THE maritime industry is being urged to speed up both technological and business model innovation, further improve operational and technical energy efficiency, and switch to zero-carbon fuels and new propulsion systems in an effort to achieve de-carbonisation.
The message came as 34 CEOs and industry leaders worldwide gathered at the Global Maritime Forum, where they signed a call for action aimed at steering the industry towards de-carbonisation, reported London's Tanker Operator.
They supported the scientific rationale for urgent action presented by the Intergovernmental Panel on Climate Change and the International Maritime Organization's (IMO) greenhouse gas studies. Together they emphasised the need to meet the temperature goals of the Paris Agreement and for the maritime industry to phase out greenhouse gas emissions as soon as possible.
A shift to a low-carbon economy by 2050 means the shipping industry must rise to the biggest technology challenge in a century, requiring regulations to offer long-term certainty for financiers, builders, owners and charterers to make the necessary investments in low-carbon technologies.
Emissions reduction goals should be met at the lowest possible cost and the acceleration to utilise low-carbon technologies and fuels will require significant funding flows for research and development. It is recommended that the industry is explore the use of carbon pricing and mechanisms that can create economic value from greenhouse gas emission cuts, they said.
In addition, the maritime industry's greenhouse gas reductions should be in line with the temperature goals set out in the Paris Agreement. This will demand reductions in carbon emissions to accommodate the anticipated growth in global trade.
'An ambitious strategy consistent with the Paris Agreement temperature goals will require zero emission vessels to be entering the fleet in 2030 and form a significant proportion of newbuilds from then on,' said Lloyd's Register CEO Alastair Marsh.
'Different solutions have different benefits for different types of ships, it is important that solutions are not only viable from a commercial perspective but are also technically feasible and can be safely adopted and operated.'
The initial greenhouse gas strategy adopted by the IMO in April 2018 has the full support of the CEOs. They stressed that legally binding actions set by the IMO must be enforced by member countries to compel the industry to shift and they are committed to work together with the IMO to make the strategy that aims to realise climate-friendly seaborne trade a success.
One of the signatories, Cargill Ocean Transportation president Jan Dieleman said: 'The IMO has successfully aligned the global maritime industry with the climate change targets set in the Paris accord.
'The shipping sector clearly shares a collective responsibility to transform its operations, build new technologies and infrastructure and make sustainable shipping a reality. The industry is embracing the challenge and working side-by-side to drive progress and find solutions.'
The message came as 34 CEOs and industry leaders worldwide gathered at the Global Maritime Forum, where they signed a call for action aimed at steering the industry towards de-carbonisation, reported London's Tanker Operator.
They supported the scientific rationale for urgent action presented by the Intergovernmental Panel on Climate Change and the International Maritime Organization's (IMO) greenhouse gas studies. Together they emphasised the need to meet the temperature goals of the Paris Agreement and for the maritime industry to phase out greenhouse gas emissions as soon as possible.
A shift to a low-carbon economy by 2050 means the shipping industry must rise to the biggest technology challenge in a century, requiring regulations to offer long-term certainty for financiers, builders, owners and charterers to make the necessary investments in low-carbon technologies.
Emissions reduction goals should be met at the lowest possible cost and the acceleration to utilise low-carbon technologies and fuels will require significant funding flows for research and development. It is recommended that the industry is explore the use of carbon pricing and mechanisms that can create economic value from greenhouse gas emission cuts, they said.
In addition, the maritime industry's greenhouse gas reductions should be in line with the temperature goals set out in the Paris Agreement. This will demand reductions in carbon emissions to accommodate the anticipated growth in global trade.
'An ambitious strategy consistent with the Paris Agreement temperature goals will require zero emission vessels to be entering the fleet in 2030 and form a significant proportion of newbuilds from then on,' said Lloyd's Register CEO Alastair Marsh.
'Different solutions have different benefits for different types of ships, it is important that solutions are not only viable from a commercial perspective but are also technically feasible and can be safely adopted and operated.'
The initial greenhouse gas strategy adopted by the IMO in April 2018 has the full support of the CEOs. They stressed that legally binding actions set by the IMO must be enforced by member countries to compel the industry to shift and they are committed to work together with the IMO to make the strategy that aims to realise climate-friendly seaborne trade a success.
One of the signatories, Cargill Ocean Transportation president Jan Dieleman said: 'The IMO has successfully aligned the global maritime industry with the climate change targets set in the Paris accord.
'The shipping sector clearly shares a collective responsibility to transform its operations, build new technologies and infrastructure and make sustainable shipping a reality. The industry is embracing the challenge and working side-by-side to drive progress and find solutions.'