S6 Ep18: Helene Tofte, Executive Director, Norwegian Shipowners’ Association

The Executive Director of the Norwegian Shipowners’ Association, Helene Tofte, unpacks some of the main reasons why the country seems to have a head start on the energy transition – from the impact of ownership structures on individual companies’ willingness to invest for the long term, to the presence of industry clusters to foster collaboration on new technologies. Data from the Norwegian Shipowners’ Association shows that 90% of its members have invested in emissions reduction technologies, including battery and hybrid systems, wind propulsion, and shore power. Moreover, about 15% of vessels owned by the Association’s members today are powered by alternative fuels, compared to 2% of the global fleet. The orderbook reveals a similar trend, with 72% of newbuilds on order from Norwegian owners set to run on alternative fuels, compared to the global average of 27%. Helene explains how Norwegian shipowners make business cases work for those investments in new fuels or technologies, and whether those decisions are already paying off in commercial terms. She also lifts the veil on the challenges faced by the country’s shipowners. While the level of state support for decarbonisation makes Norway the envy of other owners elsewhere in the world, she argues that there is a need to ensure that enough funding is allocated for energy efficiency measures, and not solely for cutting-edge net-zero projects. Finally, she reflects on the importance of the IMO adopting its Net-Zero Framework in October, but also of the EU harmonising its regulation, to create a level playing field globally. About the Norwegian Shipowners’ AssociationThe Norwegian Shipowners’ Association (Norges Rederiforbund) is a trade and employment organisation representing Norwegian-controlled companies in the shipping and offshore industry.The Association has 128 members, which control a 450-strong offshore fleet, including wind- and subsea vessels, as well as 240 ships on short-sea routes and over 700 vessels in the deep-sea segment. In addition, 50 mobile offshore units are part of its member fleet.