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LR: New report identifies pathway for £75bn for UK shipping’s energy transition

02 Dec 2022

Classification society Lloyd’s Register (LR) on Wednesday (30 November) published the UK Domestic Shipping Mobilising Investment in Net Zero report recommending priority areas of focus for the next iteration of the UK government’s Clean Maritime Plan.

In summary, the findings include:

  • Specific sectors of the UK maritime sector such as ferries, offshore service vessels and the offshore wind market present an opportunity for priority action and targeted measures
  • New sources of capital will be required to fund the industry’s decarbonisation transition
  • Institutional investors could be a viable source of funding with the appropriate government support
  • Specific funding mechanisms (illustrated through case studies) can help to overcome the barriers to investment

The report produced by Marine Capital Ltd, with the support of UMAS and LR, estimates that approximately £75bn (USD 91.81 billion) of investment over the coming three decades will be required for the UK’s domestic maritime sector to transition to net zero. Attracting new sources of capital will be key to the industry’s energy transition.

It presents the most comprehensive study to-date of the UK domestic maritime sector, and its findings and recommendations are intended to contribute significantly to the next iteration of the UK government’s Clean Maritime Plan.

Note: The UK Domestic Shipping Mobilising Investment in Net Zero report can be downloaded from the link here.

 

Photo credit: UK Domestic Shipping Mobilising Investment in Net Zero
Published: 2 December, 2022

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