As he sat in a Bloomberg Philanthropies forum at Cop28 last week, the Australian tycoon Andrew “Twiggy” Forrest would have been proud to get a shoutout from the stage.
Mr Forrest was hailed by US climate envoy John Kerry for sailing an ocean-going vessel from Singapore to the summit on ammonia fuel. As a symbol of a breakthrough in the push for net zero, this is a pretty breathtaking feat.
But as one character from Evelyn Waugh’s 1938 novel Scoop might have observed, this was truth “up to a point”. The vessel in question reportedly has four engines, and conventional fuel took it on its way on the high ocean while the ammonia engines were operating during Cop28.
Some good progress then, but also a measure of how much further the shipping industry has yet to travel to make its full contribution to the shift away from fossil fuels. The good news is that insiders seem to think progress is possible.
Admittedly Cop28 is not the forum to ultimately bring the shipping industry into the framework of the UN’s climate change regime. That role belongs to the International Maritime Organisation (IMO), a UN body that this year agreed that the industry, which accounts for about a twentieth of all greenhouse gases, would aim for a mid-century net-neutral position.
For a measure of how this would work, I caught up with Bo Cerup-Simonsen, the chief executive of Maersk McKinney, which is a consultancy advising the maritime industry on net-zero. He says the industry’s prime goal is to offer its clients shipping that is zero-climate impact.
The IMO can drive the change to meet the target. With the lifetime of a ship stretching 25 years, the replacement of vessels is something that can probably only take place at the rate of 5 per cent a year. Add to this the question of where the future fuels are going to come from and how the port infrastructure is built up to support the new ships with alternative fuel requirements.
It is vital that the maritime industry is able to balance its own needs and the wider demand for hydrogen supplies
That is why Mr Cerup-Simonsen’s view is that Cop meetings are the place where plenty of consequential new ideas are born for the industry, even as the IMO is the place where the hard regulations are laid down.
Hydrogen is a resource that is much talked about in the future of shipping. Despite reservations about it being a tough fuel to handle, there has never been a dangerous incident in its history. However, it does need new infrastructure.
The Hydrogen Declaration at Cop28 set out a range of ambitions on a gas that could soon tap its long-known potential.
Tomorrow in Antwerp, the launch of the largest hydrogen-powered ship yet will take place. The Hydrotug 1 is the world’s first hydrogen-powered tugboat, an important demonstration that the fuel can be used for powerful engines.
The thing about hydrogen as a fuel is that it will require a new boom in transportation just as liquefied natural gas has done over the past 20 years. That will push up demand for ships and infrastructure too.
It is vital that the maritime industry is able to balance its own needs and the wider demand for these hydrogen supplies. Incidentally, Mr Forrest is at war over the standardisation of the industry, something that could yet complicate the march on the net-zero targets.
The International Renewable Energy Agency, a UN agency mandated to facilitate the adoption and sustainable use of renewable energy, issued a report that projects that hydrogen production would rise five-fold by 2050 to make up more than a tenth of global energy use. Renewable hydrogen will meet the bulk of the projected demand, which would offset a quarter of the transport industry’s emissions.
Hydrogen is prized for the promise of decarbonised electricity. Almost all the current hydrogen stocks have been made by chemical or petrochemical processes. But if solar, carbon capture or nuclear power is used for the “reforming” of the gas (from water), a much smaller carbon footprint is created.
At Glasgow’s Cop26, an agreement was made to back green corridors for shipping. This was a prod that the maritime industry needs to embrace for its development as a player in the sustainable movement.
Despite all this, it is not certain that hydrogen will take first spot. Speaking to the industry bible Lloyd’s List, Carlo Raucci, a decarbonisation consultant at the LR Maritime Decarbonisation Hub, highlighted the still diverse range of options on future fuels and how having options creates a happy headache for shipowners.
He also said investors are fearful of the risk of stranded assets. First movers need initiatives such as green shipping corridors as a means of reducing the uncertainty.
Moreover, the shipping industry is used to pinch points shaping its fortunes.
The Strait of Malacca is China and Japan’s oil corridor, but it narrows at one point to 65 kilometres. The Black Sea barely functions as an artery of the global wheat trade, as it has been hit by the Russian war in Ukraine.
The Houthi attacks in the Gulf of Aden are the worst challenge to the free movement of east-west trade since the Somali pirate attacks petered out in 2011. Already more than a dozen major trading vessels have gone the long route around the Cape of Good Hope since the attacks began.
Transportation of the new fuels is vital to the world’s transition, just as it is with the existing mix.
It is vital that shipping can overcome its own record of using traditional fuels and establish new renewable fuel supplies for both its own vessels and the world economy. Sustainable outcomes for net-zero rest on the prospects of maritime success.
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How The Debt Panel's advice helped readers in 2019
December 11: 'My husband died, so what happens to the Dh240,000 he owes in the UAE?'
JL, a housewife from India, wrote to us about her husband, who died earlier this month. He left behind an outstanding loan of Dh240,000 and she was hoping to pay it off with an insurance policy he had taken out. She also wanted to recover some of her husband’s end-of-service liabilities to help support her and her son.
“I have no words to thank you for helping me out,” she wrote to The Debt Panel after receiving the panellists' comments. “The advice has given me an idea of the present status of the loan and how to take it up further. I will draft a letter and send it to the email ID on the bank’s website along with the death certificate. I hope and pray to find a way out of this.”
November 26: ‘I owe Dh100,000 because my employer has not paid me for a year’
SL, a financial services employee from India, left the UAE in June after quitting his job because his employer had not paid him since November 2018. He owes Dh103,800 on four debts and was told by the panellists he may be able to use the insolvency law to solve his issue.
SL thanked the panellists for their efforts. "Indeed, I have some clarity on the consequence of the case and the next steps to take regarding my situation," he says. "Hopefully, I will be able to provide a positive testimony soon."
October 15: 'I lost my job and left the UAE owing Dh71,000. Can I return?'
MS, an energy sector employee from South Africa, left the UAE in August after losing his Dh12,000 job. He was struggling to meet the repayments while securing a new position in the UAE and feared he would be detained if he returned. He has now secured a new job and will return to the Emirates this month.
“The insolvency law is indeed a relief to hear,” he says. "I will not apply for insolvency at this stage. I have been able to pay something towards my loan and credit card. As it stands, I only have a one-month deficit, which I will be able to recover by the end of December."
About Okadoc
Date started: Okadoc, 2018
Founder/CEO: Fodhil Benturquia
Based: Dubai, UAE
Sector: Healthcare
Size: (employees/revenue) 40 staff; undisclosed revenues recording “double-digit” monthly growth
Funding stage: Series B fundraising round to conclude in February
Investors: Undisclosed
Zayed Sustainability Prize
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Indoor cricket World Cup:
Insportz, Dubai, September 16-23
UAE fixtures:
Men
Saturday, September 16 – 1.45pm, v New Zealand
Sunday, September 17 – 10.30am, v Australia; 3.45pm, v South Africa
Monday, September 18 – 2pm, v England; 7.15pm, v India
Tuesday, September 19 – 12.15pm, v Singapore; 5.30pm, v Sri Lanka
Thursday, September 21 – 2pm v Malaysia
Friday, September 22 – 3.30pm, semi-final
Saturday, September 23 – 3pm, grand final
Women
Saturday, September 16 – 5.15pm, v Australia
Sunday, September 17 – 2pm, v South Africa; 7.15pm, v New Zealand
Monday, September 18 – 5.30pm, v England
Tuesday, September 19 – 10.30am, v New Zealand; 3.45pm, v South Africa
Thursday, September 21 – 12.15pm, v Australia
Friday, September 22 – 1.30pm, semi-final
Saturday, September 23 – 1pm, grand final
Company%20profile
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World%20Cup%202023%20ticket%20sales
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Mohammed bin Zayed Majlis
The Orwell Prize for Political Writing
Twelve books were longlisted for The Orwell Prize for Political Writing. The non-fiction works cover various themes from education, gender bias, and the environment to surveillance and political power. Some of the books that made it to the non-fiction longlist include:
- Appeasing Hitler: Chamberlain, Churchill and the Road to War by Tim Bouverie
- Some Kids I Taught and What They Taught Me by Kate Clanchy
- Invisible Women: Exposing Data Bias in a World Designed for Men by Caroline Criado Perez
- Follow Me, Akhi: The Online World of British Muslims by Hussein Kesvani
- Guest House for Young Widows: Among the Women of ISIS by Azadeh Moaveni
Zayed Sustainability Prize
JOKE'S%20ON%20YOU
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UAE currency: the story behind the money in your pockets
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UAE currency: the story behind the money in your pockets
MATCH INFO
Uefa Champions League semi-final, first leg
Barcelona v Liverpool, Wednesday, 11pm (UAE).
Second leg
Liverpool v Barcelona, Tuesday, May 7, 11pm
Games on BeIN Sports
Second ODI
England 322-7 (50 ovs)
India 236 (50 ovs)
England win by 86 runs
Next match: Tuesday, July 17, Headingley
How to donate
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
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WWE Evolution results
- Trish Stratus and Lita beat Alicia Fox and Mickie James in a tag match
- Nia Jax won a battle royal, eliminating Ember Moon last to win
- Toni Storm beat Io Shirai to win the Mae Young Classic
- Natalya, Sasha Banks and Bayley beat The Riott Squad in a six-woman tag match
- Shayna Baszler won the NXT Women’s title by defeating Kairi Sane
- Becky Lynch retained the SmackDown Women’s Championship against Charlotte Flair in a Last Woman Standing match
- Ronda Rousey retained the Raw Women’s title by beating Nikki Bella
UAE currency: the story behind the money in your pockets
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Honeymoonish
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THE APPRENTICE
Director: Ali Abbasi
Starring: Sebastian Stan, Maria Bakalova, Jeremy Strong
Rating: 3/5
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
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