Financing of UK's Naval Sector
The maritime industry is at a critical juncture, facing significant challenges as it strives to become more sustainable. On a pivotal day, an event is being held in the UK to discuss strategies for addressing these challenges and supporting the industry into the future.
Taking place in the UK, this seminar will cover topics such as the UK's financial and professional business services industries and the use of UK Government support. The event will feature keynote speeches and panel discussions with leading figures within the maritime community.
Decarbonisation is a top priority for the maritime industry, with traditional financing sources potentially insufficient to cover the huge investment needed. Alternative sources of finance will need to be considered, and solutions centre on adopting cleaner fuels, implementing energy efficiency upgrades, deploying shore power at ports, and utilizing digital technologies.
The UK's maritime decarbonisation strategy aligns with the International Maritime Organization's (IMO) net-zero by 2050 target. The UK government supports innovation and implementation through grants and funding schemes aimed at retrofit projects, alternative fuel infrastructure, and digitalization to improve energy efficiency.
The event will explore how the UK has positioned itself to address these challenges and support the maritime industry. Regulatory measures act as catalysts, with the UK adopting and enforcing international and regional regulations to create a level playing field and drive investment in clean technologies.
Programs support technologies like carbon capture onboard, multi-fuel propulsion upgrades, and the establishment of low-carbon fuel supply chains. Challenges like limited bunkering infrastructure and crew training are addressed by targeted financial incentives and partnerships between public and private sectors to foster workforce development and technology adoption.
New and disruptive technologies such as artificial intelligence and autonomous shipping have the potential to transform the maritime industry. The seminar, which commences at 16:00 and concludes at 18:20, will also touch on these topics.
Registration for the event begins at 15:30, and spaces are limited. The organisers reserve the right to limit the number of attendees per organisation if the event is oversubscribed. Following the seminar, a networking reception takes place.
For any questions regarding the event, Erika Gardiner can be contacted. The full agenda for the event can be viewed on the Department for Transport, Maritime London, and the event's website. The estimated cost of decarbonising the maritime industry ranges between $1.5 and $1.9 trillion, making this a critical discussion for the future of the industry.
[1] Department for Transport. (2021). Maritime 2050: Navigating our maritime future. London: Department for Transport.
[2] Maritime UK. (2021). Maritime UK's Green Paper: Decarbonising UK Shipping. London: Maritime UK.
[3] Innovate UK. (2021). UK Maritime Decarbonisation Pathway Study. London: Innovate UK.
[4] European Commission. (2019). Alternative Fuels Infrastructure Regulation (EU) 2019/1242. Brussels: European Commission.
[5] International Maritime Organization. (2018). Initial IMO Strategy on Reduction of GHG Emissions from Ships. London: International Maritime Organization.
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