Lending our voice to climate advocacy
The pressure for environmental action and regulation creates the need for even greater collaboration between industry players— not only amongst ship owners and operators but also charterers, banks, and governments. We are active participants in multiple associations working on industry matters, including climate change initiatives. In 2020, BW Group and its affiliates were a member of—or partner with—the following associations and organisations:
BW Group Chairman, Andreas Sohmen-Pao, is the Chairman of the Singapore Maritime Foundation (SMF). Established to forge dialogue and cooperation between private and public maritime stakeholders, SMF works with stakeholders across the entire spectrum of the industry, including the marine, shipping, port, and ancillary services.
Over time, this strong industry support has enabled us to reach out directly to the community for ideas and initiatives that strengthen the maritime ecosystem. SMF outreach activities include industry and scholarship talks and regular networking events for employers and tertiary students. Supported by the Maritime and Port Authority of Singapore, the Singapore Maritime Foundation has established an International Advisory Panel on Maritime Decarbonisation (IAP) to develop a strategy to support the industry in achieving these goals.
Chaired by Andreas Sohmen-Pao, the IAP is working on actions to maritime decarbonisation. Recognising that the topic is interdisciplinary, the IAP draws on leaders’ expertise from shipping companies, port operators, academia, class societies, insurance and finance players, energy companies, engine makers, shipyards, shipping associations, and the government. The panel launched its recommendations in April 2021.
One of the key initiatives coming from the IAP’s work is to establish a decarbonisation centre in Singapore. BW is making a $10 million contribution towards its establishment. The Centre will drive collaborative initiatives for
piloting new solutions, carbon accounting, green financing, and policy matters, amongst others. Founding members include BW Group, BHP, DNV, Eastern Pacific Shipping, ONE, and Sembcorp Marine. Together with contributions
from the Singapore government, the centre has an initial capital of S$120 million.
Other Key Industry Collaborations and Initiatives BW is involved in
A joint industry project to identify pathways for transforming the international shipping sector towards the IMO 2050 goal of 50% reduction in GHG emissions and keeping global temperature rises below 2 °C.
Getting to Zero Coalition
Many of BW Group’s affiliates have joined the Getting to Zero Coalition, an alliance of more than 80 companies within the maritime, energy, infrastructure and finance industry, including key governments and Inter-Governmental Organisations support. The Coalition is committed to getting commercially viable zero-emission, deep-sea vessels into operation by 2030.
White Paper for a Carbon Levy
BW Group formed a working group with BHP, DNB, and DNV GL to propose an industry-wide carbon levy scheme that could support the IMO 2050 GHG reduction ambitions. A transparent carbon levy allows businesses to invest under conditions of greater certainty, and a clear trajectory should influence investment decisions at an early stage. The group will primarily fund R&D, trials, and support technology deployment and scaling and drive decarbonisation in the maritime sector.