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Shipping, carbon & the Poseidon Principles: Its role in global emissions & what can be done - CSFI

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Shipping, carbon and the Poseidon Principles: A discussion of shipping's role in global emissions - and what can be done about it. With Bob Sanguinetti (UK Chamber of Shipping) and Michael Parker (Citi)

Why you should watch: Ninety thousand marine vessels carry 90% of global trade - and, thanks to containerisation and digitalisation, they do it more efficiently (and cheaper) than ever. But they also account for about 3% of global greenhouse gases - putting them somewhere between Germany and Japan as a global polluter. And it's not just CO2; its Sox and Nox as well. But the industry as a whole is (finally, some might say) waking up to the challenge - squeezing more efficiency out of existing technology and developing new, alternative forms of fuel and of propulsion. There is also a good deal of work going into how the industry can be incentivised to take up these developments and drive them to commercial scale - with governmental and intergovernmental support (as well as the big stick of regulation). In this discussion, it is very clear that change is coming - driven by regulators and consumers, as well as the industry itself. And that COP26 could give these changes real momentum - the momentum we will need to achieve net zero by 2030, 2050 or (in the case of China) 2060.

Moderator: Andrew Hilton (Director, CSFI)

Bob Sanguinetti is CEO of the UK Chamber of Shipping, which has over 190 members and which is a major player in the UK's Maritime 2050 strategy. He was formerly CEO of the Gibraltar Ports Authority, and before that spent 30 years in the Royal Navy (reaching the rank of Commodore) and in Defence intelligence.

Michael Parker is Chair for Global Shipping, Logistics and Offshore at Citi, where he is also Vice-chair of Corporate and Investment Banking for EMEA. He is also Chairman of the Poseidon Principles Drafting Committee - to which at least 20 major international banks have signed up. Its aim is to provide a 'global framework for responsible ship financing' and 'to promote international shipping's decarbonization'.

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Produced/edited by Alex Treptow
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