Posidonia 2024 reveals how decarbonization will save the maritime industry

June 28, 2024

3 minutes, 20 seconds read

Posidonia 2024 reveals how decarbonization will save the maritime industry

Posidonia 2024 was an incredible example of how the maritime industry is moving towards an encompassing goal of increasing operational efficiency and achieving sustainability. This year’s event, held in the bustling exhibition halls, marked the 28th edition of the prestigious trade show and broke all previous records of attendance each day of the week. With over 2,000 exhibiting companies from 82 countries and territories and thousands of visitors from around the globe, Posidonia 2024 was a melting pot of culture, innovation, and ideas, running for four days of insightful conversations and networking.

Decarbonization: The Cornerstone of Maritime Sustainability

The central theme that emerged from Posidonia 2024 was the industry’s collective push towards decarbonization. This focus on reducing carbon emissions is driven by several compelling reasons:

Sustainability is more profitable: Companies that prioritize sustainability often find themselves enjoying better financial performance. By investing in green technologies and practices, businesses can reduce operating costs, improve efficiency, and create new revenue streams.

Setting the stage for company culture: Organizations that embed sustainability into their core values tend to attract and retain employees who are passionate about making a positive impact. According to a statistic from McKinsey, companies with strong environmental, social, and governance (ESG) practices have employees who are 55% more likely to be highly engaged in their work.

Determining longevity in the maritime industry: Sustainability is becoming a key determinant of long-term success in the maritime sector. Companies that adapt promptly to the changing regulatory landscape and consumer expectations are better positioned to thrive in the future.

Tackling Decarbonization on Multiple Fronts

The maritime industry is addressing decarbonization through various strategies and innovations. These efforts include:

  • Fuel and Energy Solutions: Transitioning to cleaner fuels, such as liquefied natural gas (LNG) and hydrogen, and investing in renewable energy sources like wind and solar power for auxiliary needs.
  • Operational Expenditure (Opex) Management: Implementing energy-efficient technologies and optimizing operational practices to reduce fuel consumption and emissions.
  • Advanced Technologies: Adopting cutting-edge technologies such as digital twins, AI-driven optimization, and blockchain for transparency and efficiency in supply chain management.
  • Scope 3 Emissions: Addressing indirect emissions from the supply chain and working closely with partners to minimize environmental impact.

Power Knot Ocean, a leader in sustainable maritime solutions, shared their personal experience at Posidonia 2024. They noted a significant shift in interest from attendees, compared to Posidonia 2022, with many visitors expressing excitement about food digesters as an emerging technology for reducing onboard waste and emissions.

The Business Case for Sustainability

Initially, many companies pursued sustainability efforts for the sake of their public image, recognizing it as the right thing to do. However, research from Deloitte has shown that sustainability initiatives go beyond ethical considerations—they are also economically beneficial. Over time, businesses have discovered that sustainability can help reduce operating costs, mitigate risks related to resource shortages and price shocks, and enhance their overall resilience.

An essential component of these sustainability efforts is the use of sustainability analytics. By collecting and analyzing data on various sustainability-related factors—including energy and resource use, greenhouse gas emissions, and supply chain performance—companies can gain valuable insights that guide their initiatives and improve resource efficiency. These analytics enable organizations to track progress, identify areas for improvement, and make informed decisions that drive their sustainability agendas forward. Power Knot’s LFC biodigesters weigh the amount of food waste and can categorize it by source or type. This data is sent to the LFC Cloud, and from there, stakeholders can compile sustainability reports. This feature was very well received by visitors at Posidonia. 

Posidonia 2024 highlighted the maritime industry’s dedication to increasing operational efficiency and achieving sustainability. As the sector continues to innovate and adopt greener practices, the future of maritime operations looks promising, with decarbonization at the heart of this transformation. The conversations and connections made at this year’s event will undoubtedly contribute to the industry’s ongoing efforts to navigate towards a more sustainable and profitable future. Contact Power Knot Ocean for more information on how your ships can sail towards a more sustainable future.