In light of the recent IMO decision to reduce shipping emissions by at least 50%, compared to the levels 2008, many are saying that this development will drive many investors and operators in the maritime sector to immediately invest in more sustainable business models.
This is an opinion that the Managing Director of Lagos Deep Offshore Logistic Base, LADOL, Dr. Amy Jadesimi adopts. Ms. Jadesimi said that carbon pricing can trigger international shipping to go forward with new strategies on decarbonisation.
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Namely, according to local media, Dr. Amy Jadesim called policy makers to set ambition targets to ensure a zero emissions future. IMO’s decision will make maritime investors to invest more in new business models and find new financial solutions including carbon pricing.
IMO’s Edmund Hughes comes to add on Ms. Jadesimi’s opinion, as he mentions that further progress has been made on emissions reduction, including new mandatory requirements for ship fuel oil consumption data and the official launch of the Global Maritime Technology Cooperation Centres (MTCC) Network.
The Initial Strategy identifies levels of ambition for the international shipping sector noting that technological innovation and the global introduction of alternative fuels and/or energy sources for international shipping will be integral to achieve the overall ambition. Reviews should take into account updated emission estimates, emissions reduction options for international shipping, and the reports of the Intergovernmental Panel on Climate Change (IPCC ). Levels of ambition directing the Initial Strategy are as follows:
1. carbon intensity of the ship to decline through implementation of further phases of the energy efficiency design index (EEDI) for new ships
to review with the aim to strengthen the energy efficiency design requirements for ships with the percentage improvement for each phase to be determined for each ship type, as appropriate;
2. carbon intensity of international shipping to decline
to reduce CO2 emissions per transport work, as an average across international shipping, by at least 40% by 2030, pursuing efforts towards 70% by 2050, compared to 2008; and
3. GHG emissions from international shipping to peak and decline
to peak GHG emissions from international shipping as soon as possible and to reduce the total annual GHG emissions by at least 50% by 2050 compared to 2008 whilst pursuing efforts towards phasing them out as called for in the Vision as a point on a pathway of CO2 emissions reduction consistent with the Paris Agreement temperature goals.
