A new Impact Partnership Agreement has been signed by the Global Centre for Maritime Decarbonisation (GCMD) and shipowner-controller insurance product provider Gard to advance decarbonisation of the global shipping industry.
Accounting for some 3% of the world’s carbon dioxide (CO2) emissions, shipping was responsible for the release of about 833m tonnes of CO2 in 2021. To aid in the reduction of these emissions, GCMD is developing pilots and trials which include an assurance framework for drop-in green fuels and an ammonia bunkering pilot expected to take place in late 2023.
The new five-year IPA will see Gard helping to assess risks associated with the testing of new low-carbon fuels and technologies, eventually leading to the scaling-up of these technologies. In addition to providing insurance coverage, Gard will also provide legal and risk advisory services and financial contributions towards GCMD’s pooled funds for pilots and trials.
As one of the world’s leading marine insurer’s, Gard has stated its intent to support the industry in the journey towards decarbonisation. Rolf Thore Roppestad, CEO of Gard, said, “We all have our role to play in this transition, and ours is to provide the support and risk mitigation needed to make it happen.”
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