International Marine Contractors Association (IMCA), a leading trade association representing the vast majority of contractors and the associated supply chain in the offshore marine construction industry worldwide.
IMCA is fully engaged in the energy transition for a sustainable and low carbon future. IMCA Members play a key role in the offshore oil & gas and renewable energy industries.
Principally, this is through the engineering, procurement, construction, and installation of offshore wind farms and hydrocarbon production facilities, together with the ongoing life of field support and maintenance requirements of these assets.
IMCA was formed in 1995 through the merger of the Association of Offshore Diving Contractors (AODC) established in 1972, and the Dynamically Positioned Vessel Owners Association (DPVOA) established in 1989. Consequently, operational roots and technical credentials are second to none in our industry.
IMCA predictionIMCA predict over $800bn will be allocated to new developments and re/insurance cover by 2030, but major challenges must be tackled if this expenditure is to succeed. These risks impact both the physical structures and the capital returns needed to reach a more sustainable energy future.
As long-term investors, re/insurers could play a pivotal role in bridging the emerging infrastructure financing gap, which, in turn, would contribute to a healthier economic environment. But for that to happen, the right framework needs to be put in place.
Food-water-energy nexus 98% of the world’s power supply depends on water. Food production, in turn, requires both water and energy. In other words, the foodwater-energy nexus can significantly impact energy supplies.
According to IMCA Group, the demand for new critical infrastructure to be installed is huge and subsea cables are central to meeting this, with hundreds of miles of export and inter-array cables required.
With an estimated 80% of all insurance claims in offshore wind relating to cable failures, much more will need to be done in this space.
Standardisation of infrastructure investments would be an important step forward, while infrastructure debt as a tradable asset class would certainly make infrastructure more attractive for long-term investors.
Insured losses from severe convective storms have increased by more than 40% over the last 20 years.
In North America when Hurricane Sandy hit Manhattan the lights stayed out for more than three days. In early 2015 in Chile the country experienced the equivalent of 7 years of rain in 12 hours leaving thousand s without electricity. And in the Philippines, the cost of recovery from the 2013 typhoon was estimated at more than double the GDP of the country.
With a shift in the frequency and severity of extreme weather events, new approaches are required for the management and financing of energy infrastructures as companies and governments seek to meet the challenges of increased extreme weather risks and secure a sustainable energy future.