How Societe Generale has become shipping's 'CO2 bank'

The CO2 shipping industry is in its very early stages of development both in terms of technology and investment, according to Mr Taylor.

Despite the fledgling status of moving carbon by ship, Mr Taylor observed that the maritime sector is seeing significant progress in its bid to decarbonise. He highlighted the adoption of cutting-edge technologies and initiatives aimed at reducing CO2 emissions, noting that high levels of investment are still required and that CO2 shipping will play a role in helping the industry to decarbonise.

Mr Taylor acknowledged the substantial challenges that remain for shipping’s decarbonisation, citing regulatory hurdles, technological limitations and financial constraints as the primary obstacles impeding further progress. He also underscored the necessity for cohesive regulatory frameworks and sustained investment in innovative technologies to overcome these barriers.

Looking ahead, Mr Taylor expressed optimism about the future of decarbonisation in the maritime industry.

"The maritime industry is at a critical juncture where technological innovation and regulatory support must converge to achieve meaningful decarbonisation," he said.