Lambert, J;
Thomas, G;
Rehmatulla, N;
Smith, T;
(2021)
A techno-economic environmental cost model for Arctic shipping.
Transportation Research Part A: Policy and Practice
, 151
pp. 28-51.
10.1016/j.tra.2021.06.022.
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Abstract
The purpose of this article is to provide a case for advancing methods in Arctic shipping towards a more complete approach. A methods assessment was used to identify core concepts in Arctic shipping and to develop a modelling approach that integrates together policy, alternative fuels, emissions and microeconomic theory - enabling the exploration of financial and implicit damage costs, opportunities and environmental risks within Arctic shipping. The integration of these paradigms can lead to more detailed insights into the economic feasibility of Arctic routes under different policy scenarios. The results indicate that by 2035 under both a business as usual and an Arctic zero emission ECA policy scenario, combined Arctic-Suez transits becomes financially viable for a Handymax wet bulker with a moderate ice class. By 2050 the transpolar route becomes accessible for 5 months for these vessels. The results also show that implicit damage costs cannot be overlooked and that it is possible to advance towards more holistic methods for assessing economic and environmental risks and opportunities in Arctic shipping. Through the incorporation of these factors, this framework can be used to assist policymakers with maximising societal welfare.
| Type: | Article |
|---|---|
| Title: | A techno-economic environmental cost model for Arctic shipping |
| Open access status: | An open access version is available from UCL Discovery |
| DOI: | 10.1016/j.tra.2021.06.022 |
| Publisher version: | https://doi.org/10.1016/j.tra.2021.06.022 |
| Language: | English |
| Additional information: | This is an Open Access article published under a Creative Commons Attribution 4.0 International (CC BY 4.0) Licence (https://creativecommons.org/licenses/by/4.0/). |
| Keywords: | Arctic shipping, Zero emissions, Damage costs, Profit maximisation, Alternative fuels |
| UCL classification: | UCL UCL > Provost and Vice Provost Offices > UCL BEAMS UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Engineering Science UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Engineering Science > Dept of Mechanical Engineering UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment > Bartlett School Env, Energy and Resources |
| URI: | https://discovery-pp.ucl.ac.uk/id/eprint/10130166 |
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