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Q&A MARK CLINTWORTH

Mark Clintworth Head of Shipping at the European Investment Bank

What is the ‘climate vacuum’, and what are its potential implications for the global shipping industry? The ‘climate vacuum’ is the general lack of leadership in ship finance, and the industry more generally, around taking public actions to ensure that investment portfolios are prepared for decarbonisation. While there are certainly leaders on many environmental issues facing shipping, no one is publicly stepping out to seize the opportunities presented by decarbonisation. The implications of leaving climate risk unconsidered and unaddressed are twofold. First, there is the risk of lower returns from investments or increased risk of default. Carbon War Room’s (CWR) research is the first to demonstrate that this is a real concern if preparations are not made. Second, there is a risk that the first 2 | SUSTAINABLE BUSINESS MAGAZINE

step of decarbonisation will be less successful if practices aren’t in place to understand its risks and opportunities. Can you tell us about the Carbon War Room’s research which has led to these conclusions? I was a member of the Carbon War Room Shipping Operation’s advisory board through 2016. In that time, the board and I have been involved in steering their approach, including providing feedback on their research programme on stranded assets and climate risk in shipping. CWR’s team worked closely with University Maritime Advisory Services (UMAS), who they commissioned to undertake the techno-economic assessment of the impacts of future policy scenarios on vessel

Sustainable Business Magazine EMEA 02/17  

Sustainable Business Magazine EMEA 02/17

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