Andrew Shebbeare’s Post

🚢Many barriers are still standing in the way of green fuels investments from the shipping industry.🍀 Drawing on insights from 20+ leading stakeholders across the shipping value chain – including C2X - this latest report from the World Economic Forum and the Boston Consulting Group (BCG), prepared for the First Movers Coalition (FMC) highlights 10 key barriers limiting green fuel projects from going past final investment decision today. Some of these key barriers are lack of clear demand signals with sufficient willingness to pay to cover the green premium as well as the expectations gap between fuel producers and carriers on the length, volume, and price of offtake agreements. “We need the proactive support of governments around the world to close the cost gap through supply-side and demand-side actions. First, by providing incentives that lower the cost of green fuel production, this will promote the rapid scaling-up of these new technologies. And second, by creating a strong and visible demand-pull through mandates and clear carbon-pricing signals. Together this can kick-start the industry to drive faster scale-up and better climate outcomes,” C2X CEO Brian Davis says in the report. 👉 Read more here: https://lnkd.in/eSKrUTcS #Decarbonization #ZeroEmissionShipping #FirstMoversCoalition #ClimateAction #FinalInvestmentDecision #COP28 #C2X

💬🌍💼: Over 100 companies and experts in the emerging carbon removal market have expressed their dismay in a letter to the UNFCCC UN in response to a briefing note raising doubts about the viability and environmental benefits of engineered carbon dioxide removals. Article: https://lnkd.in/eMSw2uAg 🏛️📝⚠️: The UNFCCC, currently drafting potential rules for a new global carbon market under the Paris Agreement's Article 6, published a briefing note scrutinizing various carbon removal activities, including both nature-based solutions and technological CO2 removals like Direct Air Capture (#DAC) and Bioenergy with Carbon Capture and Storage (#BECCS). 🔬📉❓: The note acknowledges engineered carbon removals result in permanent CO2 removal but casts doubt on their technological and commercial viability and potential social and environmental risks. "Engineering-based removal activities are...unproven, especially at scale, and pose unknown environmental and social risks," the paper states. 🌱🌳⚖️: Presently, carbon removal tech like DAC, BECCS, and others are in their infancy, removing a fraction of the CO2 compared to land and nature-based methods such as tree planting and mangrove restoration. But momentum behind the emerging engineered carbon removals market has rapidly accelerated over the past couple of years, led by the $1bn Frontier Fund established by a host of major global corporates - including Meta, Alphabet, and Shopify - that is dedicated to scaling such technologies. Earlier this month, the Frontier fund celebrated its largest CO2 removals credit agreement to date, after agreeing to collectively purchase $53m-worth of credits from Charm Industrial to pull 112,000 tonnes from the atmosphere between 2024 and 2030 using its carbon storage technology. Separately, Microsoft has also been steadily investing in various carbon removals innovators by striking a flurry of carbon credit offset deals, and earlier this month JP Morgan also scored a $200m, nine-year deal with DAC pioneer Climeworks to remove 25 million tonnes of CO2. In a letter to the UNFCCC last week, more than 100 carbon removals companies and experts urged the UN to reconsider the conclusions made in its briefing note, as calling on it to "let science, innovation and the market compete to deliver the solutions offering the greatest climate impact and other co-benefits". Signatories to the letter include Antti Vihavainen, CEO at CO2 removals platform Puro.Earth, Drax Group's senior vice president for commercial BECCS Angela Hepworth, Carbon Business Council policy advisor Toby Bryce, and Simon Manley, head of carbon at UK-based enhanced rock weathering start-up UNDO. #UNFCCC #CarbonRemoval #ClimateChange #ParisAgreement #CCUS #CarbinCapture

An energy secretary talking down net zero? Best as consultancies & businesses we just get on with it. Solid net zero strategies win respect, ROI & resilience. It is a race in the green economy. Ignore those who get in the way #netzero https://lnkd.in/gRFB-3qy

Lifecycle emissions must be a part of the picture   The UK is restricting its net zero transition by not considering full lifecycle emissions and must utilise a wide range of decarbonisation technologies. The Government must incentivise investment in all viable low carbon technologies which offer a path to net zero.   The UK needs a low carbon fuels strategy that provides quality assurance throughout the supply chain and recognises the global context of these emissions, avoiding disparities between regulatory regimes.   #EnergyTransition #GeneralElection #Decarbonisation #netzero

Just imagine what £967bn in consumer subsidies could do to encourage the uptake of sustainable heating, cooling and transport systems. We have the technology; we have the desire; we have the capabilities. We now need our politicians to step up and lead - as opposed to be led by lobby groups, misinformation and legacy corporations with entrenched positions.

Yesterday, The Mission Zero Coalition released a new report titled ‘Decarbonise Now: Securing a Greener, Cleaner, Better Industrial Future’, penned by Chris Skidmore MP, author of the Net Zero Review.    The report recommends that the Government must legislate for hydrogen and CCUS business models and regulatory frameworks across the value chain. This will enable the UK to start awarding contracts and building capacity as soon as possible.    At IM, we are proud to work on projects such as the Lower Thames Crossing, which has recently shortlisted firms to supply over six million kilograms of hydrogen to power its heavy construction machinery. https://lnkd.in/dsEvxyPZ

The #shipping industry has a goal to decarbonize by 2050, relying on alternative fuels. However, there currently isn’t certainty that the infrastructure is in place to support alternative fuels. As part of the #CorporateClimateStocktake, our research shows that strong regulation will be needed at the world’s major ports to drive the transition to zero-emission fuels. Learn more below.

The #shipping industry has a goal to decarbonize by 2050, relying on alternative fuels. However, there currently isn’t certainty that the infrastructure is in place to support alternative fuels. As part of the #CorporateClimateStocktake, our research shows that strong regulation will be needed at the world’s major ports to drive the transition to zero-emission fuels. Learn more below.

Energy Security Secretary Claire Coutinho has asserted that policy certainty is not what businesses “need the most” from the UK Government, arguing that “living with uncertainty” is better for businesses as it stimulates market competition. The speech was interrupted several times by activists, protesting against the Government’s continued support for fossil fuel projects. The UK is committed to achieving net-zero carbon emissions by 2050. However, a recent study revealed that the Government will need to send strong signals to the private sector now if it is to deliver the most economically beneficial pathway to net-zero, which would unlock a 6.4% GDP boost by 2050. Coutinho stated that it is the Government’s responsibility to create “the right market conditions for capital to flow”, and expressed pride in the statistics that the UK has attracted £300bn in low-carbon private investment. https://lnkd.in/d4GWeRCu

The #shipping industry has a goal to decarbonize by 2050, relying on alternative fuels. However, there currently isn’t certainty that the infrastructure is in place to support alternative fuels. As part of the #CorporateClimateStocktake, our research shows that strong regulation will be needed at the world’s major ports to drive the transition to zero-emission fuels. Learn more below.