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Capital Link 13th Annual Shipping & Marine Services Forum "London Calling - Supercycle Ahead?" Συμπεράσματα Μερος 4

30 Σεπτεμβρίου 2021.

capitalforumlond21DECARBONIZATION IN SHIPPING – TO WIN OR NOT TO WIN?

Keynote Presentation

Dr. Martin Stopford, Non-Executive President - Clarksons Research Services Limited

Martin Stopford discussed challenges the maritime industry faces in winning the decarbonisation game.

He argued that the shipping industry's ability to massively reduce its carbon footprint need not be in doubt. A combination of measures including the management of existing ships; green fuels; electric propulsion systems and speed management will ensure a win in that direction.

A much more important priority is to build a new and better maritime transport system, capable of taking full advantage of the revolutionary propulsion and information systems as they become available. He argued that electrical ships, powered by green fuel, will turn out to be a great step forward from their diesel powered predecessors. And the transport systems facilitated by I4 technology will revolutionise value added by maritime transport services.

The only reason the industry might fail is if shipping companies are not able to implement these changes. $3-4 trillion investment will be needed and the business that lies ahead will be very different from the past 50 years. So the companies will need to change. Ultimately, the shipping companies will be the centre forwards in the game and to get the money they need to be able to deliver. That means putting the technology ball in the net. Dr Stopford concluded. “Today’s shipping company structures were not designed for this sort of thing, so don't just think regulation, think organisation, governance and putting the technology ball in the net".

                      

DECARBONIZATION - POLICY MAKING AT CROSSROADS

 

Who Will Pay for the Bill? The Billion Dollar Question

Συντονιστής: κ. Simon Petch, Partner - Watson Farley & Williams

Ομιλητές:

κ. Lars Robert Pedersen, Deputy Secretary General – BIMCO

κ. Philippos Philis, Vice President & President Elect - European Shipowners Associations (ECSA); CEO - Lemissoler Navigation

κα. Magda Kopczynska, Director for Waterborne - Directorate General for Mobility and Transport - European Commission

κ. Guy Platten, Deputy Secretary General - International Chamber of Shipping (ICS)

κ. Hiroyuki Yamada, Director, Marine Environment Division - International Maritime Organization (IMO)

Οκ. Simon Petch, Partner - Watson Farley & Williams, τόνισε: “The IMO’s decarbonisation goals are ambitious, and there’s no ‘silver bullet’ solution. Whilst there are encouraging developments in alternative fuels and energy saving technologies, for example, the commercialisation of these initiatives comes at a huge cost. That is probably the biggest challenge facing the industry as a whole.”

Οκ. Lars Robert Pedersen, Deputy Secretary General – BIMCO, τόνισε: “Dealing with decarbonisation is difficult in a global industry because the national perspectives of countries differ. Finding common ground is the challenge while being mindful to the impact on states any policy brings about. Ultimately, what is needed is a policy framework which facilitates a transition towards decarbonisation lasting possibly decades during which there is a fair market for operators of both new and old tonnage/fuels. A market based measure could ultimately close the price gap between the new and old fuels.”

κ. Philippos Philis, Vice President & President Elect - European Shipowners Associations (ECSA); CEO - Lemissoler Navigation, reflected on the recent EU proposals, i.e. the EU ETS and the introduction of a fuel standard (FuelEU Maritime). Even though an international solution for shipping would have been preferable, the increased climate ambition of the EU’s ‘Fit for 55’ climate package is welcome. However, a lack of consistency among some of the proposals of the package which may undermine its environmental.

A dedicated fund should be set up under the EU ETS to stabilise the carbon price, which is especially important for the many small and medium sized shipowners. Importantly, generated revenues should support the sector’s energy transition. The recognition of the role of the commercial operator in the ETS proposal is welcome. It´s essential that the commercial operator bears the costs of the ETS. However, this has to become a legally binding requirement in the articles of the Directive.

The objective of the FuelEU Maritime initiative to foster the market uptake of cleaner fuels is welcome. However, the proposal does not seem to be consistent with the increased climate ambition of the EU. Incentivising the uptake of biofuel blends purchased outside the EU could create an enforcement minefield, putting at risk the achievement of emissions reductions. While it is of outmost importance that flexibility is safeguarded, the introduction of double counting or double requirements must be avoided. Τhe principal obligation for compliance with a fuel standard should rest with the EU fuel suppliers. A financial penalty on ships when the infrastructure for Onshore Power Supply is not available in a port, penalises the wrong entity. At the very least, ships must be exempt from this requirement, when the port infrastructure is not available or not compatible with ships’ equipment.

H κα. Magda Kopczynska, Director for Waterborne Transport - European Commission, τόνισε: “The objective to become a climate-neutral economy is at the heart of the European Green Deal and the European Climate Law. To deliver on this objective, including the new EU target for 2030 of reducing greenhouse gas emissions by at least 55%, the European Commission proposed a basket of regulatory measures, including key requirements for the production, deployment and uptake of renewable and low-carbon fuels and putting a price on carbon emissions. For maritime transport, the specific proposals include a standard setting limits on GHG intensity of energy used onboard a ship (FuelEU maritime) and the extension of the existing EU’s Emissions Trading System (EU ETS) to cover maritime transport. A combination of technical and market-based measures that can effectively reduce GHG emissions will be equally important at global level and the EU is committed to push for such progress at IMO, stressing the need for flexibility to address different views and needs worldwide. To keep in mind that according to a recent report of the World Meteorological Organization, as society we are already paying in terms of our in-action a bitter toll: 115 fatalities and US$ 202 million losses daily on average in the past 50 years of mortality and economic losses from weather, water and climate extremes to date. Figures like these help to put things in the right perspective when we ask to ourselves who should pay for the decarbonisation of the waterborne sector.”

Οκ. Hiroyuki Yamada, Director, Marine Environment Division - International Maritime Organization (IMO), τόνισε: “In June this year, IMO’s MEPC 76 has adopted MARPOL Annex VI amendments related to short-term measures, combination of technical and operational measures, aiming at 40% reduction of carbon intensity from international shipping by 2030. These measures will be implemented from 2023, in line with the Initial IMO GHG Strategy. IMO will consider mid-term measures, including MBMs, by ISWG-GHG 10 in October and MEPC 77 in November, based on the work plan approved at MEPC 76. ISWG 9 this week will consider life-cycle assessment guidelines for fuels, based on concrete proposals by Members, which will incentivize the use of low- and zero-carbon fuels.

As a global regulatory body, IMO needs agreement among its 174 Member States, including both developing and developed countries. Climate change is a very political and complex issue and, naturally, there are divergent views among Members on how to reduce GHG emissions from shipping. When looking back at its more than 60 years history, IMO has always reached solutions, owing to IMO spirit of cooperation.

Furthermore, IMO has been conducting various TC and capacity-building activities to reduce GHG emissions from shipping, based on its fund and thanks to generous donors, to ensure no one being left behind. IMO is a technical UN body and has taken firm steps to implement many international regulations, which will be applicable to GHG reduction measures.”

 

 

 

 

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