Business

Civil society groups: ‘UN climate deal for shipping will fail without ambitious 2030 goal’

‘Ambitious targets for 2030 and 2040 are vital for determining future IMO climate policy measures that will be key to deliver shipping’s transition to zero emissions, such as action on short-term pollutants,’ says groups.

Published

4 months ago

June 20, 2023

Admin

The International Maritime Organization’s (IMO) agreement on shipping climate targets expected next month could be the starting gun for the radical climate action our planet desperately needs, says civil society groups on Monday (19 June).

The groups called on the IMO member states to urgently support halving climate pollution from ships by 2030 and reaching zero-emission by 2040, at the Intersessional Working Group on Greenhouse Gases (ISWG-GHG-15) next week.

“Given the disproportionate impacts of climate change felt in vulnerable and developing states already today, the IMO must also guarantee that this transition is just and equitable,” they said in a joint statement.

The groups also said while a majority of governments have previously agreed to revise the IMO’s existing climate target to absolute zero-emissions by 2050, bringing the industry closer than ever before to the Paris Agreement, a mid-century ambition is not enough to decarbonise shipping within Paris’ 1.5°C temperature limit.

“The world’s leading climate scientists have repeatedly warned that steep and immediate reduction in emissions across industries is the only way to avert the global temperature rise beyond 1.5°C, and it is the only way humanity can secure a livable future,” they said.

“Ambitious targets for 2030 and 2040 are vital for determining future IMO climate policy measures that will be key to deliver shipping’s transition to zero emissions, such as action on short-term pollutants (methane and black carbon), mandatory slow-steaming, a carbon levy of at least USD 100/tonne of greenhouse gas and a fuel greenhouse gas standard.”

John Maggs, Clean Shipping Coalition, said: “We have everything we need to steer international shipping and the world to a safer, fairer future. The science is unequivocal and the steps we need to take are clear, and it all starts at the IMO this month, when the world must, for the first time, unequivocally set the industry on a path that will keep it within the Paris Agreement 1.5°C temperature limit, including halving its emissions by 2030.”

Lucy Gilliam, Seas At Risk, said: “We are facing climate disaster after climate disaster around the world. Forests are burning, oceans are overheating and crops are failing. It’s clear governments urgently need to cut emissions now. By setting strong climate targets for 2030 and 2040 at the IMO, shipping can play its part in limiting the climate crisis and unlock incredible economic opportunities and much needed climate finance. We can do this!”

Faig Abbasov, Transport & Environment, said: “The luxury boat of zero-by-2050 has long sailed. We only have one lifeboat left, and that is deep emissions cuts this decade and pretty much full decarbonisation by 2040. There is no other way. That’s why the EU and IMO must adopt the SBTi compatible decarbonisation pathway for shipping; that means at least 36% emissions cuts by 2030 and at least 96% by 2040.”

Delaine McCullough, Ocean Conservancy, said: “This is the last moment for the IMO to act decisively to eliminate shipping emissions as the pace of climate change and its catastrophic impacts continues to accelerate. Countries can also advance a clean shipping transition at home, such as what the United States is doing with legislation on the table that would curb shipping emissions and reduce air pollution. We need countries to demand that the IMO set strong emission reduction goals of 50% by 2030 and 100% by 2040 and to take action at home, if the IMO fails to do the right thing.”

Jim Gamble, Pacific Environment, said: “In the Arctic, the signs of climate change are everywhere. Sea ice and permafrost are melting, and communities are falling into the sea – threatening the health and safety of both people and wildlife. It’s past time for the shipping industry to clean up and decarbonize to align with the 1.5°C transition and move to zero-emission shipping no later than 2040. The shipping industry could move now on measures like improving the energy and operational efficiency of vessels, slow-steaming, electrification, and wind-assisted propulsion.”

Daniele Rao, Carbon Market Watch, said: “IMO member states must support concrete and ambitious emissions reduction targets for 2030 and 2040 to align the shipping sector with the Paris Agreement. Setting these targets is critical for future strong IMO climate measures, such as a carbon levy of at least USD 100, that will help the sector to reduce greenhouse gas emissions while supporting the most vulnerable countries in a just and equitable way”.

Photo credit: International Maritime Organization
Published: 20 June, 2023

Events

Singapore: PS Energy Group unveils new brand identity and moves to a new office

The group including its inland and marine bunkering units PS Energy Pte Ltd and CNC Petroleum Pte Ltd has underwent rebranding and moved to JTC Summit.

Published

5 hours ago

October 4, 2023

Admin

Last mile fuel distribution company PS Energy Group, including its inland and coastal and marine bunkering units, PS Energy Pte Ltd and CNC Petroleum Pte Ltd, has introduced a fresh brand identity learns Manifold Times.

The firm has unveiled its new company logos and branding that reflects its remarkable transformation as a company.

“Over the past few months, we have been working hard to create a new visual identity that truly captures the essence of who we are as a company which we hope will resonate, inspire trust, and build meaningful connections with our customers,” Sean Chua, Managing Director told Singapore-based bunkering publication Manifold Times.

“Our new logo embodies the core values and aspirations that have guided us throughout our journey, while incorporating elements that represent our vision and direction for the future. With its circular shape, the new logo depicts an entity in motion and embodies PS Energy Group’s agility, focus on innovation, and accessibility.”

The firm’s updated branding encompasses a comprehensive visual identity system that is now being integrated across all its assets and communication channels, including its inland and marine fleet, website, and social media platforms.

Besides the new brand identity, the Group has recently moved to a new and improved office space at the JTC Summit in Singapore. The firm said its team spent considerable time and effort in searching for the perfect location that aligned with its vision and values of providing the best service possible to its clients.

“The move represents a significant milestone in our company's journey and marks a new chapter of growth and opportunity. Our new office brings a host of exciting features and amenities that will undoubtedly elevate the overall experience for everyone involved,” according to Sean.

“From spacious workstations and ergonomic furniture to cutting-edge technology and collaborative spaces, we have designed the new office with both functionality and comfort in mind. We believe that this new workspace will foster even greater creativity, productivity, and collaboration among our team members, enabling us to deliver exceptional results and exceed the expectations of our clients.”

PS Energy Group’s new address is as follows:

8 Jurong Town Hall Road
#24-01 The JTC Summit
Singapore 609434

Photo credit: PS Energy Group
Published: 4 October, 2023

Business

Malaysia: Straits Energy proposes to list oil bunkering and shipping segment on Nasdaq

In a filing with Bursa Malaysia, the firm announced its intention to spin-off its oil bunkering and shipping related services segment for listing on NASDAQ stock exchange via a public offering.

Published

5 hours ago

October 4, 2023

Admin

Malaysia-listed Straits Energy Resources Berhad on Monday (2 October) announced the company’s intention to spin-off its oil bunkering and shipping related services segment for listing on NASDAQ stock exchange in the United States by way of a registered public offering.

In a filing with Bursa Malaysia, the firm said it intends to undertake a reorganisation of some of its subsidiaries involved in the oil bunkering and shipping related services segment, for the purpose of forming a separate listing group or Spin-Off Group suitable for the listing on NASDAQ.

“It is envisaged that these subsidiaries to be comprised in the Spin-off Group will continue to remain as

subsidiaries of Straits upon the completion of the Proposed Listing,” the company said.

Straits Energy added it will make a detailed announcement in relation to the proposed listing in due course, once the board of directors has finalised and approved the terms and structure of the exercise.

It said the listing would enable the Spin-Off Group to gain recognition and corporate stature through the listing status of its own on NASDAQ.

The company added the listing would further enhance its corporate reputation and profile which will be conducive in expanding its customer base whilst allowing the Spin-Off Group to expand and establish its global presence.

The proposed listing would also enable the Spin-Off Group to gain access to the capital market in the United States for capital raising and to provide the Spin-Off Group with financial flexibility for future expansion and growth.

It will also unlock shareholders' value in the oil bunkering and shipping related services and provide transparent valuation benchmark for the same on NASDAQ, it added.

Manifold Times previously reported marine fuel logistics firm CBL International Limited (CBL International), an ultimate holding company of Banle International Group Ltd (BVI), a 38%-associate company of Straits Energy Resources Bhd announced it would be listed on Nasdaq.

Later, Manifold Times did an exclusive interview with Banle Group who shared insights on the successful listing of CBL International Limited, its listing vehicle, on the Nasdaq Capital Market

Photo credit: Straits Energy Resources Berhad
Published: 4 October, 2023

Employment

VPS announces new appointments for key positions

Andrew Morton has been appointed to the role of Managing Director AMEA while Captain Rahul Choudhuri has been appointed to the newly created role of President Strategic Partnerships.

Published

5 hours ago

October 4, 2023

Admin

VPS announces new appointments for key positions

Marine fuels testing company VPS on Tuesday (3 October) announced the appointment of Andrew Morton to the role of Managing Director AMEA (Asia, Middle East and Africa).

In this role, Andrew will apply his experience and knowledge to lead the delivery of VPS services to these important and growing regions. He joins VPS having spent the last 17 years working in the oil and gas industry, most recently with TotalEnergies in various positions and countries.

These included technical, commercial, management, mergers and acquisitions and most recently the New Energies space, including renewable energy, biogas and fuels, hydrogen and LNG. He has a BSc (Hons) in Chemistry and started his career in research and development in the lubricants industry for Fuchs.

Dr. Malcolm Cooper, VPS CEO, stated “We are delighted to welcome Andrew on board as our MD AMEA. His background and experience will be helpful in supporting our customers in these important Regions, particularly in the rapidly developing decarbonisation space.”

Andrew Morton, said: “I am delighted to join VPS and the team and take over the role of Managing Director - Asia, Middle East and Africa. It is a privilege to join the global market leader and to manage a zone where the maritime industry is growing. I look forward to working with the various companies and associations across the industry to help them with their decarbonisation journey.”

VPS also announced that Captain Rahul Choudhuri has been appointed to the newly created role of President Strategic Partnerships. In this role, Rahul will use his network to enhance and further develop relationships with customers and operators from across the shipping ecosystem to help VPS support their decarbonisation journey.

Dr. Malcolm Cooper, VPS CEO, stated “Captain Rahul is well-known across the Maritime sector and he has been the figurehead for VPS Asia and the Middle East for many years. He has been instrumental in many developments within VPS and across the shipping industry, making significant contributions to developments through a wide range of Committees and organisations.”

“His new role will enable him to focus more on our external relationships, which are of growing importance as we aim to support the shipping sector on it’s decarbonisation journey. We in VPS are very proud of Rahul’s achievements to date and we know there will be more to come.”

Rahul, said: “I am looking forward to this new opportunity. This role will allow me to use my experience and close relationships to strengthen, build and develop the industry partnerships needed to deliver new decarbonisation solutions offered by VPS. My work with industry associations allows a greater professional engagement with stakeholders to take the industry forward in challenging times”.

Photo credit: VPS
Published: 4 October, 2023