Coming Years To Be Pivotal For Shipping Industry’s Decarbonization Journey

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Credits: matthias-heyde/ Unsplash

At the Connecticut Maritime Association’s conference in Stamford in mid-March, Thomas gave a keynote speech which was reported on by Lloyd’s List. 

Decarbonization Journey

In the keynote, he said that the coming year will be pivotal for the shipping industry’s decarbonisation journey, as emissions regulations are expected to tighten and expectations for progress on decarbonisation increase. The coming year will be defining for shipping’s decarbonisation journey and the industry can no longer go about its business as usual, according to shipowner group BIMCO. “We just entered a year that will be defining for our industry’s level of ambition when it comes to decarbonising,” said BIMCO’s head of Americas Thomas Damsgaard.

Speaking at the Connecticut Maritime Association conference in Stamford, he said 2023 would be a pivotal year for shipping as emission regulations should further tighten and expectations increase for progress on decarbonisation. Regulation is the “backbone” for shipping and other industries when it comes to decarbonisation, and without it “developments would be slower and common guidelines and goals more blurred”. 

Reaching Net Zero

To reach the target of net zero by 2050, shipping will face increasing commercial pressure to decarbonise, and the industry will need “all hands on deck.“We will need the industry to collaborate in ways that go beyond what we are used to. Business as usual is not an option,” he said. “This year, we will see mounting pressure from investors, financiers, regulators, shippers and consumers. This year, we will need regulation from the IMO that works in practice, not on paper, and we will need collaboration and alignment. Perhaps more than ever.” 

The International Maritime Organization’s carbon intensity index, launched this year, is flawed and “leaves plenty of room for improvement”, Mr Damsgaard said. The index seeks to optimize vessel voyages to reduce emissions, but its metrics and implementation have been heavily criticized by the industry. Mr Damsgaard called on shipowners and charterers to “fundamentally change” their relationships and deepen their collaboration so the regulation can achieve its goal of helping the industry reduce its carbon emissions. 

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Source: Xindermarine

 

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