Top Global Firms Join Hands To Call For Carbon Neutral Shipping By 2050

On Wednesday, over 150 leading companies and organizations including oil majors and port authorities have called for the global shipping industry to go carbon neutral by 2050 and encouraged governments to step up their actions for the same. Shipping domain globally accounts for roughly 3% of the world’s CO2 emissions and is under an increasing pressure to go greener.

Top Global Firms Join Hands To Call For Carbon Neutral Shipping By 2050
Representational Image | Via: Hendiac

United Nations shipping agency, the International Maritime Organization (IMO), has mentioned it is looking forward to bringing down overall greenhouse gas (GHG) emissions from ships by 50% from 2008 levels by 2050, but industry groups are calling for accelerated action from governments.

In the latest initiative, firms and groups which are ranging from shipping, chartering to finance, ports, and fuel production proclaim stronger measures are needed to make sure that the sector will meet the climate goals set by the Paris accord, which centers to limit global warming to less than two degrees celsius.

“The clock is ticking,” remarked the chief executive of leading tanker company Euronav, Hugo De Stoop.

Developed by the World Economic Forum, the non-profit Global Maritime Forum and other partners, the Call to Action stated decarbonization of shipping could “only happen with the urgency and scale needed” if governments and regulators had set up proper policy frameworks.

Jeremy Weir, CEO of trading company Trafigura, reported: “Policymakers have a historic opportunity to accelerate this process by introducing a global carbon levy on marine fuels, to drive decarbonization and incentivize investment in zero-emissions fuels and vessels.”

An IMO spokesperson noted the UN agency had a “clear plan of work ahead”, taking in discussion of further measures to lower GHG emissions from ships, which would provide member states “with the opportunity to review the current strategy and put forward proposals for new ambitions”.

The initiative’s other signatories take in container lines such as A.P. Moller – Maersk, MSC and Hapag Lloyd, oil majors BP and Royal Dutch Shell, mining groups BHP and Rio Tinto, agri groups Cargill and Bunge and others such as the ports of Rotterdam and Antwerp as well as the Panama Canal Authority.

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