THE RACE IS ON
THE DECADE OF CHANGE
A confronting statement perhaps? But, in the context of climate change, the natural resources consumed and CO2 produced for, in many cases, a few weeks of pleasure a year, it’s hard to argue it’s anything but unsustainable.
Although the industry has a positive socio-economic impact through the many businesses supported and people employed, like any industry reliant on fossil fuels, it needs to decarbonise if it wants to be a responsible industry that can thrive in the future.
The Decade Of Change
In this decade, the challenge will be to balance the benefits of yachting against the environmental impact, whilst improving efficiency and accelerating the transition to low or zero emissions yachts (ZEY).
Henk De Vries, from Feadship, expressed this in stark terms when he addressed the survival strategy for the remaining eight years of this decade in an article published by the Water Revolution Foundation – YETI moves into critical test phase and calls upon yachts for fleet review – 3 Dec 2021
Whilst there is ambition from some, the pace is slow, engagement is poor, there is a lack of urgency, and resistance due to the additional costs involved. The current market boom that COVID has arguably precipitated, has probably not helped the cause – people are too busy selling/building yachts!
Furthermore, some of the solutions are not yet proven, and alternative fuels are not available at scale. However, progress is coming at a pace that could make such solutions possible by the next available build slots (mid-decade).
In the meantime, there is still much that can be done with current technologies, alternative fuels and operational changes, that can make a difference.
Where We Are
It is clear with the release of the IPCC 2021 Report and COP26, time is running out fast!
There is a limited window in which to reduce Green House Gas (GHG) emissions and still remain on track to meet the objective of the Paris Agreement; to keep the global temperature increase to well below 2°C and pursue efforts to keep it to 1.5°C.
The IMO with their GHG Strategy (set to be updated in 2023) and governments are now acting with increased urgency. Countries like the USA, UK and the EU-27 are setting targets of at least a 50% reduction in CO2 compared to 1990 by 2030 as a critical milestone on the way to achieving net zero by 2050 – yachting, should be even more ambitious.
Though it is true that the CO2 emissions from yachting are tiny compared to overall amount, and only about 0.3% of shipping’s emissions (Fourth IMO GHG Study 2020) it is still a sizeable and growing amount – especially confronting if considered on a per capita basis.
To put this into perspective the yachts in the study emitted a similar amount of CO2 to Nicaragua, with a population of 6.5 million.
The true amount could be double, as the study did not include the use of Automotive Gas Oil (AGO) or shore-power and its upstream emissions.
The business as usual (BAU) trendline suggests we could be on track to double our CO2 emissions by 2030.
How Much CO2?
If you are concerned, or just curious about your yacht or fleet CO2 emissions from fuel and shore-power, Superyacht2030 has developed a simple CO2 Calculator that will help – best if monthly figures are used.
In the coming years there will be increasing environmental headwinds, such as policy changes, increased regulation (new IMO GHG Strategy) carbon tax (IMO market based measures and amendments to the EU ETS for shipping) and societal pressure (increased activism).
To face this head on, the industry will need to be proactive, transparent, set reduction targets and demonstrate leadership.
It will require a collaborative approach and a systemic change throughout the whole ecosystem, including design, production, operation, and refit, if we are to avoid being consigned to history.
Crucially, as the ultimate “discretionary expense” our survival will be heavily reliant on responsible and motivated owners who are willing to pay the “green premium” (a term penned by Bill Gates in his book “How to Avoid A Climate Disaster” that will be necessary to reduce emissions and decarbonise yachting.
The goal of Superyacht2030 is to speak honestly about the future, without green washing, to acknowledge the challenges, support ideas and solutions, and champion companies and individuals who are who are making a real difference.
If you would like to be part of this journey and stay up to date with the latest developments, insight and opinion, sign-up below.