The figure rises to $1.4-1.9trn if maritime is to fully decarbonize within the same timeframe. Per Martin Tanggaard, Nor-Shipping Director, says that although the figures are “daunting” they also make clear the scale of the opportunity on the horizon.

Time for ACTION

“Yes, the sums are daunting, but the transition is essential,” he comments with regard to the report (produced by UMAS and the Energy Transitions Commission for the Global Maritime Forum for the Getting to Zero Coalition – see it here). “Nobody can argue with the need for a cleaner, more efficient and sustainable shipping industry.”

He continues: “Given society’s growing environmental awareness and the perilous state of the natural world it’s becoming increasingly obvious that now is the time to take ACTION, not bicker about exact levels of investment and delay potential initiatives. I’m not downplaying the scale of the challenge here – it’s an enormous one for all stakeholders in this industry – but we can’t focus too heavily on that and risk inertia. We simply don’t have the have the luxury of time.”

A trillion good reasons…

The report states that the transition represents “a whole system challenge” with the great majority of the investment required on land to support low carbon fuel production, storage and use. Roughly 13% of the total is estimated as a requirement in relation to vessels themselves, including new technology, retrofitting, newbuilds and other associated systems and equipment.

“I believe it’s vitally important that maritime sees this as a major opportunity as well as a challenge” comments Tanggaard. “There’s a great deal of work to be done to reach this objective and that will create a need for new innovations, solutions, competency and cross sector collaboration. This isn’t a trillion dollars that we’re throwing away, it’s a trillion dollars of business for a wide range of suppliers, solutions providers, and forward-thinking industry players. That is a genuinely exciting prospect.”

2021 focus

He concludes: “Shipping needs the right policy measures, sufficient access to capital, and support from all strata of society. With that in place we can take the action needed to make this ambition a reality, meeting IMO targets and supporting the UN’s Paris Agreement.

“Put another way, we really can’t afford not to act.”

Nor-Shipping 2021, taking place in Lillestrøm and Oslo 2021, will use its exhibition and activity programme to focus on the theme of #ACTION. The next Your Arena for Ocean Solutions will showcase who is doing what, and how, to achieve tangible industry success now – highlighting the solutions, projects and people that are unlocking real value, achieving real results, and making real progress.

For more details please see here