Shipping and Green Steel - Blog Posts 1 out of 4

06/09/2023

In June 2023, the Sustainable Shipping Initiative (SSI) published a remarkable report on green steel and shipping which explores the material flow of steel and potential for green steel in the shipping sector.

In its drive towards a significantly more sustainable shipping industry, SSI explores how circularity within the industry can be increased, specifically by contributing to and using so-called green steel. You can access SSI's web site and find the full report here: Green steel and shipping – Sustainable Shipping

SSI's explores ways to increase circularity in shipping by way of an inquiry into drivers and barriers. The inquiry is undertaken under the 4 headlines of Knowledge, Business Model, Regulation and Technology. Remarkably, our digital platform and business model not only are a good fit for almost every one of the drivers and barriers, but look like they could be the tool for all parts of the shipping / steel value chain for driving the desired improvement in circularity. We have therefore decided to post a series of four blog posts, investigating our potential contributions to reinforcing the drivers and removing the barriers under each of the headlines.

This first post in the series looks at the Knowledge headline. We first list SSI's text, then our contribution.

Knowledge Drivers (quoted from the report)
"Shipping and steel are interconnected sectors and have the potential to impact one another's Scope 3 GHG emissions through decarbonisation efforts. In addition, scrap steel from shipping impacts steel's Scope 1 GHG emissions. It follows that both sectors would thus gain from collaboration on GHG emissions reduction." 

Our digital platform optimises steel's journey from dismantling through to the new end user, and thus contributes towards reducing both shipping's and steel's emissions. 

"Existing industry-led decarbonisation initiatives show that this form of collaboration is not only possible but beneficial to faster progress."

Our digital platform is a dependable, third-party tool that the parties can rely on for securing collaboration, emissions reduction, emissions measurements and increasing understanding between different industries with different vocabularies and business models.

"Progress on transparency and reporting points to a future where data sharing is the norm, facilitating collaboration and intra- and inter-sector understanding."

As a third party, we can act as a trusted third-party intermediary, ensuring the reduction of any anxiety in respect of sharing data along the value chain, while preserving complete confidentiality and anonymising any shared data and conclusions. 

Knowledge Barriers (quoted from the report)
"Currently there are few incentives for well-coordinated joint efforts and cross-sectoral collaborations to explore practical ways of embedding circularity."

Our digital platform not only optimises in respect of emissions, but also in respect of cost and time. Ultimately, we expect that the best emissions solutions will also become the best cost solutions, particularly once market-based regulatory incentives have been enacted. As part of that, our solution will eventually enable any emissions savings to be certifiable and thus tradeable

"Poor awareness of how sustainability issues are interconnected at a global level slows down progress." 

Our business model relies on transparency, and the reporting will thus lead to greater understanding, not only of the interconnectivity, but also of the contribution of each part of the value chain.

"Imprecise terminology and vague targets, lead to narrow interpretations and actions."

Through using a common tool in the form of our digital platform, the parties can align and avoid costly misunderstandings.

In short, our platform and business model can be a great tool for establishing common goals, driving cooperation and learnings, establishing mutual understanding and sharing data in a trusted manner throughout the value chain.