The latest insights from
Maritime Carbon Solutions
In accordance with the most recent macroeconomic data, the elevated inflation rate in the United States is gradually subsiding; however, it remains a pertinent subject for consumers, retailers, politicians, and global business leaders. Concurrently, as the world's foremost economies persist in combatting escalating prices through strategic adjustments to their interest rate policies, a parallel endeavour is underway to curtail CO2 emissions. The prevailing geopolitical landscape, marked by ongoing conflicts in Ukraine and the Middle East, contributes to sustaining elevated energy prices. Over the past year, discussions have proliferated concerning the so-called energy trilemma, emphasizing the imperative of striking a harmonious balance between energy reliability, affordability, and sustainability. How will inflation and escalating interest rates impact the ongoing energy transition?
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The 28th Conference of the Parties (COP28), held in Dubai, UAE, commenced on the final day of November 2023. Against the backdrop of the Earth's escalating temperature, pivotal subjects on the agenda include the preservation of oceans. This year's event in Dubai features the COP28 Ocean Pavilion, encompassing various themes addressing the challenges and opportunities confronting the oceans. These themes include Ocean, Carbon & Climate Connections, Ocean Stressors & Warning Signs, Rising Sea, Ocean Resources, Blue Economy & Finance, and Blue Solutions & Innovations.
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As Maritime Carbon Solutions, we are keenly observing the implications of including shipping in the EU-ETS and its cascading effects on green steel production – a key component in our journey towards sustainable maritime practices.
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The ramifications of ongoing climate change are poised to affect shipowners' profitability significantly. The increasing frequency of extreme weather events due to climate shifts is a notable concern. These anomalies, such as heatwaves, heavy rainfall, intense winds, and hurricanes, deviate substantially from usual weather patterns, causing far-reaching consequences.
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Many shipowners strive to reduce the carbon emissions from their ships in order to meet the requirements from various stakeholders. The shipping industry is already ahead of most other industries when it comes to reducing the carbon footprint. Can blockchain technology help the shipping industry reach its ambitious goal even faster?
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Question; What kind of fuel for maritime transportation has the lowest carbon footprint? Answer: Sorry, there is no clear winner.
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The Poseidon Principles provide a framework for integrating climate considerations into lending decisions, in order to promote international shipping´s decarbonization. The organization is headquartered in Copenhagen, Denmark. 30 banks have committed to the Poseidon Principles. They set a benchmark for what it means to be a responsible provider of bank services to the maritime sector.
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As of 1 January 2023, it is mandatory for all ships to initiate the collection of data for the reporting of their annual operational carbon intensity indicator (CII) and CII rating. In addition, one must calculate the attained Energy Efficiency Existing Ship Index (EEXI) to measure the ships energy efficiency. This means that the first annual reporting will be completed in 2023, with the initial ratings provided in 2024.
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Maritime Carbon Solutions has kept an eye on what’s going on under the Climate Change Conference COP 27 in Sharm el-Sheik, Egypt. The decisions made affecting the maritime transportation sector and other ocean related developments has been on our radar. This week the governments of Norway and the United States jointly formally announced the launch of the Green Shipping Challenge.
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There is a huge pressure on the entire supply chain in the shipping industry to reduce carbon emissions. The goal is to achieve net zero emission by 2050. Several stakeholders, including investors, banks, regulators, financial institutions and the general public, demand that the maritime sector will reach these goals. This is a vision that almost seems impossible. Let´s see how Maritime Carbon Solutions can contribute to less carbon pollution.
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