March: Innovations in Maritime, Mutuals & Cooperatives, Waste Management Conference, and UK Westinghouse Proposal
Prospect Law
A senior team of legal, technical and financial specialists serving international, renewables, cleantech & ESG clients.
Maritime
Brilliant News for Wind Assisted Propulsion
On February 17th, a groundbreaking achievement unfolded as the 'Chemical Challenger,' owned by CHEMSHIP, pioneers in Dutch stainless steel chemical tanker ownership, embarked on its journey across the Atlantic. Equipped with four 16-meter-high Ventorfoils manufactured by ECONOWIND, this vessel made history as the world's first chemical bulk carrier to undergo such retrofitting. Primarily serving the Trans-Atlantic route between the Mediterranean and the American East Coast, the Chemical Challenger transports liquid chemicals in bulk. With an anticipated 10% reduction in CO2 emissions from its normal fuel consumption, this remarkable initiative marks a significant stride towards sustainable maritime practices.
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Progress Towards the Use of Alternative Fuels in the Worlds Shipbuilding Industry ?
2023 marked a significant shift forward with a remarkable surge in newbuild orders designed to operate on alternative fuels. Research indicates that an impressive 49% of ships ordered in the past year are equipped for alternative fuel use, showcasing a substantial increase from 31% in 2021 and a mere 8% in 2016.
Among these orders, the predominant choice for propulsion is LNG dual fuel, with 539 ships slated for this option. Additionally, a notable percentage of vessels are opting for Methanol dual fuel.
To meet the growing demand for LNG, there are currently 188 active LNG bunkering ports worldwide, with an additional 82 facilities in the planning stage as of January.
Contributor: Reina Maria van Pallandt
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Mutuals
What Is A Group Company Mutual?
?A group company mutual is a type of mutual which has been specifically designed to operate within a group company environment. It enables all of the benefits offered by a traditional multi-member discretionary mutual to be deployed within a group company setting.
The Advantages And Disadvantages Of Discretionary Mutuals Over Corporate Insurance
In the complex landscape of risk management, businesses often find themselves at a crossroads when considering insurance options. Two prominent choices emerge: discretionary mutuals and corporate insurance. Each avenue presents distinct advantages and disadvantages, necessitating a thorough understanding to make informed decisions tailored to organisational needs. The following table aims to highlight the key differences between the operation of a Discretionary Mutual from that of a corporate insurance company from the perspective of the person or company buying risk cover.
Coop Exchange
One of the challenges faced by mutuals and cooperatives, is the ability to raise capital, from sources other than its own membership. This funding need can arise during the creation and deployment stage, or once fully operational, funding further development or expansion. A relatively new entity which has been created to meet this need is https://coop.exchange/ with the aim of becoming a Capital Market for Cooperatives and Mutuals. Coop Exchange is building a global network of stock exchanges dedicated to Cooperatives and Mutuals, allowing anyone to invest into the mutual and cooperative sector. In February they announced the successful completion of their pre-seed funding round. Creating the ability for investors to back business with a purpose beyond profit, purpose-driven business models that deliver tangible benefits to their communities and wider society.
?Contributor: David Gudopp
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Nuclear
Annual Waste Management conference
Sunday March 10th sees the start of the annual Waste Management conference in Phoenix, Arizona. 2024 marks the 50th anniversary of the world’s largest conference on radioactive waste management and associated subjects. This year promises to be the largest ever, with over 3,000 registered attendees coming from all over the world, 165 technical session and an exhibition of over 170 companies. ?This year’s keynote speakers include IAEA Director General Rafael Grossi, and OECD Nuclear Energy Agency’s Director General Bill Magwood and Ike White, the head of the US Department of Energy’s Office of Environmental Management.
Contributor: John Mathieson
领英推荐
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UK Westinghouse's Proposal for AP300 SMR Reactor
The UK Westinghouse is proposing an AP300 SMR reactor model as a cheaper and easier to deploy option when compared to the large 1400MW Reactor.? However it is suggested that the 6 year overrun and massive increase in Hinckley C Project costs are a result of increased ONR scrutiny and resulting imposed changes. ??In the UK no SMR reactor has been rigorously assessed to the same level for construction delivery and therefore any target price and delivery schedule should be regarded as ‘tentative’.
The ONR review of the EPR reactor can be considered a real positive for any future country looking to secure its nuclear based generation system.? The design has been assessed and approved by independent Regulators in Four Countries, namely China, Finland, France and the UK.? This should provide confidence to any long-term energy investor that the design is robust and deliverable.
Contributor: John Ireland ?
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Renewables
Germany plans to enable underground?carbon storage?at offshore sites, pushing ahead with a much-discussed technology in an acknowledgement that?time is running out to combat climate change, the country’s vice chancellor said Monday.
Europe’s biggest economy is making good progress with expanding renewable energy sources and usage, but a solution is needed for the carbon dioxide emitted by some sectors such as the cement industry that are “hard to abate,” said Robert Habeck, who is also the economy and climate minister.
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?A massive deployment in renewable power production in 2023 wasn’t enough to prevent another record high for global carbon dioxide emissions. That’s according to the latest data from the International Energy Agency, which shows the green energy boom has blunted — but not yet reversed — the annual increase in planet-warming gases.
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The?US Department of Energy?(DOE) has announced a plan to allocate over US$366 million for 17 clean energy projects in rural and remote areas in the US.?
DOE said the selected projects are located in or adjacent to disadvantaged communities affected by pollution and historically underserved. The projects cover different types of clean energy, including solar, battery energy storage systems (BESS), microgrids and electric vehicle charging infrastructure, to name a few.
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Global carbon dioxide emissions hit another record high in 2023, but the increase was smaller than the previous year due to the strong expansion of renewable sources, the International Energy Agency reported Friday.
Prospect Law is a multi-disciplinary practice with specialist expertise in the energy and environmental sectors with particular experience in the low carbon energy sector. The firm is made up of lawyers, engineers, surveyors and finance experts.
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Barrister and Director at energy specialist law firm Prospect Law
1 年Great information from the Prospect Law team. Thanks for sharing.