The global maritime industry is creating an avenue for effective transition of the industry into a more sustainably driven maritime environment. With the just concluded Seatrade Maritime Qatar Conference, maritime leaders considered factors and strategic measures that can be adopted to achieve the 2050 IMO target. The panelists and major stakeholders provided positive contributions, especially from the GCC region. Panel discussions that stood out included talks on the maritime energy transition; green financing with the global maritime industry; strategic collaboration between maritime stakeholders; sustainable logistics and capacity building; and the maritime talent pool, among others.
Maritime Energy Transition
The maritime industry contributes an estimated three percent of global CO2 emissions, and the IMO seeks to reduce this to zero by the year 2050. This implies that the entire shipping industry should be carbon-neutral by 2050.
The process calls for using significant amounts of renewable energy to power maritime vessels worldwide, and the panelists suggested that the industry has a 50-50 chance of achieving this target. The transition would require a significant amount of commitment from all major stakeholders, effective implementation of maritime regulations, sustainable maritime infrastructure and capacity building, research institutions collaborating with the industry, effective government interventions, and support from investors and bankers.
Green Financing
This panel covered the ongoing, collaborative discussion between financiers and shipowners. 2024 witnessed a considerable investment turnaround for the global maritime shipping industry in acquiring modern, technologically enhanced, and environmentally friendly vessels. These proactive steps are also a clear starting point for actualizing the International Maritime Organization’s 2050 goals. This strategic financial collaboration will further reduce energy consumption and cost accumulation on maintenance for maritime vessels.
Strategic Collaboration of Maritime Stakeholders
Collaboration requires synergy between the shipowners, shipbuilders, logistics companies, technology companies, port authorities, investment companies, national governments and others. Data-driven collaboration will revolutionize the global maritime operational process and harness effective and efficient data mining, sharing, and meaningful interaction between stakeholders. The panel identified the 100% digitalization of the maritime industry as a significant bottleneck for the strategic collaboration of stakeholders within the industry, but when achieved, it promises to enhance the operational efficiency of maritime trade on a global scale.
Knowledge Exchange and Talent Pool
The shortage of effective collaboration between research institutes, universities, academia, and maritime colleges was also mentioned as a significant limitation in achieving the 2050 IMO net zero target. This was emphasized by the president of the University of Doha Science and Technology (UDST), Dr. Salem Al-Naemi, who called on key maritime stakeholders to invest their resources into research and development and technological infrastructure for maritime education. He also emphasized the need for maritime investment companies, maritime operators, and governments to invest in educational scholarships at both undergraduate and postgraduate levels. It is evident that not having enough competent hands in the maritime industry has reduced the level of productive output and growth of maritime sea trade on a global scale.
Regarding the possibility of achieving meaningful, sustainable net-zero targets by the IMO, many of the infrastructural measures debated at this conference will need to be implemented.
Dr. Akinseye Olatokunbo Aluko, SFHEA, FCMI is the Coordinator of Research and Knowledge Exchange Office, Oryx Universal College/Liverpool John Moores University School of Leadership & Management Practice, Doha, Qatar.
Source: The Maritime Executive
