Subscribe to our Mailing Lists (It's free!)
Thursday, March 23, 2023
SAFETY4SEA
  • Home
  • Safety
    • All
    • Accidents
    • Alerts
    • Loss Prevention
    • Maritime Health
    • Regulation
    • Safety
    • Seafarers
    • Security
    stowaway

    Spanish authorities arrest stowaway with cocaine

    Fire aboard oil tanker in Portugal

    Fire aboard oil tanker in Portugal

    Derelict tug

    Tug sinks off Seattle’s Ship Canal

    Why sleep and mental health go hand-in-hand

    Why sleep and mental health go hand-in-hand

  • SEAFiT
    • All
    • Intellectual
    • Mental
    • Physical
    • Social
    • Spiritual
    Why sleep and mental health go hand-in-hand

    Why sleep and mental health go hand-in-hand

    Life coaching tips: How to maintain a good work-life balance

    Life coaching tips: How to maintain a good work-life balance

    Wabi sabi

    Wabi Sabi: Imperfection makes perfection at work

    sexual abuse

    Sexual abuse at sea: Where we stand

  • Green
    • All
    • Arctic
    • Ballast
    • Emissions
    • Fuels
    • Green Shipping
    • Pollution
    • Ship Recycling
    • Technology
    green corridor

    Five industries collaborate for a green corridor between South Africa and Europe

    Stolt Tankers acquires two fuel efficient tankers

    Stolt Tankers acquires two fuel efficient tankers

    Port Arthur LNG

    Port Arthur LNG project launched in Texas

    ABS approves joint industry Carbon Capture System project

    ABS approves joint industry Carbon Capture System project

  • Smart
    • All
    • Connectivity
    • Cyber Security
    • E-navigation
    • Energy Efficiency
    • Maritime Software
    • Smart
    NAPA: Simulation software aids in predicting CII

    NAPA: Simulation software aids in predicting CII

    Canada, UK join forces for R&D digital project on decarbonization

    Canada, UK join forces for R&D digital project on decarbonization

    technology

    How a joined-up approach to technology drives people performance

    New smart project aims to improve maritime logistics

    New smart project aims to improve maritime logistics

  • Risk
    • All
    • CIC
    • Detentions
    • Fines
    • PSC Case Studies
    • PSC Focus
    • Vetting
    australia sea mines

    AMSA imposes 90-day ban on Dutch vessel

    Singapore

    Eco Spark arrested in Singapore

    Liberia

    Liberia: key guidance for machinery space deficiencies

    orange county oil spill fines

    Taiwan’s Wan Hai Lines to pay $950,000 in civil penalties

  • Others
    • All
    • Diversity in shipping
    • Maritime Knowledge
    • Offshore
    • Ports
    • Reports
    • Shipping
    • Sustainability
    • Videos
    offshore wind supply chain

    More Norwegian companies invest in offshore wind

    Institute of Chartered Shipbrokers

    Allied Market Research: Marine scrubber market to reach $20.3 billion by 2031

    BIMCO: China’s refinery output rises as exports grow 74%

    BIMCO: China’s refinery output rises as exports grow 74%

    Seatrade Maritime Logistics Middle East set to showcase opportunities in the region’s offshore marine sector

    Seatrade Maritime Logistics Middle East set to showcase opportunities in the region’s offshore marine sector

  • Columns
    WSC: Minimising accidents is at the top of liner shipping’s agenda

    WSC: Minimising accidents is at the top of liner shipping’s agenda

    technology

    How a joined-up approach to technology drives people performance

    SCMA: Maritime arbitration is expected to rise in prominence

    SCMA: Maritime arbitration is expected to rise in prominence

    Trending Tags

    • Career Paths
    • Industry Voices
    • Maripedia
    • Maritime History
    • Resilience
    • Seafarers Stories
    • SeaSense
  • Events
  • Plus
No Result
View All Result
  • Home
  • Safety
    • All
    • Accidents
    • Alerts
    • Loss Prevention
    • Maritime Health
    • Regulation
    • Safety
    • Seafarers
    • Security
    stowaway

    Spanish authorities arrest stowaway with cocaine

    Fire aboard oil tanker in Portugal

    Fire aboard oil tanker in Portugal

    Derelict tug

    Tug sinks off Seattle’s Ship Canal

    Why sleep and mental health go hand-in-hand

    Why sleep and mental health go hand-in-hand

  • SEAFiT
    • All
    • Intellectual
    • Mental
    • Physical
    • Social
    • Spiritual
    Why sleep and mental health go hand-in-hand

    Why sleep and mental health go hand-in-hand

    Life coaching tips: How to maintain a good work-life balance

    Life coaching tips: How to maintain a good work-life balance

    Wabi sabi

    Wabi Sabi: Imperfection makes perfection at work

    sexual abuse

    Sexual abuse at sea: Where we stand

  • Green
    • All
    • Arctic
    • Ballast
    • Emissions
    • Fuels
    • Green Shipping
    • Pollution
    • Ship Recycling
    • Technology
    green corridor

    Five industries collaborate for a green corridor between South Africa and Europe

    Stolt Tankers acquires two fuel efficient tankers

    Stolt Tankers acquires two fuel efficient tankers

    Port Arthur LNG

    Port Arthur LNG project launched in Texas

    ABS approves joint industry Carbon Capture System project

    ABS approves joint industry Carbon Capture System project

  • Smart
    • All
    • Connectivity
    • Cyber Security
    • E-navigation
    • Energy Efficiency
    • Maritime Software
    • Smart
    NAPA: Simulation software aids in predicting CII

    NAPA: Simulation software aids in predicting CII

    Canada, UK join forces for R&D digital project on decarbonization

    Canada, UK join forces for R&D digital project on decarbonization

    technology

    How a joined-up approach to technology drives people performance

    New smart project aims to improve maritime logistics

    New smart project aims to improve maritime logistics

  • Risk
    • All
    • CIC
    • Detentions
    • Fines
    • PSC Case Studies
    • PSC Focus
    • Vetting
    australia sea mines

    AMSA imposes 90-day ban on Dutch vessel

    Singapore

    Eco Spark arrested in Singapore

    Liberia

    Liberia: key guidance for machinery space deficiencies

    orange county oil spill fines

    Taiwan’s Wan Hai Lines to pay $950,000 in civil penalties

  • Others
    • All
    • Diversity in shipping
    • Maritime Knowledge
    • Offshore
    • Ports
    • Reports
    • Shipping
    • Sustainability
    • Videos
    offshore wind supply chain

    More Norwegian companies invest in offshore wind

    Institute of Chartered Shipbrokers

    Allied Market Research: Marine scrubber market to reach $20.3 billion by 2031

    BIMCO: China’s refinery output rises as exports grow 74%

    BIMCO: China’s refinery output rises as exports grow 74%

    Seatrade Maritime Logistics Middle East set to showcase opportunities in the region’s offshore marine sector

    Seatrade Maritime Logistics Middle East set to showcase opportunities in the region’s offshore marine sector

  • Columns
    WSC: Minimising accidents is at the top of liner shipping’s agenda

    WSC: Minimising accidents is at the top of liner shipping’s agenda

    technology

    How a joined-up approach to technology drives people performance

    SCMA: Maritime arbitration is expected to rise in prominence

    SCMA: Maritime arbitration is expected to rise in prominence

    Trending Tags

    • Career Paths
    • Industry Voices
    • Maripedia
    • Maritime History
    • Resilience
    • Seafarers Stories
    • SeaSense
  • Events
  • Plus
No Result
View All Result
SAFETY4SEA

Energy crisis: New global risk causes disruption in 2023

by The Editorial Team
January 27, 2023
in Shipping
energy crisis

Credit: Shutterstock

FacebookTwitterEmailLinkedin

According to Allianz, the energy crisis arrives in the top 10 global risks for the first time at #4, at its Risk Barometer, as the world grapples with spiraling fuel costs, supply disruptions, inflation, and the effects of Russia’s invasion of Ukraine.

The global energy market was destabilized further with the invasion of Ukraine by Russia, the world’s largest exporter of fossil fuels, in February 2022. There followed a drought in much of Europe, impacting hydropower capacities, while in France more than half the nuclear reactors were shut down for maintenance or because of technical issues.

The only thing that is not “bad” about the current energy crisis is its timing. Europe, as well as other locations, is on the threshold of a green transformation.

This means that companies have a choice: they can rely on energy-cheap foreign countries – or progress towards the electrification of production processes and the hydrogen economy, which it will be critical to support through wise investment.

RelatedNews

FourKites: Key challenges in ocean shipping

How business leaders shape the future of sustainable development

While the energy crisis could have a positive long-term impact on the decarbonization of the economy, the associated increase in energy poverty could also undermine the acceptance of climate policy – unless effective and lasting aid measures can be established.

A new social contract is needed to address the long-term challenges of the higher energy prices likely during the green transformation

said Ludovic Subran, Chief Economist at Allianz.

What can businesses do?

  • Identify critical business processes that could be affected directly or indirectly by a gas or electricity shortage
  • Consider how long it will take for operations to get back to ‘normal’ safely and how staff, customers, or suppliers will be impacted
  • Outline the measures that will be necessary for making your critical business processes resilient to gas or electricity shortages Undertake scenario testing of your business continuity management plan based on a loss of power
  • Ensure the business continuity management process is regularly reviewed, particularly in the event of changes to the regulatory, political, or energy market environment.

Another thing that the energy crisis has made clear, is the fact that there is no way around decarbonizing the economy.

This requires not only billions in investments in new technologies, but also a comprehensive redesign of corporate reporting, helping to ensure compliance challenges remain a top five risk

Allianz says.

This brings the non-financial factors to the forefront of reporting, in line with the logic that it is precisely these factors that become financially material in the long run.

Finally, extending the reporting scope beyond the current focus on financial risks makes the disclosure of information a much more complex and challenging exercise, not least as the CSRD follows a “double materiality” approach: it requires assessing both impact directions.

While the “financial materiality” is concerned with the impact of environmental, social, and governance (ESG) issues on the financial performance of assets (outside-in perspective), the “impact materiality” concentrates on the environmental and social impacts that an asset causes (inside-out perspective)

the Risk Barometer concludes.

Tags: AllianzClean Energy Marine Hubstrends

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

offshore wind supply chain

More Norwegian companies invest in offshore wind

March 22, 2023
NAPA: Simulation software aids in predicting CII

NAPA: Simulation software aids in predicting CII

March 22, 2023

SEAFiT Poll

What is the biggest obstacle for the social life onboard?

Stay tuned for the results!

MARITIME EVENTS

Explore

  • Safety
  • Green
  • Smart
  • Risk
  • Others
  • Events
  • Plus

Useful Links

  • About
  • Disclaimer
  • Editorial Policies
  • Advertising
  • Contact

RISK4SEA Facts

Did you know that Class matters for 2020? Handysize with DNV had approximately 29% less on Detention Rate than the global average.

Learn more risk4sea.com

© 2021 SAFETY4SEA

No Result
View All Result
  • Safety
    • Alerts
    • Accidents
    • Loss Prevention
    • Maritime Health
    • Regulation
    • Safety
    • Seafarers
    • Security
  • Green
    • Arctic
    • Ballast
    • Emissions
    • Fuels
    • Green Shipping
    • Pollution
    • Ship Recycling
    • Technology
  • Smart
    • Connectivity
    • Cyber Security
    • E-navigation
    • Energy Efficiency
    • Maritime Software
    • Smart
  • Risk
    • CIC
    • Detentions
    • Fines
    • PSC Focus
    • Vetting
  • Others
    • Diversity in shipping
    • Maritime Knowledge
    • Offshore
    • Ports
    • Reports
    • Shipping
    • Sustainability
    • Videos
  • Columns
    • Opinions
    • Career Paths
    • Industry Voices
    • Maripedia
    • Maritime History
    • Seafarers Stories
    • SeaSense
  • Events
  • Plus

© 2021 SAFETY4SEA

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Disclaimer.