With the recent conclusion of COP28, we would like to highlight some key takeaways from the conference that we feel are particularly pertinent to the superyacht community. During the Closing Plenary, COP28 President Dr. Sultan Al Jaber emphasised the collective commitment to adhere to the Paris Agreement’s target of limiting global warming to 1.5°C and to step up climate action efforts. Noteworthy developments include a global commitment to triple renewables and double energy efficiency, and the fact that the summit’s final agreement, for the first time, established language on fossil fuels. For the superyacht community, this marks a critical time to further our shift away from fossil fuels. We invite you to delve into our insights below. As always, we are eager to hear your thoughts as well, so please don’t hesitate to get in touch.
Sustainable Marine Fuels
A particularly engaging topic that COP28 tackled was ‘Decarbonising Marine Shipping: Promoting the Transition to Sustainable Marine Fuels.’ This topic has far-reaching implications for the marine industry, particularly regarding fuel choices. It is encouraging to note that a number of superyachts are already embracing biofuels. Notably, advanced biofuels, derived from waste and non-food crops, are emerging as key elements in this change. We spotlighted the shift towards biofuels in our recent article on the topic. While there are concerns about their current limited availability, we remain hopeful about the future expansion of biofuel supplies, signalling a major leap forward in sustainability.
Small Island Developing States and Equitable Energy Transition
COP28 placed a spotlight on the equitable energy transition for Small Island Developing States (SIDS). The focus was on their path towards a climate-resilient future. The conference recognised the need for international support to help SIDS to scale up renewable energy and energy efficiency. It also addressed strategies for decarbonisation, financing, and regulatory frameworks. These topics resonate deeply with the superyacht community, which frequently visits SIDS. It underscores the importance of adopting responsible and sustainable energy practices in such sensitive ecosystems. At Yacht Carbon Offset, we are proud to support this initiative. Our carbon reduction projects are based exclusively in developing countries, aligning closely with the vision set out at COP28.
Decarbonising Industry with Technology
COP28 placed a significant emphasis on industrial decarbonisation, a topic we feel is of particular interest to shipyards. The summit kicked off with the ‘Climate Innovation Forum’ and continued to offer a wealth of discussions on how technology can aid in decarbonising industries. The ‘Decarbonising Industry with Technology Program’, a joint initiative by the Ministry of Industry and Advanced Technology (MoIAT) and the United Nations Industrial Development Organization (UNIDO), is exploring industrial decarbonisation, the green energy transition, and innovation in climate action. For the superyacht sector, a key player in sustainability, it’s crucial to stay abreast of these developments.
Non-CO2 Greenhouse Gases
COP28 actively addressed methane and other non-CO2 greenhouse gases (GHGs), which are significant contributors to global warming. The summit pushed for major economies to act decisively, aiming to cut global warming by up to 0.5°C by 2050. For the superyacht community, it will be interesting to see how COP28 may impact technologies like Selective Catalytic Reduction (SCR), which are effective in controlling non-CO2 GHGs, thus playing a pivotal role in reducing overall GHG emissions. You can read more about GHGs, SCR, and why carbon offsetting is crucial here.
Other Key Highlights
- SMEs: COP28 highlighted the role of small and medium enterprises (SMEs) in the climate battle, with a focus on decarbonisation and value chain solutions. This is particularly relevant for SMEs in the maritime industry, given its critical role in global trade and the economy.
- Building Confidence: The summit underscored the importance of fostering belief in a sustainable future, a sentiment that resonates with the superyacht community’s growing commitment to environmental care. At Yacht Carbon Offset, we’ve actively discussed our environmental duties with industry peers and are encouraged to see more of our community embracing carbon offsetting. This increasing confidence in our ability to positively impact the environment shows we’re heading in the right direction.
COP28 has been a useful reminder of the ways the superyacht community can engage with, and contribute to, decarbonisation efforts. The growing environmental consciousness within our community is something that we at Yacht Carbon Offset take immense pride in. We remain committed to these goals and are excited to see the transformative impact of COP28 on our industry. Remember, your actions matter, and you can begin to make a tangible impact with our carbon offset service.
We hope you enjoyed the read. For more detailed information about COP28, please visit www.cop28.com/en/.