INTERTANKO releases Decarbonisation Strategy

1 August 2024

At its meeting in Tokyo, INTERTANKO’s Council approved the release of a Strategy for the Decarbonisation of International Tanker Shipping.

The 2023 International Maritime Organization (IMO) Greenhouse Gas Strategy is now established, greater clarity has been provided on the IMO’s short- and mid-term regulatory pathways, and the EU’s suite of decarbonisation regulations is largely completed. The complexity of new legislation introduces multiple layers of technical and economic legislation at both regional and international levels. In order to proactively influence the future decarbonisation of the tanker industry, a different approach is required that encompasses expertise and analysis on issues effecting compliance, seafarers and commercial sustainability.

In this context, INTERTANKO’s Council agreed that there is a need for a forward-looking decarbonisation strategy for the Association that offers support to Members in their efforts to meet global decarbonisation targets. In developing the strategy, Council suggested that there was a need to be progressive and to better define and communicate the Association’s activities and future direction. The strategy encompasses compliance, seafarers and commercial sustainability and applies equally to energy efficiency of the existing fleet, as well as to alternative fuels for the future fleet.

The strategy takes into consideration the different approaches necessary to meet both the short-term 2030 and 2040 targets, as well as the longer term 2050 target. It shifts the focus away from a compliance-based policy towards a strategy that can act as an enabler for Members to meet and exceed global decarbonisation targets.

Since innovation would need to cover both technology as well as commercial innovation, the strategy raises awareness of the ongoing sharing between Members on energy efficiency technologies while also encouraging innovative commercial solutions to improve energy efficiency, something that will invariably involve engagement with charterers.

The use of Member company GHG performance data, as gathered through the data collection project, is included in the strategy. This data will allow for a better understanding and assessment of options within all aspects, from compliance through to contractual and commercial sustainability.

The strategy recognises the importance of collaboration and avoiding duplicating efforts with other, external initiatives. In this respect and in discussing other decarbonisation initiatives, the Council acknowledged that INTERTANKO provides a unique platform from which to establish a strategy that pooled the resources of its 180 tanker owner Membership without the influence of external interests. Engagement with external organisations and stakeholders is therefore a critical part of INTERTANKO’s strategy.

It is anticipated that establishing this strategy, a practical pathway for Members will be provided that can be used as a reference for company decarbonisation strategies. This will therefore not be about establishing new or different GHG reduction targets, but about considering the various pathways and means required to reach current targets. It will also require factoring in the various options and speed with which each Member company will be able to implement their own strategies.

As the decarbonisation issue evolves with new technologies and fuels, emerging regulations and changing market dynamics, INTERTANKO’s decarbonisation strategy will adapt and evolve in alignment with these changes. As a living document, Members are invited to contribute to both its evolution and its implementation.

Contact: Environment@intertanko.com

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