Sustainable Shipping Initiative Launched in Singapore
Focus on sustainable shipping at Singapore event – Wärtsilä participates
The Sustainable Shipping Initiative (SSI) launched in Singapore recently is a series of practical, collaborative action plans aimed at developing a sustainable shipping industry for the future. Wärtsilä and other members have committed to deliver first results before the end of 2013.
Presented as part of Singapore Maritime Week, the action plans are a significant step for the SSI as it works toward achieving its vision of a shipping industry that is both profitable and sustainable by 2040.
“The SSI has committed to an ambitious vision for the industry, and these action plans are a vital step in us achieving this vision. Work is focused on creating a clear framework that the wider industry can use to adopt more sustainable practices. Over the next 18 months, members will be developing new prototypes, technologies and financial models that promote sustainability as well as the guidelines that businesses need to implement change”, says Jonathon Porritt, Forum for the Future’s Founder Director.
Four working groups – results by the end of 2013
In order to work on the plans SSI members have been split into four initial work streams, with each one focusing on a different key area for the industry that have been identified as a key leverage point, and where there is most potential to work together to accelerate change. These include:
- financing sustainable shipping
- innovation in energy technology
- closed loop recycling of ships
- credible benchmarking and standards.
Members have committed to deliver tangible results for each work stream before the end of 2013.
Wärtsilä to provide knowhow
Initially Wärtsilä will join the work stream on financing sustainable shipping together with ABN AMRO, Cargill, RSA, and United Nations Environment Programme Finance Initiative.
“Shipping is a volatile industry and today’s financing tools do not necessarily support the transformation of the industry as much as they could. We need new solutions and more flexibility. If we want to increase sustainability, we need ship owners, builders and operators to be able to put more focus on technological advancement supported by financing under competitive terms. In the coming months we hope to be able to propose new innovative and practical ideas which will help promote changes in the industry as a whole,” says Peter Jantzen, Head of Marine Life Cycle Solutions at Wärtsilä, who spoke at the event.
Each work stream will draw on members’ expertise spanning ship owning, chartering and operations to ship building and engineering, marine finance and insurance, banking, technical standards and global supply chain.
“We want to be an active participant in these important discussions that are now taking place in the industry. Wärtsilä’s technology development and lifecycle strategy is fully in line with the goals of SSI and we are at the forefront of knowhow on energy efficiency and proven environmental solutions, key elements in increasing the sustainability in shipping. This is why we’re also looking into participating the other work streams as well, especially the one focusing on technology”, continues Jantzen.