Shipping-related greenhouse gas emissions increased by 4.9% in 2021 and were higher than in 2020 and 2019, according to Simpson Spence & Young’s annual industry report.
Shipping emissions came in at 833 million metric tons of carbon in 2021, compared with 794 million metric tons in 2020 and 800 million metric tons in 2019.
This rise in emissions comes despite growing climate ambitions and efforts to reduce emissions in the maritime industry
said the report, adding that “the key driver was the recovering 2021 world economy where demand for durable goods has remained firm while services demand has increased. Added to this is a trend towards longer ton-mile trade, higher steaming speeds in some segments and increased port congestion.”
The report also called the increase in emissions an “inconvenient truth” for the IMO which has aimed for a carbon intensity reduction of 40% by 2030.
The tension that exists between growth and efficiency is necessary for a healthy, functioning market. Until market participants internalize the cost of emissions, freight buyers will continue to rely on time-trusted levers of cost and service
stated Tyler Cole, director of carbon intelligence at FreightWaves.
As for slow steaming, the report notes that it reduces emissions and the likelihood of whale-ship collisions because it gives whales more time to notice and potentially avoid vessels.
However, it explained that slow steaming may only be implemented when it plays nicely with market demands. In fact, the carbon intensity indicator ratings system may encourage more slow steaming from 2023 to limit CO2 emissions but, “as we have seen in the 2021 bulker fleet, vessel speeds have been more responsive to market conditions than environmental objectives.”
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