• 2024 February 23 10:40

    Clear early policy decisions needed to prevent the UK's energy transition stalling, says DNV

    The study states that the transition is stalling, and the country is not on track to meet either its legally binding 2050 decarbonization targets or its Nationally Determined Contribution (NDC) commitment of reducing emissions by 68% by 2030 under the Paris Agreement.  

    DNV, the independent energy expert and assurance provider, forecasts show that the UK’s annual emissions will amount to some 125 million tonnes  of carbon dioxide equivalent (MtCO2e) in 2050, and while this represents a significant 85% reduction relative to 1990 levels, it is not the 100% reduction by mid-century that the UK has legislated for.

    DNV determines that with the right incentives, the transition can still be accelerated through swift deployment of technologies such as wind, solar PV, smart grids, electric vehicles, but also mitigating technologies as CCS and hydrogen.

    The UK hydrogen market is in particular need of significant support. The report outlines that by 2030, hydrogen production will reach 1Mtonnes/yr, only 60% of which will be low carbon, equivalent to roughly 5GW of low carbon hydrogen versus the government target of 10GW.

    Hari Vamadevan, executive vice president and regional director, UK & Ireland, Energy Systems at DNV, said: “The evidence in our 2024 UK ETO is clear – without immediate action the UK will fail to deliver on its climate commitments, fall behind in the global race to decarbonize and  miss out on many of the benefits that switching to a low-carbon system will bring. But, by putting the correct policy levers in place, there is still time for industry and government to deliver a transition that is good for business, good for consumers and good for the planet.”

    DNV recommends the UK Government adopt a ‘whole systems’ thinking approach to the energy transition and act across all its dimensions to counter system inertia.  On the supply side, policy makers should provide clear incentives to crowd in private capital for buildout of green generation, and on the transmission and distribution side they should facilitate planning and permitting for delivery of critical infrastructure. At the same time there is a need for extensive engagement on the demand side with society at large to embed low carbon solutions and, additionally, ensure a just transition by ensuring downside social impacts are minimised.  

    DNV forecast annual energy infrastructure CAPEX spend to increase from an annual average of GBP 26 bn in previous decades to around GBP 38bn per year over the next 30 years. While this is a significant increase in absolute terms, the share of GDP devoted to energy CAPEX expenditure remains relatively stable at just above 1% of GDP across the 2000-2050 period.

    There will be big wins for the British public though and the transition means domestic consumers will benefit from an almost 40% reduction in household energy costs by 2050, when compared with 2021 prices. DNV concludes that the decarbonization of the UK economy is affordable, with a substantial green prize awaiting households in the form of cleaner, more efficient and less expensive energy.  

    Today, close to 80% of all UK primary energy comes from fossil fuels, of which just over 50% is produced nationally, with renewables (13%) and nuclear energy (7%) covering the remaining share. Even with the expected build-out of renewables, this heavy reliance on fossil fuels will remain for the next decade, only reducing to 70% by 2031.  

    But by 2050 this picture will be significantly different with low-carbon supply sources meeting nearly 65% of the UK energy needs. More than half of that will be via variable renewables - wind and solar - with and the remainder split between bioenergy and nuclear.  

    For this, it is imperative that there is a step-change in historical electrical grid investment levels to ensure the grid will be the enabler, not the blocker, of the energy transition. This will require an overhaul of the way networks are planned, built, and operated. Crucially, policy makers and regulators need to accept that the levels of risk associated with delivering this step-change will be different from risks that previously were deemed acceptable.

    Hari Vamadevan added: “The required climate objectives and decarbonization targets are in place, but the onus is on the UK Government to put a clear, ambitious strategy in place to make them a reality. What the UK desperately needs is a detailed transition roadmap to chart the country’s journey to the low-carbon energy system of the future – only then can businesses invest with confidence to drive the energy transition. The UK Government has always claimed to be a leader in the global net zero transition; now it is time to deliver on those claims. The ball is in the court of the policymakers.”  

    Energy leaders, government officials and representatives from a wide array of trade bodies will meet in London today for the launch of the 2024 UK ETO. A panel comprised of Viken Chinien, VP – Enterprise Risk Management DNV; Hannah Bronwin, Director of Business Development, SSE Thermal; Owen Bellamy, Team Leader, Energy Supply Decarbonisation and Resilience, Climate Change Committee; Harry Manisty, Investment Director, Octopus Energy Generation; Dean Cooper, Global Energy Lead, WWF; Clara Barby CBE, Senior Partner, Just Climate; and moderated by Lucy Siegle, British journalist and writer on environmental issues, will discuss the actions that need to be taken in order to give the low-carbon transition fresh impetus.

2024 April 21

15:07 Steerprop selected to supply main propulsion and tunnel thrusters for CCG's multi-purpose vessels program
13:51 First of its kind TRAktor V3900-DF launched at Uzmar Shipyard
12:37 ABS and DOE sign MOU to collaborate on clean energy development and maritime decarbonization research
11:25 SCHOTTEL to equip four new compact Damen ASD tugs with SRP 270 RudderPropellers
09:57 Hanwha Ocean expands offshore construction presence

2024 April 20

15:02 European ports contend with slow economic growth, geopolitical impact
13:43 AD Ports Group signs strategic agreement with ADNOC distribution for marine lubricants supply
12:17 Stena Bulk completes sale of Stena Blue Sky
10:05 Newbuild ocean tug bolsters growing LNG bunker fleet

2024 April 19

18:02 CMA CGM to strengthen and reshuffle its SEAS1 & SEAS2 services connecting Asia and East Coast South America
17:25 OOCL upgrades Transpacific Latin Atlantic 1/ 2 (TLA1/ 2) service
16:45 The world's two largest hydrogen ships are to be built in Norway
16:15 KEYS Azalea completes first ship-to-ship LNG bunkering in Western Japan
15:40 Port Houston surpasses 1mln TEU mark in Q1 2024
15:29 World's first ammonia dual-fuel Aframaxes to be developed by MISC
14:55 Port of Rotterdam total cargo throughput up 2.0% to 3.3 million TEUs in Q1 2024
14:06 DNV awards certificates for Fortescue’s dual-fuelled ammonia-powered vessel
13:44 Imoto Lines and Marindows launch next-generation zero-emission container ship project
12:41 The Port of Los Angeles and the Port of Long Beach complete a comprehensive Green and Digital Shipping Corridor study
12:20 Ulsan Port Authority signs MOU with Pacific Environment to decarbonize shipping ports in Singapore
11:50 Cavotec signs USD 5 million shore power order with global shipping company
11:22 Rio Tinto selects Alfa Laval OceanGlide fluidic air lubrication with a focus on advancing efficient shipping and reducing emissions
10:45 Steerprop selected to supply main propulsion and tunnel thrusters for Canadian Coast Guard multi-purpose vessels program
10:14 ST Engineering AirX and Bureau Veritas sign cooperation agreement to advance Wing-in-Ground technology
09:38 Solar panels at the Port of Valencia will generate 22% of the energy it consumes

2024 April 18

18:02 DEME wins cable installation contracts from Prysmian for IJmuiden Ver Alpha and Nederwiek 1 offshore grid systems
17:31 RINA awarded contract for Carnival Cruise Line 4th and 5th Excel-class ships
17:18 Cepsa and Evos join up for green methanol storage in Spain and the Netherlands
16:48 ClassNK commences joint research project with JAXA on material compatibility evaluation methods for liquefied oxygen
16:24 Panama Canal announces new measures regarding number of transits and maximum draft
15:50 Kongsberg Maritime secures contract to supply propeller systems to Damen Naval for four Anti-Submarine Warfare frigates
15:24 LR to class Torghatten Nord’s hydrogen-powered ferry duo for Arctic sailings
14:04 CMA CGM sells part of the foreign activities of Bolloré Logistics to the Balguerie Group
13:40 Methanol Institute and SEA-LNG unite against EU trade barriers to biomethane and biomethanol fuels
13:23 DP World launches a new Air Tracking feature to its SeaRates platform
12:31 Port of Los Angeles container volume increases 19% to 743,417 TEU in March 2024
12:16 MABUX: Bunker Outlook, Week 16, 2024
12:11 Coastal Sustainability Alliance boosts development and adoption of maritime biofuel in Singapore
11:43 Ocean Network Express launches reduced emissions shipping service
11:23 Wartsila cargo handling and fuel gas supply systems selected for three new Very Large Ethane Gas Carriers
10:45 Singapore plans production of biofuel blends up to B50 in grade
10:25 Maritime and Port Authority of Singapore and International Energy Agency сollaborate on maritime energy transition

2024 April 17

18:03 Australia and Singapore partner in a $20 million initiative to help reduce emissions in the maritime sector
17:38 EPS strengthens green collaboration with MPA with six Singapore-registered ammonia dual-fuel newbuilds
17:03 HD Hyundai, Scottish firms to cooperate on offshore wind power
16:16 Hanwha Ocean wins 176.4 bln-won order for 1 LPG carrier
15:46 Maritime Book and Claim System advances pilot study to support first movers in zero-emissions shipping
15:00 Port of Antwerp-Bruges cargo volumes up 2.4% to 70.4 million tonnes in Q1 2023
14:47 DOF Rederi AS sells PSV Skandi Gamma
14:24 PIL, CCS partner on alternative fuels and onboard carbon capture and storage
13:44 Total volume of bunker fuel sales at the port of Fujairah increases by 25.2% to 700,918 m3 in March 2023
12:11 Eureka Shipping announces construction of new cement carrier for Great Lakes trade
11:32 MOL to adopt new system to increase capacity and improve operational efficiency of car carriers
11:12 GTT receives an order for the tank design of eight new LNG carriers
10:43 Thailand's Department of Marine and Coastal Resources takes delivery of a new research vessel
10:27 The United States exported a record volume of natural gas in 2023
09:58 TECO 2030 raises NOK 43 million and partners up with Advait in India

2024 April 16

18:04 HD KSOE attains 73% of annual order target in 100 days
17:31 Anglo-Eastern buys Euronav ship manager
17:06 Navig8 takes delivery of the second of six newbuild MRs with emission reducing technology
16:38 IMO’s Facilitation Committee tackles digitalization and autonomous shipping
16:12 World’s largest car carriers ordered with MAN Energy Solutions propulsion package
15:46 Hapag-Lloyd and Seaspan to retrofit five vessels to methanol propulsion
14:13 Asyad Shipping and OQ8 successfully complete first-of-its-kind blended crude oil delivery from Mina Al Fahal to Duqm Refinery
13:54 Hapag-Lloyd unveils its new Strategy 2030
13:14 Singapore aims for over 1 mln tons of low-carbon methanol bunker supply by 2030
12:43 Trafigura to commercially deploy Daphne Technology’s PureMetrics on LNG carrier for precise MRV and optimisation of GHG emissions
12:15 All 12 people rescued from fire on board Tanzanian-flagged cargo ship in Singapore waters
11:49 Drydocks World steel cutting ceremony marks start of UK Norfolk Vanguard Offshore Wind Platforms project
11:23 North Pacific Green Corridor Consortium aims to decarbonize transportation corridor between Canada, Japan and South Korea