Tuesday, June 6, 2023
HomeEnvironmentMaritime UK: Net Zero Review published

Subscribe

To our FREE newsletter
Get all the latest maritime news delivered straight to your inbox.

Maritime UK: Net Zero Review published

On 13 January, the Department for Business, Energy and Industrial Strategy (BEIS) published the final report of the Net Zero Review, commissioned by former prime minister Liz Truss MP and chaired by former BEIS minister Chris Skidmore MP.

The report, titled ‘Mission Zero’, outlines 129 recommendations to achieve within the next decade in order to attain net zero carbon. Overall, the report criticizes government for failing to match its ambitious rhetoric on net zero with an equally ambitious policy track record. Pointing to the advantages in leading the race to net zero in terms of enhanced economic growth and future job creation, Skidmore notes that the UK has to make the choice on whether it wants to be a leader in this context or just be an observer from the sidelines.

Maritime UK contributed to the call for evidence within the process of the Net Zero Review and the report cites Maritime UK’s assessment that “although government and industry have both made a substantive start towards decarbonisation, there is a need to increase the scale and pace of this joint effort.”

Within the 129 recommendations made within the report, two concern the maritime sector and they call on government to:

  • take a leading role in International Maritime Organization (IMO) negotiations to decarbonise the maritime sector at a global level;
  • develop a pathway for UK Emissions Trading Scheme by 2024, setting out a timeline for expanding its coverage to the maritime sector.

Other relevant recommendations urge government to:

  • consult on and publish a strategy by 2023 setting out how government spending, policies and regulation will help scale up private finance to enable greater growth and energy security;
  • establish an Office for Net Zero Delivery by the Spring of 2023 to ensure cross-departmental priorities are properly managed;
  • review the frequency of the publication of data on UK emissions by 2024 and reflecting the climate impact of fiscal decision-making in future spending reviews;
  • develop a long-term cross-sectoral infrastructure strategy by 2025, to adapt and build respectively the distribution of liquid and gaseous fuels, electricity and CO2 networks over the next decade;
  • carry out competitiveness analysis for clean technologies setting out the UK’s export/import strategies and where it intends to develop leadership;
  • develop and implement an ambitious and pragmatic ’10 year’ delivery roadmap for the scaling up of hydrogen production by 2023;
  • create a roadmap by the Autumn of 2023 detailing decision points for developing and deploying R&D and technologies critical for enabling the net zero pathway to 2050;
  • review how to incentivize greater R&D for net zero, including clarity on research priorities and government support, tax credits, greater ring-fencing of R&D spend, and enabling regulations.

Source: Maritime UK

Related Posts

Video

Finance & Economy
Shipping News
Ports

Globus Q1 results hit by weak dry bulk market

Globus Maritime Limited, a dry bulk shipping company, reported its unaudited consolidated operating and financial results for the quarter ended March 31, 2023. Revenue $8.6 million...

BW LPG appoints new CFO

BW LPG announced that it has appointed Ms Samantha Xu as Chief Financial Officer (CFO), effective 1 September 2023. Ms Xu has over 20 years...

Frontline Posts Highest First Quarter Results Since 2008

Frontline plc reported unaudited results for the three months ended March 31, 2023: Highlights Highest first quarter profit since 2008 of $199.6 million, or $0.90 per...

Diana Shipping posts slightly lower Q1 profit; takes out $123m in loans

Diana Shipping reported net income of $22.7 million and net income attributed to common stockholders of $21.3 million for the first quarter of 2023....

CMA CGM Profit Eases as Container Transport Demand Wanes

CMA CGM expects its profit to ease further for the rest of the year after a first-quarter decline, as an uncertain economy and influx...

Taiwan Shipping Firms Set to Hand Out Bumper Bonuses Again

Taiwanese shipping companies are handing out bumper mid-year bonuses despite a slump in global...

Baltic index hits over 3-month low amid lower coal imports

The Baltic exchange’s main sea freight index extended losses for the 15th session straight...

Baltic index falls for the month as vessel demand wanes

The Baltic exchange’s main sea freight index recorded its first monthly decline in four...

North Korea missile tests endanger shipping, UN maritime agency told

North Korean missile tests are endangering the safety of commercial shipping in busy sea...

Singapore Clamps Down on Tankers as Dark Fleet Grows

Singapore’s detentions of oil and chemicals tankers have surged since early last year, highlighting...

US West Coast port workers shut terminals in showdown over pay

The employers of more than 22,000 dock workers at U.S. West Coast seaports on Friday said the union representing those laborers “is staging concerted...

DP World Completes Terminal Expansion Project Vancouver Port

DP World has completed the AED954 million ($259.78 million) Centerm expansion project, increasing container throughput at the Port of Vancouver by 60 percent. The terminal...

DP World completes AED 954 million Vancouver port expansion

DP World and the Vancouver Fraser Port Authority have celebrated two historic events – the completion of the Centerm Expansion Project at DP World...

Alexandroupolis port gets 24 million euros of EU funding

Greece has secured 24 million euros ($26 million) in European Union funding to upgrade its northern Aegean Sea port of Alexandroupolis, privatisation agency HRADF...

Port Hedland Iron Ore Exports Down 5% in April

Pilbara Ports Authority (PPA) has delivered a total monthly throughput of 57.7 million tonnes (Mt) for April 2023. This throughput was a two per cent...