The Global Centre for Maritime Decarbonisation (GCMD) has shared findings from its pilot programmes at a shipping decarbonisation forum held at the Hong Kong University of Science and Technology (HKUST) Institute for the Environment (IENV), as Hong Kong develops its inaugural Five-Year Plan and pursues ambitions to become a green maritime hub.

GCMD’s directors of projects, Dr Prapisala Thepsithar and Shane Balani, joined maritime stakeholders and trade associations at the forum, where discussions centred on biofuels, energy efficiency technologies (EETs) and green financing.

Biofuels: assurance and traceability

Dr Prapisala presented on drop-in biofuels, arguing that adoption requires an assurance framework covering quantity, quality and greenhouse gas (GHG) emissions abatement across the supply chain. According to GCMD, traceability tools — including chemical fingerprinting and tracers dosed into biofuels — can independently verify GHG abatement claims made on paper.

GCMD’s pilots indicated that FAME-based biofuels are operationally stable under commercial conditions over a six-month period, which the organisation says supports their near-term decarbonisation potential.

During a panel discussion, Dr Prapisala highlighted that, while Asia holds abundant biomass resources, clear sustainability criteria are needed to ensure surplus biomass is used responsibly. She cautioned that without such criteria, biofuel demand could perversely incentivise deforestation, land-use change, or the expansion of crop production solely for biofuel feedstock.

Energy efficiency: unlocking capital through blended finance

Shane Balani presented on GCMD’s Fund for Energy Efficiency Technologies (FEET), outlining how blended finance and pay-as-you-save financing models could, according to GCMD, accelerate EET deployment across the shipping sector.

Balani noted that rising regulatory costs and fuel transition pressures are strengthening the business case for EET retrofits. He said that robust performance measurement, high-frequency operational data and standardised methods for measurement and analysis are, according to GCMD, essential to validating EET fuel savings claims.

Balani also highlighted that blended finance and a diversified portfolio of projects can distribute risk, unlock capital and support wider adoption of energy efficiency solutions. He pointed to taxonomies and capital relief — recognising retrofit investments as green or transitional finance — as mechanisms that could incentivise financial institutions to manage the complexity of tracking EET performance.

The forum was hosted by Christine Loh and Kam Hing Billy Cheung of HKUST.