ICS has signed a Partnership Agreement with the International Renewable Energy Agency (IRENA) to support the decarbonisation of the shipping sector and its role in the transition towards a global energy sector based on renewables.
he partnership will provide a framework over the next two years for ICS and IRENA to assist with the decarbonisation of the shipping sector and the use of renewable technologies on this key sector of the global economy.
It will also enable the industry to work closer with IRENA on issues related to the increasing role of renewable energy in decarbonising shipping.
More specifically, the organisations will establish a regular exchange of information regarding energy supply and demand relevant to the shipping sector and exchange of data on scenarios of ‘future fuels’, for both, nation states and the shipping industry.
This partnership agreement draws particular focus on the need to ensure an equitable energy transition for developing economies, and the important role of capacity building as well as recognising the energy needs of shipping itself.
Speaking on the agreement, Guy Platten secretary general ICS said:
Our new strategic partnership with IRENA is a vital steppingstone to ensuring that transporting green fuels is itself made ‘green’
ICS now hopes that the agreement with IRENA will advance R&D investment from political decision-makers into making zero-carbon fuels widely commercially available.
During COP26, ICS presented that nearly $5BN USD is needed to accelerate the shift in R&D to zero-carbon fuels in the shipping sector, as multiple technologies need to be developed to reach large scale deployment.
However, after the conclusion of the IMO’s MEPC 77, ICS expressed its disappointment “that the words and commitments made by governments at COP26 have not yet been translated into action.”
The Partnership Agreement will also see consultation between the two bodies with a view to combining capacity-building opportunities and avoiding duplication of resources.
Shipping sector requires significant levels of investment and cooperation to ensure it contributes positively to the global climate agenda. To solve these challenges, we must continue with efforts to build a grand net zero coalition, bringing industry and the policy community together
stated IRENA Director-General, Francesco La Camera.
Furthermore, the memorandum identifies the opportunity that exists within developing nations, supporting the recently established ‘Just Transition Maritime Task Force’, which was founded at COP26 to drive decarbonisation of the industry.