“The IMO really has to step up now if we are to deliver on the pace and scale of the change required. A lot of this comes down to the question of how we address the significant price differential between fossil and alternative fuels. The IMO holds the keys to all of this, and the time for action is now. Whether we as an industry can make 2050 rests largely with the IMO and how it performs in the coming months.”

That was the message to the industry from ABS Chairman and CEO Christopher J. Wiernicki speaking at the Capital Link Singapore Maritime Forum.

He said the present trajectory would see the industry fall well short of its 2050 targets: “The headline is that something is really going to have to bend the curve if we want to make net zero by 2050 a reality, because we are currently way off the pace and scale of change that we will need. Fortunately, our destiny remains in our hands: we are not done yet. But success will now surely be a function of what the IMO does next. We need clarity and consistency and a level playing field for the whole industry. Right now, the industry is divided, and there is no clear way forward.”

Wiernicki said the industry is looking to the IMO to show leadership in supporting adoption of alternate fuels, a necessary and key step before new nuclear technology becomes available and appropriately regulated, a function of governments.

“We know the bookends. It starts with oil and gas, with LNG and carbon capture. The long term increasingly favours nuclear if we want to make net zero by 2050 a reality. The key question for all of us today is what is going to drive the story in the middle?” he said. “The mid game looks like a mix of biofuels, methanol and ammonia, and it is the IMO that is going to have to drive this. While it is true that success in decarbonising shipping will be a team effort, we will certainly need our captain to play a decisive role. Now is the time for the IMO to show strength and leadership.”