With consumer pressure and activism growing, industry leaders are in a perfect position to re-strategize and build for the future. Our latest eBook, “Managing Environmental Risk and Making Sustainability Work for Your Business,” explores how stakeholders can navigate the challenges the industry is facing, while maximizing their decarbonization strategy. It includes insights on why industry-wide collaboration and enhanced data visibility is crucial to meeting the future of regulation requirements and environmental governance. Here are some of the eBook’s main takeaways:
How the global green economy impacts the shipping industry
The shipping industry, which transports roughly 80% of global trade, currently produces about 3% of all GHG emissions but, according to one recent study, could represent as much as 10% of such emissions by 2050. That number must come down even as demand goes up. The pandemic has illustrated just how important a role the shipping sector plays in the global economy. Sustainability efforts only make sense as integrations into the existing industry, which is projecting double-digit growth over the next three years.
In the last two years, a number of treaties were introduced. That, indeed, is a good start. However, we should go beyond basic accounting requirements. Accurate emission predictions will be key to maximizing the scope for optimization.
The importance of being proactive
The UN recently released their latest climate report. The U.N. Secretary-General António Guterres described the report as a “code red for humanity”. Unless immediate and rapid action is taken to reduce emissions, the report says, the average global temperature is likely to reach or cross the 1.5-degree Celsius (2.7 degrees Fahrenheit) warming threshold within 20 years. The time for action is now.
Nevertheless, the path towards decarbonization is a long one. Until we have scalable zero-emission fuel infrastructure, most shipping emissions will be unavoidable despite our best efforts. But doesn’t mean that the industry should sit idly by. Predictive insights that can bring greater visibility to emissions performance will help stakeholders work towards decarbonization without setting the industry back.
What you can do now and how data can help
There is good news: You may already be ahead of the curve in ways you’re simply not aware of yet. The power of behavioral data is that it will help you see where you’re on track, where you need to improve, and how to make the smartest changes to your business, big or small. From vessel paths to weather to vessel interactions and more, responding to challenges in real-time will help mitigate your carbon emissions.
There are no single silver bullet answers. But the more you know, the more effective your decision-making about handling environmental concerns will be. The right data can drive stakeholder decision-making and reduce carbon emissions on a day-by-day, week-by-week, and quarter-by-quarter basis.
Download the eBook
These are just some of the insights included in our eBook. Download a complimentary copy of the full eBook here.