It’s also evident that consumer behavior holds an increasingly vital key for closing the gap. The current WtP growth trajectory of 30% per year will not reach the 10% threshold for years to come. Given that a WtP premium of 10% to 15% annually is required to fund decarbonization by 2050, it’s clear that hoping for the market to solve the funding gap “organically” by itself is not a winning approach to achieving the goals of the Paris Agreement. “This dynamic mirrors a general consumer trend, as 57% of consumers are willing to change their purchasing habits to help reduce negative environmental impact and 33% are already choosing brands that have publicly embraced environmental or social causes,” according to a report by the Maersk Mc-Kinney Moller Center for Zero Carbon Shipping. Such growth included an increase of more than 9 percentage points in the high WtP segment and more than 5% points in the low WtP segment.
Carbon neutral shipment driver#
While regulation remains the most common driver of WtP premiums, demand in the shipping customers’ value chain is playing an increasing role, rising from 29% in 2021 to 34% in 2022.
Overall loyalty is higher (71% in 2022 versus 67% in 2021), with a significant shift in the low WtP segment. In addition to increased WtP year on year, more shipping customers are responding that they would be more loyal to a zero-carbon shipper. However, a WtP premium of 3% per year is not sufficient if cargo owners are to fund decarbonization alone, which would require them to pay a 10% to 15% premium per year until 2050
Looking ahead, the trajectory of the WtP premium is positive, expected to surpass well over 3%, as roughly 65% of surveyed customers in 2022 stated a willingness to pay an even higher premium in the future.
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