Sustainable Shipping Innovation and Development Program launched in Beijing

CCS, together with Sinopec, COSCO SHIPPING Energy Shipping, China Merchants Energy Shipping and ICBC Financial Leasing, jointly launched the Sustainable Shipping Innovation and Development Initiative.

The initiative will serve as a collaborative research platform, focusing on the efficiency, safety, technology maturity, regulations, availability and market mechanism of alternative fuels in the shipping industry, and explore sustainable development paths.

Yi Jiyong, deputy director of the Water Transport Bureau of the Ministry of Transport, suggested that a plan suitable for the sustainable development of China's shipping industry should be formulated to contribute to the reduction of emissions in the global shipping industry.

Zhu Maijin, general manager of COSCO SHIPPING Energy Transportation, hopes to find a feasible path for the application and promotion of clean energy through the newly established initiative.

Wang Yongxin, general manager of China Merchants Energy Shipping, said that low-carbon development requires the joint efforts of the upstream and downstream of the industry, and he called on all parties to cooperate.

According to Zhang Riyong, deputy director of Sinopec's Development and Planning Department, Sinopec will promote key technology research on ship alternative fuels and provide the industry with economically beneficial green fuels.

Zhang Bao, president of ICBC Financial Leasing, said that alternative fuels will bring huge financing needs. The low-carbon development of the shipping industry will also bring opportunities and challenges to financial service institutions. All parties should work together to establish a regulatory system to promote low-carbon development and transformation of the shipping industry.

Fan Qiang, vice president of CCS, said that CCS is willing to cooperate with the stakeholders of the initiative to provide more practical measures and solutions for the low-carbon development of the shipping industry, and provide technical support in ship type development, energy supply and financial services.