The offshore and marine sector in a low-carbon future
NOCs, IOCs, NECs and IECs
Christopher Hudson, President dmg::events
The offshore and marine sector is one of the most important components of the global economy, with 90% of the volume of internationally traded goods carried by sea. The slowdown in supply chains during the pandemic highlighted the extent to which we are reliant on the shipping sector for our food, our energy, and key commodities. It is no surprise then that the offshore and marine sector has a major role to play in the global energy transition to a low-carbon future.
While the sector was left out of the language built into the Paris Climate agreement, the International Maritime Organization has set bold emissions targets that are driving the decisions of the global shipping sector. By 2030, the IMO has set down a 40% reduction in GHG emissions compared to 2008 levels, and 50% by 2050.
In response, the sector is taking clear steps to reduce emissions, without causing disruption to the global economy. Some of the largest players in the industry, such as A.P. Møller - Mærsk A/S, are in fact going beyond the IMO’s targets, pledging to reach net-zero emissions by 2050.
The primary way the sector will meet its targets is by reducing fuel emissions. While route efficiencies and new technologies can support decarbonisation by reducing maintenance issues and increasing the shelf life of key components, it is widely agreed that a significant reduction in emissions will only come with cleaner fuels.
In the short term the industry is exploring a number of options that cut GHG emissions without harming supply chains. LNG has been a prime candidate for marine fuel in recent years, given its lower carbon intensity compared with traditional shipping fuel, while more long-term zero emission options such as batteries, biofuels, and ammonia are being test-run in experimental new buildings.
The offshore and marine sector however is not solely comprised of shipping companies; it includes shipping hubs, logistics professionals, investors, authorities, and trade associations, all of which have a role to play in the sector’s decarbonisation. Here technology can play a leading role in increasing efficiencies and finding innovative solutions to support the sector’s transition.
ADIPEC will bring together all the key players in the sector at its Offshore & Marine Exhibition and Conference this November. The Exhibition will bring together the entire value chain to showcase the latest industry innovations, and over four days of high-level Conference sessions, attendees will hear from the leading players in the sector to discuss the issues and trends driving the sector forward.
Join the conversation at ADIPEC 2022, 31 October – 3 November in Abu Dhabi, UAE.
DRIVING SMART, SUSTAINABLE AND RELIABLE ENERGY SYSTEMS
ADIPEC 2022 will gather policy makers, energy CEOs and industry professionals, from across the globe, to spearhead discussions focused on key global energy trends, policy formation, and geopolitical factors.