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Shell-Deloitte survey shows shipping takes decarbonisation seriously

A SHELL-DELOITTE survey of 80 of the world's leading CEOs from across the shipping industry found that 90 per cent rated decarbonisation as important or a top priority for their organisations, reported Houston's Petroleum Economist

09 November 2020 - 19:00

A SHELL-DELOITTE survey of 80 of the world's leading CEOs from across the shipping industry found that 90 per cent rated decarbonisation as important or a top priority for their organisations, reported Houston's Petroleum Economist.

But decarbonisation will be expensive. Banks play a 'disproportionate role in financing shipping' explained Michael Parker, chairman of shipping & logistics at bank Citigroup.



'We are the first sector to take climate alignment??with the Paris Agreement into our decision making,' he said. 'We are going to include environmental factors in a very overt fashion. Before it was in the background, but now it will be very much at the forefront.'



Said Shell shipping chief Grahaeme Henderson: 'Climate change is one of the greatest challenges in the world today. And let me say that inaction is not an option for us. The research we did with Deloitte highlighted that the shipping industry is taking this subject very, very seriously indeed.'



Tarek Helmi, partner at consultancy Deloitte Netherlands, says the research was designed to reflect 'what the industry thinks' rather than present a supply-side perspective.



'That was important for us' because the companies believe it will be the industry itself that leads decarbonisation. 'It would be the actions of the players in it.'



The industry leaders surveyed identified more than 12 solutions that need to be found, of which five are particularly important in the short term, according to Mr Helmi.



These 'five solutions and one foundational element' are: scaling up customer demand; creating a global regulatory framework, including targets; establishing cross-sector R&D; running pilot programmes at scale, with co-ordination through working groups; and, finally, establishing the foundations of operational excellence.



Elected as the first chairman of the Poseidon Principles Association earlier this year, Citigroup's Mr Parker is at the forefront of coming up with solutions to support the International Maritime Organisation's objective of progressively lowering emissions on the road to 2050.


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