The Global Maritime Forum supports the IMO’s vision to reduce GHG emissions in the future and calls to action CEOs and maritime industry leaders in favour of decarbonization.
Namely, the Global Maritime Forum is an international non profit foundation, aiming to boost the potential of the global maritime industry. It tries to shape the future of global seaborne trade in order to increase sustainable long-term economic development and human well-being.
According to the Global Maritime Forum, climate change is a challenge affecting social and economic matters. That’s why, the forum encourages public and private partnership to provide leadership through actions.
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Moreover, the Forum notes that in order to achieve IMO’s plan to reduce the total annual GHG emissions from international shipping by at least 50% by 2050 compared to 2008, the maritime industry should enhance operational and technical energy efficiency and should focus on transiting to zero carbon fuels and new propulsion systems.
The Global Maritime Forum highlights that it is in favour of IPCC and IMO GHG studies concerning climate change. Also, the Forum implemented that the alter to a low carbon economy by 2050, will possibly create job opportunities through both technological and business model innovation.
The Foundation pointed out several recommendations concerning the transition to low-carbon economy:
- The plan should agree with the Paris agreement’s temperature goals;
- The regulations should provide long-term trust and assurance for financiers, builders, owners and charterers in order to invent in low-carbon technologies;
- Emissions reduction objectives should be met at minimum cost, and the industry should explore the use of carbon pricing and other mechanisms that can create economic value from GHG emission reductions;
- The strategy should accelerate the use of low-carbon technologies and fuels by encouraging significant funding flows for research, development, and deployment;
- Certain mid- and long-term measures will require work to commence prior to 2023, such as the growth of zero-emission fuels to enable implementation of decarbonization solutions by 2030;
- Solutions implemented should build on and reinforce existing technical, operational, and energy efficiency measures whilst maintaining or enhancing safety standards;
- Legally binding, enforceable actions set by the IMO and enforced by member countries are required to compel the industry to shift.
Concluding, the Foundation supports the private sector engagement and endorses collaborations between private and public sectors in order to develop cost effective decarbonization options, create new technologies, mobilize private financing for clean technology and communicate the scale of the challenge across the full maritime value chain.
