Yacht industry sizes up CII challenge

Lloyd's Register has entered into an initiative with Blue ESG, a consultancy that works with yacht owners, captains and management to improve their environmental, social, and governance (ESG), for a new project to develop a system in line with the IMO's Carbon Intensity Indicator (CII) requirements for superyacht owners.

The project will assist superyacht owners who wish to align their energy transition strategies with the IMO mandated targets of 2030 and 2050. The project to develop the CII platform recognises that the yachting requires a sector specific solution if it is to lead its own transformation and get ahead of cascading emissions and sustainability regulations.

Blue ESG has partnered with SEAindex, who have established a platform for EEDIrequirements which focuses on the design and build stage, directly complimenting Blue ESG's solution which is focused on the ongoing operational requirements. Whilst Yachts are not currently covered by the IMO's CII requirements, the project will help the industry illustrate a voluntary capability and highlight its green credentials for green finance initiatives.

There are a number of benefits associated with owners adopting the reduction strategy for superyachts including a boost in performance and efficiency, enhanced ESG reputation, valuation, avoiding stranded asset status and the mitigation of vessel depreciation.

"A superyacht decarbonisation strategy must be credible, sector specific and in alignment with global goals. The collaboration between Blue ESG and Lloyd's Register will offer superyacht owners exactly that: A roadmap to achieve operational Net Zero 2050." said Nigel Marrison, Founder of Blue ESG.

"Increasingly, legislators, regulators, and the market demand proof that bold and measurable steps are being taken to mitigate the environmental impact of superyachts. Working with Lloyd's Register on this critical project will ensure the superyacht industry is heading in the right direction." He commented.

"Lloyd's Register is keen to support initiatives that help to drive the decarbonisation of the Maritime industry and in this case, the yachting sector." said Matt Treadwell, UKI Lead Shipping Markets & Zero Carbon Solutions.

"By aligning with the IMO guidelines related to CII and SEEMP, superyacht owners can get in on the ground floor, ensuring that their vessels are compliant for any future carbon intensity mandated regulations whilst showcasing their commitment to maritime decarbonisation."