Charting a Sustainable Course for the Ocean Economy: An Interview with Gina Panayiotou: Navigating Challenges, Fostering Change, and Uniting the Maritime Community

Reinventing the Ocean Industry

Now we will begin delving into the constraints facing the ocean industry; I had the pleasure of speaking with Gina Panayiotou, a maritime lawyer, industry strategist, and ESG manager at West of England. Our conversation focused on the challenges and potential solutions for the maritime sector, drawing on her extensive experience and passion for ocean sustainability. Panayiotou's insights illuminate the hurdles and necessary shifts in thinking needed to cultivate a more sustainable and resilient ocean economy.

Panayiotou's love for the ocean led her to study maritime law and become a staunch advocate for environmental, social, and governance (ESG) initiatives in the maritime sector. With the ocean covering 70% of our planet, she believes we have a responsibility to manage it sustainably.

Major Obstacles and Constraints

Panayiotou identifies two primary challenges in implementing sustainable change within the maritime industry:

A. Technical Challenges: The vast diversity of vessel types in the industry necessitates extensive exploration, innovation, and research and development to accommodate the global fleet's needs.

B. Mindset and Leadership: The conservative nature of the maritime industry and its reluctance to venture beyond its comfort zone present significant obstacles. To drive sustainable change, embracing diversity, innovation, and opportunity is essential.

The Importance of a Unified Industry Voice

Echoing Yngvil Asheim, CEO of BW LNG, Panayiotou emphasizes the need for a single, unified voice for the maritime industry. With various interest groups and industry parties across the globe, the industry must unite and define its collective goals and future direction.

Confronting Legacy Constraints and Preconceptions

Panayiotou asserts that tackling legacy constraints and preconceptions about the maritime industry is crucial in realizing a sustainable and resilient ocean economy. By recognizing the need for a different kind of leadership and establishing a straightforward narrative for the future, the industry can progress toward a more sustainable and environmentally friendly future.

Spotlight on the Ocean Industry's Positive Contributions

Gina emphasized the need to highlight the ocean industry's positive contributions, such as providing over 50% of the planet's oxygen and facilitating nearly 90% of international trade. She also mentioned that the industry's traditionally conservative and low-profile nature has contributed to a lack of awareness and a talent gap in the sector. This has further hindered sustainable initiatives and technologies from gaining traction and receiving the necessary funding and support.

We discussed various sustainable initiatives and technologies that could revolutionize ocean industries, including biofouling solutions and wind propulsion systems. Additionally, nuclear power emerged as a potential green solution despite facing political and public perception challenges.

Challenges for Businesses Adopting Sustainable Practices

When asked about the challenges faced by businesses seeking to adopt more sustainable practices, Gina advised that leadership must prioritize sustainability as a separate function and align it with the overall business strategy. Effective communication and branding strategies are essential for promoting sustainable practices and fostering a culture of environmental responsibility within the industry.

The COVID-19 Pandemic's Impact on the Ocean Industry

The COVID-19 pandemic brought, along with the many negatives, some positive changes for the ocean industry, such as increased recognition of seafarers as key workers and heightened awareness of the industry's importance in global supply chains. It also produces a container shipping boom! But it did not improve the work lives of the seafarers and, in some ways, made their lives and work extremely restrictive. Those challenges and additional restrictions remain in many world ports more than three years after the initial lockdowns.

However, it did not increase the industry profile for being one of the least emitting modes of transport per ton-mile. Even though a lot can be done to reduce emissions from ships to reduce their impact further - work remains to be done to improve the industry's reputation and promote its role in reducing carbon emissions as a shift of cargo from other logistic modalities.

A Sustainable and Resilient Ocean Industry

The ocean industry is critical in global sustainability efforts, not only in its current form but also in its improved future. By increasing awareness of its contributions, promoting sustainable practices, and attracting diverse talent, the industry can drive positive change and help protect our oceans for future generations. The ocean industry holds significant potential to become more sustainable and resilient in the coming years. To achieve this vision, there must be a shift in mindset, with leaders and businesses recognizing the importance of ESG and sustainability. The industry should take pride in the fact that it is already an environmentally friendly means of transport, but also continue to strive for improvements.

Embracing Collaboration, Innovation, and Sustainability

The future of the ocean industry should be one of collaboration, innovation, and a focus on sustainability. As Gina mentioned, the industry should seek to attract diverse talent and foster a culture of environmental responsibility. By sharing the positive stories of the industry and showcasing the innovative solutions being developed, the ocean industry can begin to reshape its narrative.

Contributing to a Sustainable Future Through My Project

I am grateful for the opportunity to contribute to this process through my project, which aims to bring people together and highlight the achievements within the ocean industry. As the project evolves, I want to learn more about industry players' challenges and pain points and help promote a more sustainable and resilient future.

Passionate Individuals Driving Change

With passionate individuals like Gina and others driving change, the ocean industry can move towards a more sustainable future and continue to play a crucial role in supporting global ESGs. Gina mentioned that the industry should be a "sea of opportunity" for attracting talent and innovation. It can become a vital part of a sustainable world with the proper focus.