The shipping industry, responsible for approximately 3% of global greenhouse gas emissions, is under increasing pressure to decarbonise promptly. To achieve this, the industry is moving towards sustainable technologies and alternative fuels. The International Maritime Organization (IMO) has set ambitious targets aiming for net zero emissions by 2050, with a milestone of 5-10% of shipping fuel from alternative sources by 2030. The article emphasizes the need for robust regulation to address the risks associated with alternative fuels, such as hydrogen, ammonia, and methanol. Safety concerns are being addressed globally to enable the industry's transition smoothly. The development of regulatory frameworks, including conventions like the Hazardous and Noxious Substances (HNS) convention and Alternative Fuels Convention, is crucial for managing risks effectively. Policymakers and marine insurers play significant roles in facilitating the adoption of alternative fuels. Collaboration is essential to establish global industry standards, assess risks, and ensure that insurance products cover emerging challenges adequately. By working together, policymakers, insurers, and the industry can navigate the complexities of the green transition, ensuring a sustainable and resilient future for global shipping.