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ACCELERATING BLUE FINANCE AND ECONOMY | 41
CELERA
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UE FINANCE AND E
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ONOMY
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PROPULSION AND ENERGY DATA AND ENVIRONMENTAL
REPORTS
Although the ultimate solution to decarbonisation
does not exist, a range of alternative energy sources “Maritime companies will need to present strong
do: new fuels, wind propulsion (an option already data to prove their commitment to the transition
implemented by shipowners like Zéphyr & Borée with and secure their financing”, said Sylvain Pagès of
Canopée, a ship fitted out by a start-up called Ayro), AltfinPartners. Environmental reporting and scientific
hydrogen propulsion in dual-fuel set-ups (which data collection are therefore key for the sector’s green
Compagnie Maritime Belge (CMB) has opted for), transition. According to Francis Vallat, Founder and
methanol, etc. Faced with the challenge of significant Honorary President of the Cluster Maritime Français,
additional costs, Babis Tsamkosoglou, representing “There’s no longer any choice: the ocean is under
shipowner Purus, shared his experience, then attack, poisoned and sick, and needs to be better
commented, “a combination of carbon tax schemes understood if it is to be protected and then cured.
and government grants for low-carbon practices is the Otherwise, humanity is doomed… Sentinels like
right way to start giving the right value to these green SeaOrbiter are no longer just a possibility, they are a
and low-carbon practices their just worth.” “Opting necessity”. © Aquaculture Stewardship Council
for cheaper, less environmentally friendly alternatives
today may seem appealing in the short term but will This gathering of key cross-sector experts marked a
pose greater underlying risks for investors and the first step in highlighting the importance of innovation,
environment in the long run”, added Joana Foglia, investment and environmental regulation in the
a sustainable finance and blue economy expert at maritime industry, and was one in a series of blue
Blumorpho. economy round-table events at Monaco Ocean
Week. Organised to address the key challenge of
CARBON CAPTURE decarbonising the maritime industry over the coming
AND SEQUESTRATION decade, the event showed the need for a multifaceted
approach geared towards 2050.
To meet the targets set by the IMO, decarbonisation
must happen at every stage of the value chain:
infrastructure (TechnoCarbon), optimising port MONACO’S SHIPPING COMMITMENT
operations (GridMatrix), carbon-neutral fuel production
(Aerleum) and retrofitting vessels with carbon capture “Monaco has had its own fleet of merchant ships and naval vessels
systems (Carbon Clean). Solutions also focus on dating back to the 12th century,” noted Sébastien Knecht de Massy,
carbon sequestration. Gigablue’s innovation facilitates President of the Monaco Chamber of Shipping, which has over forty
carbon sequestration in deep waters using bio- members that between them manage over a thousand ships, including
geochemistry and its ocean intelligence platform to tankers, bulk carriers, cruise vessels and cable layers. “It is evident that
identify optimal sequestration areas globally. we must comply with the new European Carbon Tax legislation and
that banks will not finance operations without a clear environmental
IN strategy to reduce greenhouse gas emissions,” he added.
FIGURES
Romain Ciarlet, Executive Director and Secretary General of the Prince
Albert II of Monaco Foundation, advocated for an inclusive, global
The global merchant fleet approach, entailing stringent regulations, fostering innovation and

■ Less than 1% of the world’s 100,000 making substantial investments on a large scale: “Shipping impacts
merchant ships use alternative fuels, ocean climate and biodiversity. Built on a commitment to preserve the
■ 28 billion US dollars per year would global ocean, the Foundation can catalyse positive change through
be needed to decarbonise ships by its philanthropic endeavours, impact investments and awareness
2050, and up to 90 billion US dollars actions, and thereby contribute to the transition towards a more
to develop the infrastructure needed
for 100% carbon-neutral fuels. environmentally responsible shipping industry.”

(sources: UNCTAD, ‘Technology and Innovation
Report 2023’; Getting to Zero Coalition, ‘A Strategy
for the Transition to Zero-Emission Shipping’, 2021)