The shipping industry faces a pivotal moment, as it is urged to significantly lower emissions and adopt more sustainable practices.
During an event in Monaco, Arsenio Dominguez, Secretary-General of the International Maritime Organization (IMO), highlighted the urgent need for investment in alternative fuel production within the context of the energy transition.
The discussions surrounding the green transition in shipping are drawing attention from influential industry leaders. Executives from Greek shipping have stressed that immediate decarbonization is unrealistic without ample availability and competitive pricing of new fuels.
Melina Travlou, president of the Union of Greek Shipowners, emphasized the importance of fair and practical policies, criticizing the undervaluation of transitional fuels like liquefied natural gas (LNG), which play a crucial role in achieving sustainable shipping.
Monaco Forum
At the blue economy and finance forum in Monaco, the IMO chief stated that “regulations alone are insufficient; investment in technological advancements and alternative fuels is essential to replace the 350 million tonnes of fuel oil currently consumed by ships each year.”
He also mentioned that enhancing port infrastructure and fuel operations will necessitate a reliable supply of clean energy for ships docking at ports worldwide.
In April, the IMO adopted new regulations concerning fuel usage and net-zero emissions for vessels, which are set to be finalized in October. Dominguez called on the international community to translate commitments into tangible actions, noting that these regulations will apply to all ocean-going vessels, irrespective of their flag.
