The shipping industry is at a critical crossroads, as it is called upon to drastically reduce emissions and shift to more sustainable practices.
In the context of the energy transition, the need for investment in the production of alternative fuels is becoming imperative, the Secretary-General of the International Maritime Organization (IMO), Arsenio Dominguez, pointed out at an event in Monaco.
The debate around the green transition of shipping is sparking reactions from key industry leaders. Greek shipping executives emphasized that the path towards decarbonization cannot be achieved immediately without sufficient availability and competitive pricing of new fuels.
In fact, the president of the Union of Greek Shipowners, Melina Travlou, has stressed the need for fair and realistic policies, criticizing the downgrading of the role of transitional fuels, such as liquefied natural gas (LNG), which constitute an important step towards sustainable shipping.
Monaco Forum
Speaking at a blue economy and finance forum in Monaco, the IMO chief said that “regulations alone cannot do the job, as investment in technological development and the use of alternative fuels is required to replace the 350 million tonnes of fuel oil currently burned annually by ships.”
He also added that upgrading port infrastructure and fuel operations will require the secure supply of clean energy to ships when they call at ports around the world.
It is noted that the IMO adopted, in April, new regulations on fuel and net-zero emissions from ships, which are due to be adopted in October. Dominguez noted that the regulations will apply to all ocean-going vessels, regardless of their flag, while calling on the international community to move from commitments to concrete actions.
