The energy transition represents one of the most complex challenges the industry has faced, with interlocking issues from sourcing of fuel through technical feasibility to commercial viability interlocking to confront management teams across the energy, industrial and maritime space. Lloyd’s Register has unrivalled technical expertise and industry heritage to facilitate organisations addressing these challenges.

Our team works with companies across the whole decarbonisation chain, encompassing our experts in renewables generation and power-to-x, through industrial applications and the hydrogen economy, to end-user applications and the maritime industry. Our work across the energy, industrial and maritime spaces gives us the technical expertise needed to stay ahead of the evolving market landscape and provide you with competitive insights.

We have worked across the value chain, from green fuel producers through fuel and bunker suppliers through to end users, vessel operators, financiers, and insurers to assess markets and formulate strategies. Our work has assessed the viability of different fuels, pathways for adoption, review of asset operations, overviews of external regulations, emissions reductions strategies, environmental and social due diligence, and ESG strategies.

Both the challenges and opportunities of the energy transition are almost unprecedented, whilst bringing greater scrutiny and interaction with a wider group of stakeholders. Mapping a clear strategy around sustainability, decarbonisation and the energy transition will allow businesses and governments to capitalise on market opportunities, reduce costs, access new sources of finance and investment, and ensure their operations are future fit.

Lloyd’s Register has an almost unrivalled heritage within the maritime and energy space, with the deep technical background required to evaluate the CAPEX and OPEX implications of different decarbonisation strategies. The Lloyd’s Register Maritime Decarbonisation Hub is an industry leader in the energy transition for shipping, shaping thought leadership and actively participating within key fora shaping initiatives and regulations. Our team is well-placed to synthesise the market, technical, regulatory, and reputational aspects of the transition into commercial implications, and create clear and actionable strategies to support our client’s positions for the future.

Our client, a leading ferry operator, has worked hard to maintain the highest standards of corporate responsibility, being the first passenger ship company to report in accordance with GRI principles as well as an early participant in the UN Global Compact.

However, our client recognised that the internal and external drivers of sustainability, namely the EU and IMO regulations, are likely to necessitate significant and profound changes across the business in the coming years. They approached Lloyd’s Register as they sought an advisor with a deep understanding of marine engineering to help develop an environmental strategy with focus on emissions reduction.

We completed the ESDD process that included a detailed review of the Corporate and vessel E&S documentation provided by PSL, interviews with PSL staff, inspections of two of the vessels by LR auditors, interviews with the crew and a visit to the dock, an assessment of navigation routes and sensitive marine biodiversity areas and consultations with biodiversity stakeholders.

The other project deliverables included an initial red flag report, a comprehensive comparison of compliance requirements with a level of alignment at corporate and project level, identification of required actions to address identified gaps (ESAP), and a high-level CAPEX and OPEX estimation for identified actions.

All multilateral banks and lenders have made these assessments mandatory prior to financing/re-financing any assets and the ESDD and ESAP we delivered provided PSL with detailed and accurate plans to approach the IFC with.