Think big, execute with pragmatism: the path toward a sustainable blue economy
TO ENABLE humanity to flourish, we rely on the ocean for energy, resources and trade. Yet today, we face a daunting challenge: we must protect the ocean, its resources and the planet it sustains. And we must act fast.
In his new book, “Toward a Sustainable Blue Economy”, Matthieu de Tugny, President, Bureau Veritas Marine & Offshore, reflects on the evolving ocean economy and the vital role of shipping and classification societies in building a sustainable blue economy.
The race to net zero
The International Maritime Organization (IMO) has set an ambitious strategy to reach net-zero greenhouse gas (GHG) emissions from shipping by 2050, with a reduction of at least 20% by 2030. This framework is the first in the world to combine mandatory emissions limits and GHG pricing across an entire industry sector.
However, progress in achieving these goals has so far been mixed.
Great strides are being made in innovation for new, low-carbon maritime technologies and fuels, but more than 90% of the world’s fleet still runs on polluting fuel oil.
Emissions remain stubbornly high and decarbonisation is expensive — to the tune of $8bn to $28bn annually, and up to $90bn for infrastructure upgrades. Shipowners are hesitant to commit to current technological options when something better might be around the corner and any choice now will be locked in for up to 30 years.
Shifting the maritime status quo
While we wait to see which decarbonisation technologies come out on top, there are plenty of operational measures that can be implemented right now. Slower sailing speeds, weather and voyage optimisation and just-in-time arrival, among others, can make a big impact. Add in easy-to-install energy saving devices and smart systems, and a range of ships can benefit from immediate efficiency gains, decreased emissions and fuel savings. Artificial intelligence is already taking these gains to another level, and its impact is only just starting to be felt.
Still, the current maritime world is structured around 20th century practices that don’t incentivise decarbonisation. Shipping economics still rely on the widespread availability and predictable pricing of fuel oil. Chartering contracts encourage the practice of ‘sail fast, then wait’. And insurance risk models prioritise proven technologies, which leaves new propulsion systems and fuels facing premium pricing.
To decarbonise the maritime world, we must therefore reimagine these interconnected systems that have remained largely unchanged for decades. Classification societies, in their role as the connective tissue of the maritime industry, have a crucial role to play in this transformation.
A new role for class
As a class society, Bureau Veritas (BV) has taken part in joint industry projects (JIPs) to make advances on hydrogen and ammonia fuelled designs, mapping the whole system of associated risks that must be managed.
BV has also delivered Approvals in Principle (AiPs) for new engines, materials, components, fuel tanks, propulsion systems and vessel designs, among others. These AiPs help de-risk and accelerate innovation by providing both developers and investors with confidence in new technologies. This enables their commercial development and scale-up, pushing the industry forward.
In addition, classification societies are undergoing a fundamental shift: their focus will always remain technical, but they are now applying their expertise to align with clients’ performance goals.
Class is also sharing knowledge with new stakeholders, such as financial institutions, which are increasingly interested in green finance. Testing, inspecting and certification bodies with expertise in classification can provide an accurate overview and validate data for green loans. This is an evolution of the classification society, from guardian to enabler, working throughout the maritime value ecosystem.
If we are to meet current challenges and create a better maritime world for all, we must think big and execute with pragmatism. Bureau Veritas stands ready to help its clients find their path and play its role in the transformation that lies ahead.
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