industries,” Huston concludes.
