LONDON: The Sustainable Shipping Initiative (SSI) has published a report discussing the potential of applying circular economy principles to maritime shipping.
Authored by Dutch sustainability and circularity consultancy 2BHonest, the report says it is time to rethink the industry’s approach to resource use and consider the entire lifecycle of a vessel in its design, building, operations and recycling phases.
It identifies four main building blocks: knowledge and awareness, business model innovation, technological advancement, and a global regulatory framework.
SSI is a multi-stakeholder initiative to improve the sustainability of the shipping industry. Members include charterers, shipowners and shipyards to ports & port operators, banks, ship finance and insurance providers, classification societies and technology companies.
Pieter van t’Hoff, responsible for strategy and supply chain at 2BHonest commented: “The world needs to pivot away from a linear to a circular economy. For shipping this means working to create awareness, policies, business models and technologies towards an industry that is circular by design.”
With global recycling volumes expected to double by 2028 and nearly quadruple by 2033, the report says there’s a growing need for the industry to incorporate circularity principles of reduce, reuse, refurbish and recycle in order to design out waste, maximise the useful life of materials and leverage the increased reuse of materials and components.
Oriana Brine, an SSI Trustee said it was essential for the industry to address end-of-life sustainability challenges by going beyond compliance-driven approaches to create new business models: “By investing early to build circular economy principles into every stage of the ship’s lifecycle, the industry will realise the potential for transformation including the social, environmental, and economic rewards.
“Consumers and investors will look to the shipping industry for practical examples and inspiration about how to future-proof the maritime supply chain,” she added.
Story Type: News