Offshore Contracting Meets Circular Economy - IMCA in Focus

Pressure to become sustainable is mounting in all sectors, and with good reason; if industry doesn't become sustainable, it might not be able to sustain itself.

Many sectors of the economy, from construction to energy, are facing an age-old dilemma between transition costs and inaction costs, which challenge human psychology's inclination toward temporal discounting - a bias by which present costs outweigh higher future costs. Especially if the latter are hypothetical, no matter the evidence to support their likelihood.

Transition costs (decarbonising, improving circularity) are costs, but they have a ROI which in some instances can reach breakeven point within a few years - while delayed action might eventually hit a point of no return with the risk that the global economy contracts by an amount never seen before in industrial history.

The offshore contracting industry, represented by the International Marine Contractors Association, is tackling sustainability head-on - but it's a challenge to work through the sector's current economic state: supply chains are becoming harder to manage, materials are costlier, risks are rising, and regulations are catching up fast.

IMCA shines a light on the solutions

The good news is that in a situation that's already hard to navigate, a transition to another state can be an opportunity.

Circularity is starting to look like that: it is becoming a necessary shift to keep operations stable, cost-effective, and future-proof, saving resources and generating efficiency gains.

Circular thinking asks: how do we design differently? What can be reused, repurposed, rethought? Can materials stay in use longer? Can systems be built with end-of-life in mind?

IMCA is organising an event on the 2nd of July to address the topic, exploring ways to bring circular economy thinking into offshore supply chains.

One session at the event will dig into this through a practical challenge: design a base-case carbon capture and storage (CCS) plant using a standard EPC model. It's a hands-on way to think through the changes needed at the design and procurement level.

What's driving this?

Scope 3 emissions reporting is now on the table for many businesses, especially under new EU rules like the Corporate Sustainability Reporting Directive (CSRD) and the Carbon Border Adjustment Mechanism (CBAM), that go deep into supply chains.

IMCA’s expert working group has been developing guidance on Scope 3 reporting and circular practices tailored to the marine and offshore sector. This includes how to align with CSRD and CBAM, but also how to build internal systems that make reporting more efficient. Their work will be shared at the event, and they’re actively looking for input on what members need most.

Additionally, Scope 3 data is often fragmented or missing. A portion of the event will be dedicated to exploring how AI is starting to play a role to estimate impacts, model supplier emissions, and fill in the gaps. It’s not a silver bullet, but it might help companies move faster.

Why attend?

• If you’re in procurement, and trying to figure out how to meet Scope 3 targets without perfect data.

• If you’re a supplier, wondering how client expectations around sustainability will affect you.

• If you're part of a team exploring circular economy strategy but stuck on how to apply it offshore.

If you'd like to attend, you can register here.

IMCA is a CAFA Member, and as such, they are leading their industry by providing support and guidance.

If you're a membership organisation looking for support and solutions from a dedicated resource and network specifically tailored for the membership sector, look no further and join the CAFA Collective.