Home / Business / THE WORLD’S LEADING COMPANIES CALL FOR ZERO-EMISSIONS FROM THE SHIPPING SECTOR BY 2050

THE WORLD’S LEADING COMPANIES CALL FOR ZERO-EMISSIONS FROM THE SHIPPING SECTOR BY 2050

With around 90% of worldwide trade conducted by sea, shipping currently accounts for approximately 3% of global CO2 emissions.

Concerned about the industry’s environmental effect, over 150 top corporations and groups have recently urged the global shipping industry to achieve carbon neutrality by 2050.

According to sources, the recent initiative involved companies such as oil majors BP and Royal Dutch Shell, container lines A.P. Moller – Maersk, Mediterranean Shipping Company, and Hapag Lloyd, agricultural groups Cargill and Bunge, and mining companies BHP and Rio Tinto, as well as the Panama Canal Authority and the ports of Rotterdam and Antwerp.

For the record, the International Maritime Organization (IMO) has already developed plans to cut overall ship-related GHG emissions by 50% by 2050. Numerous industrial groups, however, are now urging governments to expedite these initiatives.

In the current initiative, businesses and organisations representing finance, ports, shipping, chartering, and fuel production call for necessary actions to ensure that the shipping sector fulfils the Paris Climate Agreement’s climate targets of limiting global warming to less than 2 degrees Celsius.

According to the World Economic Forum’s ‘Call to Action Initiative,’ shipping sector decarbonization can only be accomplished on a large scale and with urgency if regulators and governments agree to build appropriate legislative frameworks.

According to Jeremy Weir, CEO of Trafigura, authorities now have a unique chance to expedite these efforts by imposing a global carbon tax on marine fuels in order to accelerate decarbonization and stimulate investment in zero-emission vessels and fuels.

Notably, the IMO asserts that it has a clear plan of action in place, which includes discussion of further measures to reduce GHG emissions from ships. This will give member nations the opportunity to examine the current plan and propose new objectives. {via yahoo }

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