• 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 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
10:48 Wartsila offers new high-performance thruster and propulsion control solution package
10:25 Port of Long Beach container volume up 8.3% to 654,082 TEUs in March 2024
09:58 Kalypso Offshore Energy signs LOI with Royal IHC

2024 April 15

18:04 Container shipping costs of S. Korea-EU route surge 40 pct amid Red Sea crisis
17:21 HMM to expand container ship fleet by 2030
17:09 Singapore retains its position as the world's leading maritime city
16:47 Iran says MSC Aries vessel seized for 'violating maritime laws'
16:24 ICTSI gets PPA OK to operate Iloilo Port
15:21 DEME’s offshore installation vessel ‘Orion’ successfully completes the near 15 MW turbine foundation installation project in Scotland and heads to US
14:55 Meriaura orders two biofuel powered 6750 DWT cargo vessels from Royal Bodewes shipyard
14:35 Methanol-fuelled MAN 21/31DF-M GenSet secures first propulsion order
13:32 Port of Valencia export freights grow by 2.13% in March 2024
12:48 Seatrium and Shell inks MOU to further collaborate on floating production systems
12:24 Seaspan launches second LNG bunkering vessel to deliver low-carbon energy solutions to the West Coast
11:57 Japan's 1st coastal module carrier to transport offshore wind turbine foundation components
10:36 EST-Floattech to provide the battery system for the purpose-built electric-landing utility vessel

2024 April 14

16:02 Shanghai's ship exports see considerable growth in Jan-Feb
14:13 Stena Drilling secures 1-well firm programme with Energean for Stena Forth in Morocco
12:07 GSBN: Lack of digital processes in shipping complicates decarbonization game
10:22 Panama Canal expects return to normal transit capacity by 2025

2024 April 13

15:04 Subsea7 awarded contract in the Gulf of Mexico
13:51 Shanghai Electric’s 'ZHI ZHEN 100' excels thorough offshore equipment test
11:18 WSC: Updated version released of “Prevention of Pest Contamination of Containers: Joint Industry Guidelines for the Cleaning of Containers”
09:43 Financiers and insurers ready to support electrification of the domestic harbour craft sector

2024 April 12

18:02 The first LNG bunkering operation performed at Klaipeda Port
17:32 Nexans announces keel laying ceremony for the CLV vessel
17:19 Arctia to map offshore wind farm area in Norway
17:17 SBM Offshore to construct and install FPSO Jaguar
16:46 OOIL's revenue decreases by 9% in Q1 2024
16:13 Wan Hai Lines holds ship naming ceremony for new vessels
14:45 Oil exports from Russia's Baltic ports set to rise 5% in April - Reuters
12:49 MABUX: Bunker Outlook, Week 15, 2024.
11:41 PaxOcean Group starts construction of the first all-electric tug and supply boat
11:27 MOL inaugurates the largest green hydrogen plant in Central and Eastern Europe
10:58 NYK set to achieve world's first truck-to-ship fuel ammonia bunkering

2024 April 11

18:03 INFODAS granted world’s first type approval for software-defined data diode
17:31 The Maritime and Port Authority of Singapore receives 19 proposals to support early adopters of electric port vessels
17:03 Japanese joint venture explores MAN B&W 60-bore ammonia engine for bulker
16:45 WTO forecasts rebound in global trade but warns of downside risks
16:02 Hitachi Zosen Corporation, MOL and Yanmar Power Technology achieve a 93.8% reduction in methane slip from LNG-powered vessels
15:42 MOL holds naming and launching ceremony for the 1st LNG-fueled ferry on Oarai-Tomakomai route
15:18 Bahamas port goes electric with Konecranes Gottwald Generation 6 Mobile Harbor Crane
14:45 Mediterranean shipwreck kills at least 8 migrants, dozens rescued
14:28 Siem Offshore announces sale of 9 vessels to majore shareholder
14:23 Russia begins diesel exports to Sudan, LSEG data shows
13:44 JSI Alliance completes scope in Basrah Refinery Upgrading Project
13:12 MITSUI to jointly develop ammonia fueled bulk carriers with five partners
12:32 Kongsberg Maritime to supply Promas propulsion systems for the USCG’s new OPC programme
10:54 CWS Airfin350 receives AiP from Bureau Veritas
10:22 Nesec contributes to the funding of maritime battery developer EST-Floattech
09:52 Finnlines launches new service between Malmo and Swinoujscie

2024 April 10

18:20 First companies confirmed for innovation hub NextGen Demo in the port of Antwerp-Bruges
17:01 ClassNK issues type approval certificate for CBM management software developed by Samsung Heavy Industries
16:40 DNV awards AIP to HMD for new ammonia-powered LPG carrier designs
16:09 Kongsberg to provide maritime surveillance services to Norway
14:42 NYK completes basic design process using only 3D drawings for new oceangoing vessel
14:26 Japan's 1st hydrogen and bio fuel hybrid passenger ship 'Hanaria' starts service in Kitakyushu