The Sustainability Imperative

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These are some of the findings of ‘The Sustainability Imperative – Part 2’, launched by Watson Farley & Williams (WFW) in Marc

WFW’s updated report noted:

Respondents estimate that 28 per cent of the maritime industry will meet milestones for emissions within five years.
Two-thirds of shipowners said they would like to form partnerships to pursue innovation. Some 56 per cent are already in ESG-linked tie-ups.
Shipowners are more concerned about choosing the right technology than how to pay for it, listing regulatory and technological uncertainty – no longer cost – as the biggest constraint on investment in emissions reduction.
LNG and LPG have fallen behind many other alternative fuels in the sustainability planning of shipowners. “Perhaps this is because LNG in particular is already viewed as an established transition fuel option, although concerns regarding methane slip and fallout from the war in Ukraine are other possible causes.”
Most of shipping accepts the need for carbon trading and carbon oﬀsets, which will be important for emissions reduction, according to 91 per cent of respondents.

“Industry initiatives such as the Getting to Zero Coalition, the Sea Cargo Charter and the Poseidon Principles have been the main drivers of change on this front to date, though most believe ESG should be driven by regulation rather than voluntary action,” said WFW. “Most would like to see this come from the International Maritime Organization, given its global reach, though that organisation’s reputation for being slow-moving is leading to growing frustration within the industry.”

The report also noted that despite the impact of the war in Ukraine, and related sanctions, on global energy prices, war and political instability are not seen as a particular threat.

“In order of priority, the following are of greater concern to the maritime sector: new technological developments and requirements; trade tensions; and another black swan event like COVID-19.”

Meanwhile, the survey showed that diversity targets now have the biggest influence on ESG decision making and crew welfare issues are also of growing importance to many shipowners.