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A Vision of the Decade – Funding Maritime’s Future

This week brought a bit of reality to the discussion of maritime’s future efforts to meet environmental goals when the Getting to Zero Coalition and UMAS announced a $1trillion price tag for meeting 2050 decarbonization goals in maritime.  Once I picked myself off the floor and read past the headline, I realized that most of the costs were land based, and that the maritime industry “only” had to invest $13billion.

Whew!!  What a relief!!  Or is it???

The tide is turning on financing for maritime.  We are living in a period of uncertainty as to what ships to order, as no one wants to be left with “stranded assets”.  The remaining shipping banks are unwilling to lend on such a “risky” asset, as evidenced by the adoption of the Poseidon Principles.  And with the public turning its attention to the Larry Fink’s (Blackstone’s CEO who has argued for corporate social responsibility for the past two years and this year cited climate change becoming an investment risk- see Blackstone’s Larry Fink’s letter to CEO’s) of the investor community, finding money in the public markets to make these changes will become more difficult.

No one is exempt from this chain of risk and responsibility.  Larry Fink’s annual letter cited “…awareness [about climate change] is rapidly changing, and I believe we are on the edge of a fundamental reshaping of finance…These questions are driving a profound reassessment of risk and asset values. And because capital markets pull future risk forward, we will see changes in capital allocation more quickly than we see changes to the climate itself. In the near future – and sooner than most anticipate – there will be a significant reallocation of capital.”

The question becomes:  how does a global industry collaborate to meet goals, gain resources to underwrite these goals, remain competitive while meeting the needs of society for transportation services?

Learn more at SHIPPINGInsight 2020—A Vision for the Decade

Keep optimizing,

Carleen Lyden Walker
Chief Executive Officer
IMO Maritime Ambassador
+1 203 255 4686 (o)
+1 203 260 0480 (m)

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