SIMIC

The initiative, acting as a collaborative research platform, will focus on efficiency, safety, technical maturity, regulations, availability and market mechanism of alternative fuel's application in shipping industry, and exploring sustainable development ways, according to UK's Seatrade Maritime News.

Deputy director of Water Transportation Bureau of Ministry of Transport, Yi Jigong, suggested to formulate a scheme suitable for China's shipping industry's sustainable development and make contribution for global shipping industry emission reduction.

General manager of Cosco Shipping Energy Transportation, Zhu Maijin, expects to work out a feasible path on clean energy application and promotion via the newly formed initiative.

Wang Yongxin, general manager of China Merchants Energy Shipping, said that low-carbon development needs efforts from both up and down stream of the industry and called for cooperation among all parties.

Zhang Riyong, deputy director of development and planning department of Sinopec said that Sinopec will promote research on key technologies of alternative fuel for vessel and provide green fuel to the industry with economic benefits.

Zhang Bao, president of ICBC Financial Leasing, said that alternative fuel would bring large demands of financing. Low-carbon development of shipping industry would also bring opportunities and challenges to financial service providers. All parties should jointly establish a regulation system to promote low-carbon development and shipping industry's transformation.

Fan Qiang, deputy president of CCS, said that CCS is willing to collaborate with initiative stakeholders to provide more practical measures and solutions for shipping industry's low-carbon development, as well as technology support in vessel type development, energy supply and financial services.