THIS EVENT IS A WEBINAR, FREE FOR MEMBERS TO ATTEND
BACKGROUND TO THE DISCUSSION:
In April 2018, the IMO adopted its Initial GHG Strategy, setting a target of reducing GHG emissions by at least 50% by 2050 with a strong emphasis by many countries on reducing this to 100% by 2050 wherever possible. GHG emissions of shipping are a consequence of the carbon intensity of shipping's energy supply, the energy efficiency of shipping and the demand for shipping. Around 90% of world trade is transported by shipping and as demand for shipping continues to grow another way of looking at this is the reduction in carbon intensity – the carbon emissions relative to the transport demand (CO2/tonne-mile). This is a reduction on average of 85% reduction in carbon intensity and puts the shipping sector on course for a 2oC pathway, whilst representing significant ambition given the forecast growth in the volume of world trade to meet the needs of a global growth in population.
This provides a clear signal to the industry that the overarching solution is ending the use of fossil fuels, requiring commercially viable zero-emission vessels (ZEVs) to be entering service by 2030. These vessels, with operational emissions containing zero or negligible GHGs, would need to represent a significant proportion of newbuilds from this point onwards. With virtually all 50,000 or so merchant ships burning heavy fuel oil (HFO), marine distillate oil (MDO) or liquefied natural gas (LNG), consideration will need to be given to how ships that are financed, designed and built in the 2020's can switch to a non-fossil fuel later in its operational life. Further, given that a typical ship has a lifespan of at least 20 years, investors, ship builders, ports and fuel suppliers need to know in which infrastructure they should start investing.
To deliver this goal zero-emission vessels need to be commercially viable, technically feasible and safe. This means not only designing zero-emission ships, but it will also require building the infrastructure and supply chain for zero-carbon fuels to support this transition.
THE PANEL WILL DISCUSS:
This webinar will focus on the medium to longer term drivers for shipping to decarbonise and recent impacts of the oil markets. Panelists with a wide ranging background will share their views on what the future of ships' fuel might look like.
With special thanks to our Event Partner, The Fry Group.
This joint event is presented by our Energy & Utilities Committee, Transport, Logistics and Supply Chain Committee and Sustainability & Responsibility Committee and forms part of our Road to Net Zero series.
Thank you to our Supporting Partner, The Energy Institute.
This event is a webinar and the link to this online event will be issued to attendees the day before the event.
Founder and CEO of Vanda Insights
Senior Editor at S&P Global Platts
Global FOBAS Manager at Lloyd's Register