Leading maritime sustainability specialist Grow Sustainability Consulting has welcomed the new EU ‘Fit for 55’ initiative which has been developed to ensure shipping meets the industry’s decarbonisation targets.

The company praised the move by the European Commission to put forward a package of legislative proposals to revise and update EU legislations to align with the 2030 goal of bringing down EU emissions by at least 55% by 2030.

With the aim of reducing the industry’s carbon footprint, Fit for 55 encourages shipping companies to adopt more sustainable practices and invest in new technologies that can reduce GHG emissions.

Grow Sustainability Consulting assists organisations to improve their performance through the development and implementation of impactful ESG strategies ultimately creating added value to both the organisations that employ its services but also the planet and society at large.

Irene Loucaides, Managing Director of Grow Sustainability Consulting, said the Fit For 55 initiative will not only help the industry to meet its environmental goals but also provide companies with a competitive advantage, as sustainability becomes increasingly important to customers and investors.

“Changing regulations that will allow businesses to reach the GHG reduction goals will affect all aspects of our lives and the way we conduct business. There are obstacles and challenges and industries cannot transform spontaneously. However, with continuous monitoring and adjustments as needed, Fit for 55 represents an important step forward in addressing the environmental impact of the shipping industry,” she said.

Alongside the EU’s positive move, Grow Sustainability Consulting believes regulations could go further to ensure companies can realistically meet the targets.

Stalo Demosthenous, Environmental Scientist and Sustainability Consultant at Grow Sustainability Consulting, added: “Capital markets may be unwilling to finance the huge investment necessary to meet environmental regulations, so companies are facing huge financial uncertainties over how they can meet the new targets. Some companies are unclear over the requirements and what they need to do to comply. The IMO could look at the current regulations and ensure they are clear and new measures are brought in efficiently to help guide businesses through the process. Shipping companies cannot reach these ambitious goals on their own.”