A new global challenge aims to find and scale new technologies capable of reducing a ship’s gross carbon dioxide emissions by ten percent. Businesses and entrepreneurs with a product in need of commercial assessment, testing, investment and scaling are invited to apply to participate in the “CO2 Challenge,” launched by Cargill in partnership with DNV GL and Rainmaking.
“The CO2 Challenge is the start of an exciting journey. By taking this innovative approach, we hope to uncover new technologies, new ideas and new ways of working to help our industry meet the challenge of decarbonization and reduce its impact on global warming. Applicants have a unique opportunity to see their product make it onto a vessel and, hopefully, into wider commercial production,” said Jan Dieleman, president of Cargill’s ocean transportation business.
DNV GL, a quality assurance and risk management firm, will provide its world-leading technical expertise throughout the project, helping to conduct thorough assessments of the technologies proposed and modeling potential efficiency gains. Rainmaking is a cooperative of entrepreneurs across more than 40 countries who specialize in startup accelerators, co-working projects and other innovation programs.
Cargill adds trading and operations experience and expertise to the Challenge, as well as extensive relationships in the ship financing and ownership sectors. The company’s ocean transportation business provides bulk shipping services to customers across the globe with a fleet of some 650 ships. In its 2017 corporate responsibility report, Cargill affirmed its commitment to improving the sustainability of its global dry bulk shipping operations and help lead the maritime industry to a sustainable future. Cargill aims to reduce its CO2 per cargo-ton-mile by 15 percent by the end of 2020.
“Cargill is confident we will meet our CO2 commitments. This Challenge is focused on extending that commitment and ability across the industry,” said Dieleman.
The International Maritime Organization (IMO)’s new greenhouse gas (GHG) reduction strategy calls for the international shipping industry to reduce its gross emissions by 50 percent by 2050 compared to a 2008 baseline, as well as improve energy efficiency by 40 percent by 2030 and 70 percent by 2050 over the same baseline.
“The IMO strategy for carbon reduction sets a clear target for shipping. Initiatives like the CO2 Challenge are an important part of helping our industry reach these ambitious but achievable goals,” said Trond Hodne, senior vice president, sales & marketing director at DNV GL - Maritime.
“As an industry, we need to explore solutions like zero-carbon fuels, energy efficiency measures, efficient vessel designs, and better ship utilization backed by deep technical knowledge, solid data and analysis. We look forward to working with Cargill and the applicants to realize these goals.”
Applications can be found on the challenge website and will close on September 17, 2018. Strict entry criteria have been set to ensure all entries can be accurately assessed; more information is available on the site.