Norway is poised to become one of the first countries in the world to approve the controversial practice of deep-sea mining.

In a parliamentary vote on Tuesday, lawmakers in the northern European country are expected to approve the government’s proposal to open Norwegian waters for commercial-scale deep-sea mining.

The vote is expected to pass smoothly after the government’s plans received cross-party support late last year.

Advocates say removing metals and minerals from the ocean’s seabed is necessary to facilitate a global transition away from fossil fuels, adding that the practice is less environmentally damaging than land-based mining.

Critics say deep-sea mining is “extremely destructive,” while scientists warn the full environmental impacts are hard to predict.

Critical minerals such as cobalt, nickel, copper and manganese can be found in potato-sized nodules at the bottom of the seafloor. These minerals are used for electric vehicle batteries, wind turbines and solar panels.

The Environmental Justice Foundation, an international NGO, says the bottom line is that any possible benefits from deep-sea mining “do not outweigh the environmental and economic risks.”

Norway’s proposal paves the way for companies to apply to mine for critical minerals in its national waters near the Svalbard archipelago. The area, which is part of Norway’s extended seabed shelf, is estimated to be larger than the U.K. at roughly 280,000 square kilometers (108,108 square miles).

Norway’s government does not intend to immediately start drilling for critical minerals, if the plan is approved. Instead, companies will need to submit proposals for licenses that will be voted on a case-by-case basis in parliament.

The approval of deep-sea mining would put Norway at odds with both the U.K. and the European Commission, the EU’s executive arm, which have pushed for a temporary ban on environmental concerns.

The Norway Environment Agency has previously criticized the government’s impact assessment of the plan, while 120 EU lawmakers wrote an open letter in November calling on the country’s parliament to reject the project.

The letter from EU lawmakers also warned about the risk that the proposal posed for marine biodiversity, the acceleration of climate change and for traditional activities, such as fisheries.

In a separate open letter calling for a pause to deep-sea mining, more than 800 marine science and policy experts across the globe warned that very little is known about deep-sea habitats and biodiversity.

They say that more robust research is necessary to better understand what’s at stake.

“The sheer importance of the ocean to our planet and people, and the risk of large-scale and permanent loss of biodiversity, ecosystems, and ecosystem functions, necessitates a pause of all efforts to begin mining of the deep sea,” the letter says.

A project to build a facility described as “the world’s largest offshore wind farm” took a big step forward this month by producing its first power.

Located in the North Sea, over 130 kilometers off England’s northeast coast, the Dogger Bank Wind Farm still has some way to go before it’s fully operational, but the installation and powering up of its first turbine is a major feat in itself.

That’s because GE Vernova’s Haliade-X turbines stand 260 meters tall — that’s higher than San Francisco’s Golden Gate Bridge — and have blades measuring 107 meters.

Turbine installation at Dogger Bank has required a huge amount of planning and preparation, with the Voltaire — a specialist vessel designed and built by the family-owned Jan De Nul Group — playing a key role.

With a lifting capacity of 3,200 metric tons, the Voltaire — named after the 18th-century French philosopher — will have installed a total of 277 Haliade-X turbines when its work is complete.

Described by Dogger Bank as the “largest offshore jack-up installation vessel ever built,” in many ways, it’s the pinnacle of an extensive supply chain involving numerous businesses and stakeholders.

The logistics are complex and multi-layered, with water depth a particular issue.

The sea in the Dogger Bank Offshore Development Zone is up to 63 meters deep, meaning the Voltaire’s ability to work in deeper waters is crucial. 

This is where its four legs come into play.

According to Jan De Nul, the legs of the Voltaire — which was built at the COSCO Shipping Shipyard in China — enable it to lift itself above the water’s surface.

With each leg measuring roughly 130 meters in length, they highlight the scale of equipment required to install huge offshore wind turbines like GE’s Haliade-X.

In an online Q&A before installations at Dogger Bank began, Jan De Nul’s Rutger Standaert spoke of their importance. “Thanks to those legs, the Voltaire can effectively operate at a water depth of 80 meters,” Standaert, who is manager of vessel construction at the business, said.

He noted that the Voltaire’s capabilities would enable installations further out to sea, allowing it to play a key role in the emerging floating offshore wind sector.

“Off the Scottish coast, for example, expensive floating windfarms are often the only way to tap into offshore wind,” he said. “The water is too deep for fixed windfarms, but the Voltaire can offer new opportunities.”

Thinking big

Once completed, the Dogger Bank Wind Farm will have a total capacity of 3.6 gigawatts (GW) and be able to power as many as six million homes per year, according to its developers.

Work on the project is taking place over three phases: Dogger Bank A, B, and C. A fourth phase of the wind farm known as Dogger Bank D has also been proposed, and would increase its capacity even further.

Søren Lassen is head of offshore wind research at Wood Mackenzie, a research and consultancy group. He described Dogger Bank as “a huge project, especially if you combine the three phases.”

“It is a project that requires a lot of preparation,” he told CNBC. “There’s the logistics in terms of having the vessels to do the installation … and then of course, you also have the logistics in terms of getting the components to the marshaling port.”

Both of these aspects were being made “a lot more complicated” by the use of next-generation turbines and a next-generation installation vessel, Lassen said.

“You have … a lot of innovation that goes into this. And not only do you need a new vessel or new components, you also need new factories to build those components.”

As such, a slew of upgrades and adjustments were needed to “reverberate throughout the entire value chain” for operations to run smoothly, he added.

Bigger turbines, bigger challenges?

Thanks to their sheer size, larger turbine designs have created a specific set of needs for the offshore wind sector and sites like the Dogger Bank Wind Farm.

“From cranes to vessels, we use a number of specially designed pieces of equipment to transport the Haliade-X turbines that will be used in this project,” a spokesperson for GE Offshore Wind said in a statement sent to CNBC.

Wood Mackenzie’s Lassen stressed the importance of having dedicated transportation vessels, noting that the towers of turbines need to be broken into three or four sections in order to fit on board.  

Massive blades represent the biggest challenge, he said, as they have to be laid flat. “And that just means that you need a very, very long transportation vessel, [and] that you need to stack them up accordingly.”

Meanwhile, delays or bottlenecks can have far-reaching — and expensive — consequences.

Lassen cited the example of blades not being delivered on time, which leads to vessels having to “go away and then come back half a year later to do the installation. This is very costly, of course.”

And delays also lead to lost revenue.

“These projects are going out [and] generating a lot of power from the day that they’re being installed, pretty much,” Lassen added.

“So any delays [and] you’re also losing a lot of revenue, especially right now when the power prices are really, really high.”

The bigger picture

Offshore wind farms are set to play a significant role in reducing emissions and hitting net zero goals in the years ahead — but a supply chain that’s well-run and reliable will be key to the industry’s success.

This is set to cost serious money. According to Wood Mackenzie, a base case of 30 GW of installations per year by 2030 — excluding China — will require investment of around $27 billion by 2026 to build out supply chains.

“The supply chain needs to invest,” Lassen said, adding that it also needed capital, certainty and concrete, firm orders. However, cost pressures mean there is currently uncertainty over projects planned for 2025, 2026 and 2027.

“Any delays to these projects takes away volume from the supply chain, and the supply chain needs that volume to convert it into revenue to build new factories,” Lassen explained.

It is crucial that projects planned for the next few years go ahead, he added. “That helps the underlying supply chain ramp up so they can build the capacity [for] ’27, ’28, ’29 and well into the 2030s as well.”

A project described as the “world’s largest offshore wind farm” took a major step forward over the weekend after producing its first power.

Located off the coast of northeast England in the North Sea, the Dogger Bank Wind Farm is being developed in three phases — A, B and C — and will have a total capacity of 3.6 gigawatts once fully up and running. A fourth phase, known as Dogger Bank D, has been proposed.

“The project’s first turbine at Dogger Bank A started turning and producing electricity at 8.37pm BST on Saturday 7 October,” the Dogger Bank Wind Farm Project said in an announcement Monday.

“Power from the first offshore wind turbine is now being transmitted to the UK’s national grid via Dogger Bank’s high-voltage direct current … transmission system, marking the first-time use of HVDC technology on a UK wind farm,” it added.

The scale of the project is considerable, with those behind it saying it will be able to power as many as 6 million homes per year. Dogger Bank is using GE Vernova’s huge Haliade-X turbines, which boast blades measuring 107 meters, or about 351 feet.

Dogger Bank is a joint venture partnership involving SSE Renewables, Equinor and Vårgrønn, which hold stakes of 40%, 40% and 20% respectively.

In a statement, SSE Chief Executive Alistair Phillips-Davies said Dogger Bank would “provide a significant boost to UK energy security, affordability and leadership in tackling climate change.”

“This is exactly how we should be responding to the energy crisis,” he added.

Equinor is a Norwegian business better known for its production of oil and gas, but it also is involved in wind energy projects like Dogger Bank and Hywind Tampen.

“A renewable mega-project like Dogger Bank constitutes an industrial wind hub in the heart of the North Sea, playing a major role in the UK’s ambitions for offshore wind and supporting its net zero ambitions,” Equinor CEO Anders Opedal said.

U.K. Prime Minister Rishi Sunak welcomed the news. Sunak — who has faced sharp criticism from some quarters after a shift in climate policy — described offshore wind as being “critical to generating renewable, efficient energy that can power British homes from British seas.”

The United Kingdom is home to a mature offshore wind sector, with the U.S. government’s International Trade Administration highlighting traits such as good wind speed, a long coastline and a “relatively shallow seabed,” among other things.

Major offshore wind farms in waters off the U.K. include Hornsea 2, a fully operational, 165-turbine facility that boasts a capacity of more than 1.3 GW. Danish energy firm Orsted has previously called it “the world’s largest installed windfarm.”

While those involved in Dogger Bank have repeatedly called it “the world’s largest offshore wind farm,” Monday’s statement also referred to it as the “world’s largest offshore wind farm under construction,” an apparent nod to the fact that significant work is still required before it’s complete.

Across the Atlantic, the U.S. has some way to go to catch up with countries like the U.K., with a range of factors creating a challenging environment for the sector’s development there.

America’s first offshore wind farm, the 30 megawatt Block Island Wind Farm, started commercial operations only in late 2016, although the U.S. is planning to ramp up its offshore wind capacity in the coming years.

In November 2021, ground was broken on Vineyard Wind 1, which has been dubbed the United States’ “first commercial scale offshore wind farm.”

German automaker BMW on Saturday launched a hotly anticipated electric concept car, saying the so-called “Vision Neue Klasse” represents the dawn of a new era for the company.

BMW’s latest design showcases a platform that will underpin the brand’s next generation of electric vehicles. The first electric vehicles based on the Neue Klasse — or new class — architecture are set to enter production in 2025.

The new line-up of electric vehicles includes BMW’s sixth generation of battery cells, which the company says will improve both the charging speed and range of the Neue Klasse platform by up to 30%. As a result of these measures, BMW said the overall vehicle efficiency would increase by up to 25%.

“With the BMW Vision Neue Klasse, we put every innovative force that BMW has on the electric side, on the digital side and, of course, that car will also be prepared for the industry of circularity,” BMW CEO Oliver Zipse told CNBC’s Arabile Gumede.

“In only two years’ time, these cars will hit the road, and with that, overall, we lead BMW to a new era of innovation and sustainability. That’s the purpose of our show at the IAA,” Zipse said.

The Vision Neue Klasse is set to make its public debut in the coming days at the IAA motor show in Munich, which also serves as the headquarters of BMW. The IAA show is one of the world’s largest mobility trade fairs.

“We believe that electromobility will be the largest growth segment in the world for the automotive industry and we want to be a leading force here,” Zipse said.

The BMW chief executive projected that battery electric vehicles will represent 15% of the carmaker’s worldwide sales by the end of 2023 and that “we will increase that further next year and the year after next.”

Frank Weber, member of the Board of Management of BMW responsible for development, said the Neue Klasse range represents a “major technological leap” for the carmaker.

In early August, BMW said that it expected ongoing challenges from supply chain issues and stubbornly high inflation to persist over the coming months. It nevertheless lifted the annual outlook for its margin on earnings before interest and taxes in the automotive segment.

Shares of BMW are up around 13% year-to-date.

Asked about the presence of Chinese electric vehicle giants at the Munich motor show and whether he was worried about Chinese exports into Europe impacting BMW’s business, Zipse replied, “No, we are not afraid at all.”

“That is a sign of attractiveness when global players like the Chinese, which is the largest car market in the world, come here to Munich and showcase what they want. It is far more than auto, this is a tech show, this is an innovation show,” Zipse said.

“And I think to have everyone here, the Americans, the Europeans and now also the Chinese, is super exciting. You hear it in my words already, I’m more excited, and I’m not afraid at all, and it is good that we have a show which attracts a lot of competition. That’s super.”

Europe was gripped by punishing heat waves in the summer of 2022, with wildfires, droughts and deaths highlighting what many around the world already know: Weather extremes can have devastating, real-world consequences.  

When it comes to temperatures in warmer months, the direction of travel seems to be going one way.

The U.K.’s Met Office is projecting that summers in the country will be between 1 and 6 degrees Celsius warmer by 2070, and as much as 60% drier. It adds that global heat waves linked to climate change are likely to increase. Just this week it said last month was the U.K.’s hottest June on record.

The overall picture is challenging. In May 2023, the World Meteorological Organization said there’s “a 98% likelihood that at least one of the next five years, and the five-year period as a whole, will be the warmest on record.”

The consequences of a warmer planet are going to be multifaceted, affecting billions of people — and the world of work is no exception.

A recent report from the Institution of Mechanical Engineers (IMechE) sketched out how employees could be affected as temperatures rise.

“Thermal comfort is very important in a workplace and if it is not achieved, morale, productivity, health and safety will all likely deteriorate,” the analysis said.

According to those involved in the report’s production, warmer working environments can create some very challenging scenarios indeed.

“There’s a whole range of things in addition to just people becoming fatigued and exhausted and not being able to focus on the industrial tasks they’re trying to undertake,” Tim Fox, its lead author, told CNBC.

That includes “increased potential for accidents, because people’s cognitive thinking isn’t as sharp as it would normally be.”

Issues relating to productivity also apply to equipment, facilities and buildings, Fox said. “Overheating ultimately results in economic productivity loss, [it] impacts on national and international economics.”   

Fox and his co-authors are not alone in highlighting the difficulties of a hotter world.

In 2019, the International Labour Organization published a report which contained some sobering details. 

“The economic losses due to heat stress at work were estimated at US$280 billion in 1995,” the U.N. agency said.

This, it added, “is projected to increase to US$2,400 billion in 2030, with the impact of heat stress being most pronounced in lower-middle- and low-income countries.”

The ILO’s report also highlighted which sectors would likely bear the brunt of rising average temperatures.

Those working in construction and agriculture, it said, were “expected to be the worst affected, accounting for 60 per cent and 19 per cent, respectively, of working hours lost to heat stress in 2030.”

Heat stress is a serious matter. The ILO describes it as referring to “heat received in excess of that which the body can tolerate without physiological impairment.”

Other outdoor jobs may be affected, too. In his interview with CNBC, Fox highlighted the potential challenges faced by workers in oil refineries, gas plants and chemical works.

All the above roles, he said, involve “quite a lot of external activity,” with workers also needing to wear personal protective equipment, or PPE, thanks to the nature of their job.

“This clothing can be quite cumbersome … and quite hot to wear, even under cold conditions,” Fox said.

That in turn makes employees “particularly at risk or vulnerable to … these sort of conditions.”

Factories are another area of concern. Fox noted that buildings of this type haven’t particularly been designed with heat ingress — especially extreme heat ingress — in mind.

“They’re full of equipment that’s generating a lot of heat, and it’s very difficult for factories, buildings, big warehouse buildings, to passively cool themselves,” he said.

Air conditioning is common in offices, but that’s not the case everywhere, he added.

Fox noted that office buildings in countries with temperate climates, like the U.K., “can get quite hot” because not a lot of air-conditioning had been installed.

The overall situation appears grave. For many, preparation and adaptation will be crucial.

The IMechE says this will involve “changes to the design of buildings, infrastructure and other physical assets and systems, both with regard to those that already exist and those that are yet to be built or manufactured, as well as the work, educational, leisure and other activities that humans undertake.”

In a statement issued alongside its report in April, the organization said it also wanted an urgent update to “guidance related to heat impacts on the workforce” so firms can come up with plans and enact changes in their working environments.

At the time, Laura Kent, the IMechE’s public affairs and policy advisor, referenced the challenges authorities face.

“We acknowledge that it would be difficult for the Health and Safety Executive to set a meaningful upper temperature limit due to variations between industries in both working conditions, required PPE and workload,” she said.

“However, HSE guidance needs to be updated to support sectors and industry in the development of appropriate strategies.”

The HSE did not respond to CNBC’s request for comment ahead of this story’s publication.

In other parts of the world, plans are being made to ban work when it’s too hot.

In May, for instance, Spain’s Minister of Labour and Social Economy, Yolanda Díaz, tweeted that carrying out “certain jobs during daylight hours” in extreme temperatures would be prohibited.

Speaking to reporters, Díaz said such prohibitions would take effect when AEMET, the State Meteorological Agency, issues red or orange weather alerts.

Citing Spain’s Labour Ministry, Reuters said the move would affect roles in sectors like agriculture and street cleaning. According to Reuters, in the summer of 2022 a street-sweeper in Madrid died from heatstroke.

Trade unions are also making their voice heard when it comes to working in extreme conditions.

Take Unite the Union, which has a presence in Britain and Ireland. It’s listed a range of advice provided by its health and safety representatives to both workers and employers.

Among other things, it stresses the importance of adequate ventilation for internal workspaces, the provision of cover for workers who are in direct sunlight, and stopping all work in extreme conditions.

Among a wide range of actions, Fox stressed the importance of design in creating safe and comfortable working environments in the face of hotter weather.

He said there needs to be a completely new approach to cooling that does not rely on the use of air conditioning, which has a significant environmental footprint.

“We need to explore … more traditional solutions of natural ventilation, use of shade, internal courtyards,” Fox said.

He noted that there’s “an awful lot” that can be done to prepare for the future. Raising awareness would be key. “In many cases, industries and workforces are just not aware that this challenge is coming, and are not preparing for it,” he said.

On top of that, identifying priorities in research and development and updating engineering methodologies and approaches would be needed.

Unless something is done, there will be, “in the coming years and decades, an increase in the economic impact of more extreme heat waves and just the general raising of the ambient seasonal temperature,” Fox warned.

The shipping industry accounts for nearly 3% of the world’s total greenhouse gas emissions, producing as much manmade carbon dioxide as all the coal-fired power plants in the U.S. combined. Still, it’s a relatively small output within the overall transportation sector, which is responsible for 37% of annual global greenhouse gases.

Yet as international trade continues to grow and heavily rely on oceangoing vessels to move cargo — they currently carry more than 80% of it — some scientists warn that by 2050 shipping could account for 17% of greenhouse gases.

That’s why, after years of lackluster efforts to decarbonize, the industry’s regulatory body is getting on board. In 2018, the International Maritime Organization, or IMO, a London-based United Nations agency comprising 175 member countries — many with delegates directly tied to businesses resistant to curbing emissions — adopted a strategy to reduce greenhouse gases by 50% by 2050 compared to the 2008 level.

Critics say that goal is too little and too late, insisting the IMO reset its target to 100% decarbonization by mid-century, or preferably sooner.

“The IMO has been rather late to the party, in terms of developing climate measures and coming up with a strategy,” said Lucy Gilliam, shipping policy officer at Seas at Risk and a board member of the Clean Shipping Coalition, both environmental NGOs. She cited the fact that international shipping is not included in the Paris climate accord. Plus, a recent study found that only 33 out of the 94 largest shipping companies have a clearly expressed policy to achieve net-zero emissions by 2050 and/or have committed to the IMO’s goal.

Nonetheless, the private sector is undertaking some initiatives to lessen its climate impact. The simplest solution would be for ships to simply slow down, thus using less carbon-emitting fuel. Shipbuilders are also experimenting with hulls coated with air bubbles to reduce drag, as well as sleeker bows, more efficient engines, propellers and thrusters, and AI-assisted navigation systems.

Meanwhile, the industry is beginning to establish green corridors, or specific shipping routes and ports that support zero-emission solutions and policies. The financial world is joining the decarbonization movement as well, with 29 institutions signing onto the Poseidon Principles, an agreement to consider efforts to cut greenhouse gas emissions when lending to shipping companies. The signatories represent more than $185 billion in loans to international shipping — nearly half of the global ship finance portfolio.

But with a global supply chain designed for speedy deliveries, the big breakthrough bets are being made on the development of low-emission or zero-emission fuels — including green methanol, hydrogen, liquid natural gas (LNG) and ammonia — to reduce or replace the molasses-thick, noxious bunker fuel that feeds most ships’ massive diesel engines.

These efforts include electric propulsion, several wind-power technologies and nuclear energy, which has driven naval vessels since the mid-1950s and is getting some attention as it generates zero emissions, though safety and security concerns are major impediments.

Here’s an overview of the biggest bets being placed on low-carbon and no-carbon breakthroughs in ocean shipping.

Denmark’s A.P. Moller-Maersk, which moves 17% of the world’s shipping containers, has 13 ships on order from South Korea’s Hyundai Heavy Industries that run on green methanol. The first, a small vessel with a capacity to carry 2,000 containers (the largest such ships transport 24,000 containers) will launch next year and operate in the Baltics and northern Europe, said Lee Kindberg, Maersk’s head of environment and sustainability in North America.

“Beginning in 2024, every quarter we are going to launch two 16,000 TEU vessels that will operate on transpacific routes,” she said, using the logistics acronym for twenty-foot equivalent unit, the standard measurement of 20-foot-long containers. “Our current commitment is to go to net-zero carbon shipping by 2040.”

Most of the methanol produced today is derived from fossil fuels, but Maersk, CMA CGM and other leading shipping companies are testing two different green, carbon-neutral versions. One is made from solid and liquid biomass extracted from agricultural and forest residues and farming and poultry waste. The other is e-methanol, made by combining CO2 with hydrogen produced from water using renewable electricity. Both are liquids that can be safely stored in non-pressurized tanks at ambient temperatures. Although more expensive than bunker fuel and in limited supply, green methanol can be mixed with bunker in dual-fuel engines to effectively lower carbon emissions.

Liquid hydrogen is another fuel option, often touted because it produces almost no carbon emissions when combusted. Yet about 95% of hydrogen is produced by reforming natural gas or other fossil fuels. It can be made renewably, however, by splitting water using energy from solar, wind, nuclear and hydro power. Green hydrogen can be used in a ship’s internal combustion engine or in fuel cells that generate emission-free electricity. And it may become a cheaper and more attractive alternative due to production tax credits included in the Inflation Reduction Act.

The Washington, D.C.-based International Council on Clean Transportation conducted a study in 2020 on the potential of using renewable hydrogen fuel cells to power container ships servicing the busy corridor between China and the San Pedro Bay near Los Angeles. “Without making any other changes to the vessels, around 43% of the voyages made in 2015 could be made with that technology,” said Xiaoli Mao, a senior marine researcher at the nonprofit organization. “And with minor adjustments to ship design or adding one more refueling stop, 99% could be realized.”

LNG tops the list of alternative fuels currently used in commercial ships, including some large container vessels, according to Clarksons Research, a shipping analytics firm based in London. Although less than 5% of the current cargo fleet of around 55,000 ships can run on lower-emission fuels, 38% of new builds will have the option, up from 28% a year ago and 12% five years ago. LNG will power nearly a third (741) of those new vessels, while 24 will run on methanol and six on hydrogen.

The knock on LNG for shipping is it’s still a fossil fuel that emits methane and requires considerable capital investment for retrofitting existing engines and fuel tanks. What’s more, it would extend the use of carbon-based fuels for at least another 20 years, which is a typical lifespan for large ships.

Ammonia is garnering attention, too. It’s in abundant supply and can be used in dual-fuel engines and fuel cells. As with hydrogen, most ammonia is derived from fossil fuels and its production releases considerable CO2, though it be made environmentally friendly by combining green hydrogen with nitrogen from the air. Safety is the biggest concern, because ammonia is dangerously toxic to humans and marine life, which could dissuade ports from storing it.

Last December, LMG Marin, a subsidiary of Singapore’s Sembcorp Marine, agreed to design what it describes as the first green ammonia-fueled tanker for a unit of Norway’s Grieg Maritime Group. Planned for launch in 2024, the MS Green Ammonia will, appropriately, transport green ammonia.

On a larger scale, in June, Mitsubishi Shipbuilding, part of Mitsubishi Heavy Industries, announced the completion of the conceptual design of a very large gas carrier (VLGC) initially powered by liquefied petroleum gas (LPG), but adaptable for future use of ammonia as the main fuel. The Tokyo-based shipbuilder previously built more than 80 VLGCs, and the new design will allow retrofitting of those vessels to run on ammonia.

Mitsubishi’s designers are also pioneering electric-powered ships with a vessel called Roboship, which will be built by Honda Heavy Industries and launched next year. The 550-ton ship will replace a conventional diesel engine with a hybrid-electric system, including storage batteries, propellers, motors, switchboards and generators. The digital platform used to control the electric propulsion equipment was developed by e5 Lab, a Tokyo startup promoting electric propulsion and digitization of ships.

e5 is collaborating with another Japanese shipbuilder, Asahi Tanker, to build a pair of all-electric, zero-emissions tankers, powered by large-capacity lithium-ion batteries. The workload of the bunker vessels’ crews will be lightened with automated equipment and digital tools. The first model delivered marine fuel to ships in Tokyo Bay in April, with the second scheduled to begin operating next year.

As with electric cars, travel range and battery charging are issues with e-ships, so they’re being designed for short, local voyages. Electrified ferries, pilot boats and cruise ships are showing up in ports and harbors in Japan, Sweden and Denmark.

The Yara Birkeland, billed as the first fully electric and autonomous container vessel, began transporting small loads of fertilizer in Norway last spring. During its initial two years, the ship will operate with a full crew while gradually transitioning toward full autonomy, including unmanned navigation, loading, unloading and mooring. Electrifying larger TEU-capacity container ships capable of traversing longer regional routes would require lower-cost battery storage and expanding on-shore charging infrastructure.

Of course, the earliest cargo ships sailed the seas solely under wind power, a concept being modernized today.

“There are currently 20 large vessels under some wind-assisted technology,” said Gavin Allwright, secretary for the London-based International Windship Association. They include tankers, bulk carriers and vehicle transporters, he said, which have enough deck space to accommodate different systems.

The front-runner, Allwright said, is the Flettner rotor system, a concept invented by Anton Flettner in the 1920s. It features tall, smokestack-like cylinders, mounted on a ship’s deck, that rapidly rotate with the wind and thrust the vessel forward. Among recent applications, the Australian mining company BHP is partnering with Pan Pacific Copper and Nippon Marine to test a rotor sail system aboard a bulk carrier.

Cargill, the food and agriculture behemoth that charters more than 600 dry bulk carriers, is set to test a ship outfitted with WindWings, solid sails designed by BAR Technologies. “Through this partnership we will bring bespoke wind solutions to customers who are actively seeking to reduce CO2 emissions from their supply chain,” said Jan Dieleman, president of Cargill’s Ocean Transportation business. The company reportedly plans to charter at least 20 new wind-assisted ships in the coming years.

Airseas, the maritime unit of France’s Airbus, has developed a gigantic, automated kite called Seawing, which essentially tows a ship. The wind-assist technology, Airseas claims, can reduce fuel consumption by an average of 20%. Another French company, Michelin, is testing its inflatable, retractable, automated wing sail mobility prototype on a ferry running between the U.K. and Spain.

Despite its embrace of these various decarbonization projects, the maritime industry will have a tough time weaning itself off fossil fuels. Indeed, Saudi Arabia, the world’s largest oil exporter, is financing some of the IMO’s green shipping efforts. But as Amazon, Ikea, Unilever and other major movers of cargo seek ways to meet their net-zero goals, shipping is a prime target.

“If they want to reduce their emissions,” said Maersk’s Kindberg, “they need us to reduce ours.”

The members of Tiger 21 – a peer network of ultrahigh net worth entrepreneurs and investors – are putting most of their money to work in the stock market for the first time.

Tiger 21 consists of 1,200 members with a cumulative $140 billion in assets, and individuals must have at least $20 million in liquid assets to qualify for membership.

Its founder and chairman, Michael Sonnenfeldt, told CNBC on Thursday that although real estate had historically been the most popular destination for members’ money, they were now seeing some “real bargains” in the stock markets.

This has, in part, pushed public equities to the No. 1 spot for Tiger 21 for the first time since the network’s inception.

Sonnenfeldt said members are not focused on stock picking for the most part, so much of the equity investment is channeled into ETFs (exchange-traded funds) and index trackers, while technology has been among the most popular sectors. Public equities now constitute 27% of the membership’s overall asset allocation.

“You have a lot of the FAANGs that have come in from much higher prices — they are thinking there is a lot of benefit there, and obviously one of the big areas is energy, not only on the oil and gas side, but much bigger growing interest in renewables and how to play the solar opportunities, the wind opportunities,” Sonnenfeldt told CNBC’s “Street Signs Europe.”

“They know this is the biggest investment theme perhaps in human history, and it is getting a lot of their attention.”

After a dismal first half of the year on the back of soaring inflation, tightening monetary policy and recession fears, stock markets have staged a relief rally in recent weeks, and received a further boost Wednesday after U.S. inflation was shown to have cooled significantly in July on the back of a fall in oil prices.

Many investors have increased their cash holdings to weather a likely recession. Sonnenfeldt said the cash allocation of Tiger 21 members has historically held solid at an unusually high 12%.

This is because they are primarily “wealth preservers” who have sold businesses and live on roughly 2% of their net worth, and therefore use cash reserves to shore up around five years of living expenses, he said.

In the short term, Tiger 21 noted that members are using their ample cash to look for deals and inflation hedges.

“But they also want resources to pounce on an opportunity and they have been seeing them in increasing numbers, so their cash actually just ticked down from 12% to 11%. It may sound like a small amount, but it probably suggests that members are quite bullish over the long term,” Sonnenfeldt said.

“They have recession fears — a majority of our members think that we are going into recession — and still between real estate, public equity and private equity, it is a 76% allocation, so that is pretty confident in the long term.”

U.K.-based startup Tevva on Thursday launched a hydrogen-electric heavy goods vehicle, becoming the latest company to make a play in a sector attracting interest from multinationals like Daimler Truck and Volvo.

According to Tevva, which says it has raised $140 million in funding, its vehicle will have a range of as much as 310 miles, or slightly under 500 kilometers.

Refilling the hydrogen tanks will take 10 minutes while charging the battery “from fully depleted to 100%” will take five to six hours.

The company’s first hydrogen-electric truck will weigh 7.5 metric tons, with later versions planned to weigh 12 and 19 metric tons.

In a statement, Tevva sought to explain the rationale behind combining a fuel cell and battery. “The fuel cell system tops up the battery, extending the vehicle’s range and allowing the truck to carry heavier loads over longer distances.”

Alongside its hydrogen-electric truck, the business has also developed an electric truck that it says has a range of up to 160 miles. Details of both the electric and hydrogen-electric trucks had been previously announced by Tevva.

In an interview with CNBC’s “Street Signs Europe” on Thursday, Tevva CEO Asher Bennett was asked whether his company was looking to diversify into smaller vehicles.

“We’re not interested in developing the smaller vans or the pickup trucks,” Bennett said. “Those are, in many instances, very similar technology to the larger EV sedans, which work very well,” he added.

“We’re very focused on the heavy goods trucks and we’re slowly going heavier and heavier because those are the segments that are much harder to electrify.”

With governments around the world looking to reduce the environmental footprint of transportation, a number of companies in the trucking sector are exploring ways to develop low and zero-emission vehicles, including ones that use hydrogen.

Last month, Volvo Trucks said it began to test vehicles that use “fuel cells powered by hydrogen,” with the Swedish firm claiming their range could extend to as much as 1,000 kilometers, or a little over 621 miles.

Gothenburg-headquartered Volvo Trucks said refueling of the vehicles would take under 15 minutes. Customer pilots are set to begin in the next few years, with commercialization “planned for the latter part of this decade.”

Alongside hydrogen fuel cell vehicles, Volvo Trucks — which is part of the Volvo Group — has also developed battery-electric trucks.

Like Volvo Trucks and Tevva, Daimler Truck is focusing on both battery-electric vehicles and ones that use hydrogen.

In an interview with CNBC last year, Martin Daum, chairman of the board of management at Daimler Truck, was asked about the debate between battery-electric and hydrogen fuel cells.

“We go for both because both … make sense,” he replied, before explaining how different technologies would be appropriate in different scenarios.

While there is excitement in some quarters about the potential of hydrogen-powered vehicles, there are hurdles when it comes to expanding the sector, not least when it comes to the development of adequate refueling infrastructure. The way hydrogen is produced is also an issue.

Both of these points were acknowledged by Volvo Trucks in June when it pointed to challenges including the “large-scale supply of green hydrogen” as well as “the fact that refueling infrastructure for heavy vehicles is yet to be developed.”

Hydrogen can be produced in a number of ways. One method includes using electrolysis, with an electric current splitting water into oxygen and hydrogen.

If the electricity used in this process comes from a renewable source such as wind or solar then some call it “green” or “renewable” hydrogen. Today, the vast majority of hydrogen generation is based on fossil fuels.

For its part, Tevva said it would help its customers “access sustainable and affordable hydrogen supplies safely and conveniently, alongside their purchase or lease of Tevva Hydrogen Trucks.”