With 2020 fast approaching and transformative regulations on the horizon, those in the maritime industry recently met in Hong Kong for Capital Link’s Maritime Forum to further discuss the impact of digitisation, environmental regulations and the increasing significance of seafarer welfare.
Our president and COO, Mark Cameron, took part in a panel discussion titled ‘Green Shipping – Safety & Sustainability – ESG Ratings’ which covered the possible challenges, solutions, and general status of the impending IMO 2020 regulation. The panel also focused on the industries greater emissions targets, of a 40% reduction by 2030 of CO2 emissions and 50%, by 2050 compared to 2008, of GHG emissions.
Mark commented on the panel:
“It was a great discussion with some interesting industry participation. The panel opened with a talk around 2020, as an immediate focus, concluding that the industry is – at this stage – as best prepared as it can be. The focus then shifted into the wider context of 2030 and 2050, with the greater need for collaboration and wider complexities being discussed.
There was a question raised around obtaining green funds; my commentary was that it is positive that the appropriate language is being used around levy instead of taxation, as a levy is much more practical. Although nothing has been brought to the IMO to apply a market-based levy, there is clearly a broad base of support for some type of financing. It is great to have high level industry support, however, that doesn’t necessarily translate into detailed decisions that the IMO can easily implement, therefore I think this is a wider call for the industry to try and find alignment.
The discussion was positive with a welcome willingness to work together in order to find solutions. To conclude, the overall sentiment was that collaboration will be key in facilitating change and that there is a definite willingness across the industry to embrace technology and new platforms to find future solutions.”