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October 5, 2018updated 08 Oct 2018 9:20am

Maritime industry leaders calls for action in favour of decarbonisation

A group of 34 maritime CEOs and industry leaders have joined forces to sign a call for action and to lead the industry in support of a decarbonised future.

A group of 34 maritime CEOs and industry leaders have joined forces to sign a call for action and to lead the industry in support of a decarbonised future.

Not-for-profit organisation Global Maritime Forum brought the leaders together from various entities, including AP Moller – Maersk, Amsterdam Trade Bank, Caravel Group, University College London, Lloyd’s Register, Royal Arctic Line, Rocky Mountain Institute, and Gaslog.

According to the leaders, maritime industry should accelerate innovation in the technological and business front, further enhance operational and technical energy efficiency, and facilitate the transition to zero-carbon fuels and new propulsion systems in order to achieve the goal of decarbonisation.

The CEOs supported the scientific foundation for urgent action presented by the Intergovernmental Panel on Climate Change and the International Maritime Organization’s (IMO) climate policy to reduce the volume of total greenhouse gas emissions by at least 50% by 2050.

They also supported the need to meet the temperature goals of the Paris Agreement.

“Global seaborne trade’s transition to a low-carbon future will propel both technological and business model innovation.”

AP Moller – Maersk vice CEO Claus Hemmingsen said: “Global seaborne trade’s transition to a low-carbon future will propel both technological and business model innovation.

“The right incentives for accelerated investment into R&D can only come about if we get a global IMO-based regulation.

“We invite stakeholders from the entire maritime spectrum to join us on this new journey.”

The leaders also highlighted that emissions reduction objectives should be achieved at the lowest possible cost and significant funding should be provided to speed up the research and development of such technologies.

The Global Maritime Forum has already started working with financial institutions, shipowners, Rocky Mountain Institute, and University College London, to develop a set of principles covering the inclusion of climate alignment and risk considerations in lending decisions.

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