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MARINE SECTOR SPOTLIGHT

Insights from 480 operational professionals and 355 business leaders involved in support services for the naval, leisure and commercial marine industries.

Marine Sector Spotlight

SAILING AHEAD

Organisations in the marine sector – particularly business leaders – were hugely positive about their sustainability progress. Almost all business leaders in this sector (98%) believed their organisation will reach net zero by 2050 (compared to 89% across all sectors), 96% said they have clear sustainability criteria attached to every procurement decision (compared to 65% across all sectors) and 99% believed that their business has a clear sustainability strategy which is widely understood (compared to 62% across all sectors). 

 

 

At the heart of Cosco Shipping’s sustainability strategy are five core qualities: innovative, coordinated, green, open, and shared development. With our global outlook, international network and extensive resources, we are well-placed to tackle sustainability challenges and to make the most of opportunities. To reach our sustainability goals we are focusing on innovation-driven development, digital transformation and cultivating the right talent, endeavouring to create a new ecosystem of smarter, greener shipping. We believe it is crucial to contribute to coordinated development at the industrial, regional, national and global level, working together on energy conservation, emissions reduction and environmental protection.— Xu Li Rong, former Chairman of Cosco Shipping Group

 

 

What are the top three barriers in preventing focus on sustainability in the marine sector?

 

According to operational professionals:

 

  1. The lifespan of key technology (e.g. carbon reliant tech that won’t need replacing for a long time) (54%)
  2. Lack of sustainable technology at a commercially viable cost (50%)
  3. Lack of support for sustainability from my business’s leadership team (50%)


According to business leaders:

 

  1. Focus on short term performance due to COVID-19 pandemic (48%)
  2. Focus on short-term financial performance by investors (46%)
  3. The lifespan of key technology (42%)


You can find more details on the transition to a sustainable economy from the marine sector in the insights section of the report.