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Despite that it accounts for 3 percent of global emissions, shipping has largely been exempt from emission reductions requirements to date.
The lack of interest in reducing emissions from shipping has also been expressed in the venture capital community. Germany-based SkySails – a maker of towing kite propulsion systems for today’s modern maritime shipping industry – received $10.3 million of venture capital funding way back in 2006. California's KiteShip, pursuing a similar idea, won an award at the California Cleantech Open, also in 2006. Since then SkySails, in particular, has been making gradual commercial progress.
M.R. Ragaswami, founder of the Corporate Eco Forum, has an intriguing new blog post titled New vs. Now: Grasping the Real Green Opportunity. He argues there is a significant market opportunity for solutions that retrofit existing buildings, vehicles, and equipment vs. requiring a replacement path:
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