Leading shipping executives joined the Global Maritime Forum’s call for a net-zero path for shipping by 2050, noting that, to get there, zero-emissions ships must become the dominant and competitive choice by 2030.
Since 2019, the Getting to Zero Coalition by the Global Maritime Forum has been working on making zero-emission vessels commercially viable by 2030 in terms of technology, policy, and growth opportunities.
The shipping industry must reach zero emissions by 2050, and to get there, zero-emissions ships must become the dominant and competitive choice by 2030, where we need to reach 5% zero emission energy sources in international shipping,
…reads a joint call by the shipping experts, including Henriette Thygesen, Executive Vice President, CEO Fleet and Strategic Brands, A.P. Møller – Mærsk A/S, Christian M. Ingerslev, CEO, Maersk Tankers, Lasse Kristoffersen, CEO, Torvald Klaveness, Jose Maria Larocca, Executive Director and Co-Head of Oil Trading, Trafigura, Fred Krupp, President, Environmental Defense Fund, Dr. Christoph Wolff, Executive Committee Member, World Economic Forum, Johannah Christensen, Managing Director, Global Maritime Forum.
[smlsubform prepend=”GET THE SAFETY4SEA IN YOUR INBOX!” showname=false emailtxt=”” emailholder=”Enter your email address” showsubmit=true submittxt=”Submit” jsthanks=false thankyou=”Thank you for subscribing to our mailing list”]
In a bid to demonstrate progress by adopting regulation allowing shipping to decarbonize in line with the Paris Agreement and public expectations, the shipping executives called on the IMO to urgently address three priorities:
- Firstly, the IMO must align international shipping with the Paris Agreement temperature goal by adopting a target of full decarbonization of international shipping by 2050, when the IMO’s Initial GHG Strategy is revised in 2021 and 2022. This would set a clear direction for the industry – a direction which has already been set for domestic emissions by many of the world’s nations including China, the EU, Japan, South Korea, the UK, and the US.
- Secondly, the IMO must make progress this year at MEPC 76 and 77 on meaningful measures bridging the competitiveness gap between carbon-based fuels and zero-carbon energy sources. This includes market-based measures setting an adequate price on GHG emissions based on a full life cycle analysis of energy sources. Progress this year is needed to instill confidence across the maritime value chain that such measures will enter into force in 2025 and make the transition to zero-emission shipping investable at scale. The required price on GHG emissions from international shipping needed to reach 5% zero-emission fuels by 2030 can be significantly reduced if the generated revenue from a market-based measure is used to support the deployment at scale of zero-emission vessels and fuels. This would also help de-risk first movers and make investments in zero-emission vessels and fuel production possible.
- Thirdly, the IMO must ensure a globally effective and equitable transition to zero-emission shipping. This could be achieved if part of the funds raised through a market-based measure was used to support climate-vulnerable countries as well as to support the development and deployment of economically viable zero-emission fuels and technologies in developing countries, particularly in Small Island Developing States and Least Developed Countries.
The call follows a recent announcement by US Climate Envoy, John Kerry, who called the IMO to guide the industry towards zero emissions by 2050. The call for zero emissions by 2050 puts increasing pressure on IMO to boost shipping decarbonization goals, which currently eye an emission reduction of at least 50% by 2050 compared to 2008 levels.