 "The commercial and industrial segment is looking lucrative for energy companies and investors alike")
The Indian government has emphasised on the urgency to be among the top 10 ship building nations by 2030 and be among the top five by 2047, she said, adding that India has emerged as one of the stable markets for DNV
India has “great potential” to emerge as a hub for green shipbuilding, backed by the government’s strong focus on alternative fuels and renewable energy, a maritime industry expert said on Wednesday.
Modernisation and upgradation of Indian shipyards is in progress, while older dockyards are being assessed for reopening and adding more capacities for green shipbuilding given a strong pickup in global demand, said Cristina Saenz de Santa Maria, Regional Manager South East Asia, Pacific & India, Maritime at DNV, a Norway-based testing, certification and technical advisory services provider.
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“We see great potential in India emerging as a hub for green shipbuilding, driven by its government’s strong focus on alternative fuels and renewable energy like biofuels and wind power,” said the industry veteran.
The Indian government is encouraging investments and technology transfer from Japanese and Korean shipyards to establish shipbuilding and ship repair clusters in the country. This comes at a time when most traditional shipbuilding yards in Asia are fully booked while demand for green-maritime assets is surging ahead of the phase-based elimination of greenhouse gas emissions by 2050, as set by the International Maritime Organization (IMO).
“Ship owners are also investing in new environmentally-friendly assets and are looking for competitively priced yard space,” Santa Maria said as she shared her readings of the overall decarbonisation plan in India and the role of DNV.
DNV operates in more than 100 countries with a maritime network of over 3,400 professionals across the globe including India.
According to Santa Maria, DNV had published a white paper titled ‘Indian Coastal Green Shipping Programme’ in 2023, which studied India’s potential to deliver a sustainable future for its maritime industry.
Commissioned by the Royal Norwegian Consulate General in Mumbai, the paper provided insights into the opportunities and recommendations on how coastal shipping can reduce India’s carbon emission and facilitate its transition to green shipping, building on the successful experience of Norway’s Green Shipping Programme.
An agreement with the Mumbai Port Sustainability Foundation signed recently has put DNV in a larger role of decarbonisation work that will ensure world class facilities supporting green ships visiting India, she said.
This pact “represents a significant step forward in developing and modernising port infrastructure to support the transition to cleaner energy sources”, she said.
The upgrading of Indian port infrastructure is also underway for green shipping fuel and supporting vessels operating on hybrid models with access to alternative fuels. Though this is a long-term fuel development plan which must commence in coming years.
The Indian government has emphasised on the urgency to be among the top 10 ship building nations by 2030 and be among the top five by 2047, she said, adding that India has emerged as one of the stable markets for DNV.
DNV has also expanded its maritime advisory unit in India to provide local clients with enhanced access to its global pool of maritime consulting expertise. This encompasses support services on decarbonization, digitalization, advisory on safety, risk management and compliance, as well as ESG (environmental, social and governance).
On a group level, DNV has set up a global shared services centre covering HR, IT and finance in Pune a year ago, with its maritime offices operating out of the major cities of Mumbai, Cochin, Vizag, Kandla and Chennai.
DNV’s workforce in India has grown exponentially, standing at more than 900 today from the 350-strong manpower four years ago. The group will assess further expansion pan-India to support new contracts and businesses, she said.
“We are also expecting growth in the marketplace for new maritime technologies that have not been deployed as yet in India. With DNV’s 160 years of experience as a trusted partner to the maritime industry, we are well positioned to help India’s shipping industry gear up towards achieving its net-zero goals and country vision for 2047,” said Santa Maria.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Oct 02 2024 | 11:59 AM IST
