As the myriad challenges of decarbonisation continue to dominate the long-term conversation in the shipping sector, as revealed in the latest GMF survey, a broader requirement of transparency is emerging which may produce even greater change. Huge shifts are taking place in the way shipping's impact on the environment is measured, reported and controlled. Accountability to corporate stakeholders, charterers, counterparties, governments and the public generally for reducing emissions is increasingly in demand. No more so than by the industry's regulators. The IMO's imminent EEXI and CII regimes, which will require vessels to comply with benchmarks in efficient design and report an annual (and ever tightening) A-E rating for CO2 emissions, are just one example of a trend to more transparent monitoring and reporting. Eventually, increasing regulation could become market-critical to a vessel's access to capital, cargo and ports, thereby risking its ability to trade if its carbon credentials are not up to scratch. Operating successfully to meet the demands of the market, governments and regulators in this new environment will surely require a sharper focus on transparency. That at least is clear.
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Transparency in shipping - Carbon down, transparency up
“This year’s findings confirm last year’s trend: decarbonisation is a top issue for the maritime industry. Decarbonising shipping is an enormous challenge, but it is encouraging to see that the industry’s confidence in its ability to overcome this challenge is growing,” said IUMI president Richard Turner.