Hellenic Shipping News: MEPC78 “Silver Linings”

Following the MEPC78 meeting on 8 June 2022, Noah Silberschmidt, Founder & CEO of clean technology company and air lubrication provider Silverstream Technologies, commented:

“Following MEPC78 earlier this month, there has been some disappointment about the failure to agree on revised GHG targets and with the decision to not take forward a proposed research and development fund for the shipping industry.

“However, whilst we might have collectively welcomed a more concrete outcome from the session, the fact that the IMO is slowly but steadily coming to an agreement on a carbon price is a positive indicator of the seriousness with which decarbonisation is being taken.

“Implementing a carbon price in shipping would be a serious step forward, but one that carries its own associated challenges we must solve. A carbon price that isn’t also accompanied by efforts to solve the fundamental challenge of vessel design efficiency is an unaffordable blind alley for decarbonising shipping. Any price mechanism on carbon must be accompanied by an even greater focus on vessel efficiency and – importantly – the technology solutions that can create a greener, cleaner fleet.

“Leading owners are recognising this, which is why clean technologies are now rightly being seen as integral to any decarbonisation efforts the industry undertakes.”
 

This article first appeared in Hellenic Shipping News.