The Sustainable Shipping Initiative (SSI) has published a new report entitled Exploring shipping’s transition to a circular industry.
The report was written by consultants 2BHonest and identifies the key challenges affecting the creation of the circular economy in the marine sector: building knowledge and awareness, business model innovation, technological advancement, and developing a global regulatory framework.
The authors note that as the maritime sector undergoes rapid shifts in the coming decades to achieve its decarbonisation and sustainability goals, now is the time to rethink its approach to resource use and consider the entire lifecycle of a vessel during the design, building, operation and recycling phases as is increasingly the position in other sectors.
A sustainable shipping industry needs to connect the dots through the lifecycle of a vessel
While over 95% of current lifecycle CO2 emissions take place during the operational stage of a vessel’s life, there are significant opportunities to reduce emissions in other lifecycle stages. For example, steel recycling can offer a significant reduction in overall energy use.
Andrew Stephens, executive director of the Sustainable Shipping Initiative, said: “A sustainable shipping industry needs to connect the dots through the lifecycle of a vessel, considering and addressing all activities as part of a whole – whether it is the design, construction, repair, or recycling. We see this report as the first step towards shared understanding of the way circular economy concepts can be applied and how they can enable a sustainable maritime industry that considers its impacts on oceans, communities, people, and the environment.”
The SSI is a London-based organisation which promotes the development of a more sustainable maritime industry. The membership is drawn from all parts of the shipping value chain and includes: ABN-AMRO, Maersk, Bunge, Wilhelmsen Ship Management, Lloyd’s Register, Louis Dreyfus Company, The China Navigation Company and South32.