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The International Maritime Organization (IMO) has placed stricter controls on several aspects of global maritime transport operations to protect the environment. In light of this, the goal of this study is to examine and assess the different prospective paths and technologies that will assist the shipping industry in decarbonizing its operations. We consider how the utilisation of various alternative energy sources reduces greenhouse gas (GHG) emissions from marine transportation and contributes to the promotion of the United Nations Sustainable Development Goals (SGDs). The complexities associated with maritime industry operations using alternative energy sources are also explored. Biofuel as an alternative energy source, including biomethanol and biodiesel, can reduce greenhouse gas emissions in the shipping industry by 25% to 100%. However, the current supply of biofuels can only meet about 15% of the total demand which is not sufficient to sustainably power the entire marine fleet. There are several issues associated with these biofuels, including oxidation, ecological consequences, feedstock availability, technical and operational constraints, and economic factors that must be addressed before their full potential may be achieved.