Asia/Pacific News
Chinese Firms Join Forces on Maritime Decarbonisation
A group of Chinese firms have joined forces to launch a new initiative targeting maritime decarbonisation.
China Classification Society, CPC, COSCO Shipping, China Merchants Energy Shipping and ICBC Financial Leasing have launched the Sustainable Shipping Innovation and Development Initiative (SSIDI), the companies said in an emailed statement on Monday.
The group plans to work together to explore and research alternative bunker fuels as a first step.
"With accelerated policy making and developments to reduce shipping emissions led by the International Maritime Organization (IMO), European Union and other global organisations, the industry-wide consensus is to promote the application of alternative fuels in shipping," Fan Quang, vice president of the China Classification Society, said in the statement.
"This will lead to significant changes in the entire international shipping industry, and it will have a profound impact on all upstream and downstream industries.
"However, it is important to recognise that amid this drive to alternative fuels there are still many uncertain factors that must be addressed."
