Shipping and its impact on global trade have gained significant attention, being responsible for transporting 80% of the world’s goods. However, it is crucial to acknowledge that shipping also contributes approximately 2.5% to global greenhouse gas (GHG) emissions. The International Maritime Organization (IMO), recognizing the shipping industry’s role in addressing climate change and reducing GHG emissions, has recently adopted a revised strategy. This strategy aims to achieve net-zero GHG emissions from international shipping by 2050 and align with global efforts to combat climate change.
The IMO’s new strategy includes several milestones and targets aimed at reducing GHG emissions from ships. By 2030, the goal is to have a minimum of 40% reduction in CO2 emissions, per vessel transport work, compared to 2008 levels. This ambitious target underscores the need for the entire international shipping sector to adopt alternative zero to near-zero GHG fuels as well as innovative energy-efficient technologies. Additionally, the IMO set up indicative checkpoints for the international shipping industry as a whole to reach net-zero emissions which would reduce the total annual GHG emissions by at least 20%, striving for 30%, by 2030, compared to 2008; and to reduce the total annual GHG emissions from international shipping by at least 70%, striving for 80%, by 2040, compared to 2008.
To achieve these targets, the IMO has proposed a range of mid-term GHG reduction measures. These measures include a goal-based marine fuel standard designed to regulate the phased reduction of GHG intensity in marine fuels. This standard aims to guide the production and use of low-carbon fuels while limiting emissions from combustion. In tandem, the IMO has also introduced a maritime GHG emissions pricing mechanism. This mechanism will ensure a fair and equitable transition to decarbonize shipping by promoting the adoption of cleaner energy sources and fostering an even playing field for all the stakeholders.
Efficiency improvements in shipping also form a crucial part of the decarbonization journey. The IMO is reviewing and enhancing the energy efficiency design requirements and innovative technologies for new ships, seeking to further minimize the carbon intensity of vessels.
The strategy’s endorsement is a significant milestone for the industry towards transitioning to a zero-carbon future. It is essential that everyone work together to achieve the targets set forth by the IMO to reduce GHG emissions from shipping and ensure a sustainable future for the planet. As a company, NETSCo remain committed to playing our part in the decarbonization of the shipping industry.
To read the entire “Revised GHG reduction strategy for global shipping adopted” at the IMO website go to https://www.imo.org/en/MediaCentre/PressBriefings/pages/Revised-GHG-reduction-strategy-for-global-shipping-adopted-.aspx
