Task force pushes for shipping’s immediate decarbonisation
A Task Force on Decarbonising Shipping has been announced by the Global Maritime Forum, Carbon War Room, the Carbon Pricing Leadership Coalition (CPLC), and University College London (UCL).
The Task Force will bring together leaders and experts in the maritime industry to develop pathways for the decarbonisation of the shipping industry.
Five working groups will be established, each focussing on a separate area of shipping’s decarbonisation. These include:
- Industry Leadership – the aim will be to connect and mobilise CEOs, high-level decision-makers and thought leaders to determine an ambitious and achievable vision for decarbonising shipping.
- Technology –the group will accelerate the uptake of clean technology solutions by addressing the challenges facing owners and innovators. A toolbox will be available to help technology companies overcome the high-cost, low-revenue valley of death, so that they can achieve viable commercial uptake. Breakthrough technologies entering the market will be focussed on and a roadmap for how the industry can work together on the development of low carbon technologies will be developed.
- Transparency – the group will determine how information transparency can be improved to reduce information asymmetry and allow for effective decision-making on efficient and profitable operations.
- Finance –principles will be developed for integration of climate risk into lending decisions and developments of best practices and tools to support their uptake will be fostered. One-on-one work with leading capital providers and a series of industry workshops will take place.
- Carbon Pricing –the role of carbon pricing in tackling shipping’s greenhouse gas emissions will be explored by this working group. Key policy options will be summarised for business leaders as a basis for the discussion of industry recommendations.
Outcomes of the task force will be presented at the Global Maritime Forum’s inaugural summit in October 2018.
Niels Smedegaard, CEO, DFDS, says that the 2016 Danish Maritime Forum led to industry leaders concluding that the shipping industry needs to adopt a leadership role in addressing the climate challenge. “We as an industry must step up. We need to be a part of the solution. This calls for a common platform that delivers forward-looking collaboration to support the long-term sustainability of the global shipping industry – economically as well as environmentally.”
Alastair Marsh, CEO, Lloyd’s Register believes that “the later we leave decarbonisation, the more rapid and potentially disruptive it will be for shipping. This task force will enable industry leaders to come together to determine possible decarbonisation pathways, and to promote innovation, collaboration and investment.”