The 2015 Paris Agreement on climate change – agreed by the majority of United Nations members – sets challenging and far-reaching goals that require sizeable reductions in carbon dioxide (CO2) emissions and greenhouse gasses (GHG).
The International Maritime Organisation (IMO) has made the urgent need to address climate change a prominent feature of its strategic plan and sets out its own ambitious goals for the shipping industry between now and 2040 (all compared to 2008 levels).
The impact on shipping will be felt by vessel owners, operators, charterers and national authorities.
The below shows indicative checkpoints for 2030 & 2040:
By 2030: reduce Total annual GHG emissions from international shipping by at least 20% striving for 30% (compared to 2008 levels).
By 2030: reduce CO2 emissions per transport work, as an average across international shipping, by at least 40% (compared to 2008).
By 2040: reduce Total annual GHG emissions from international shipping by at least 70% striving for 80% (compared to 2008 levels).
IMO continues to work on refining guidance and on the implementation of the regulations, through the MEPC.
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Decarbonisation is a way of reducing carbon in shipping. The IMO has set targets for shipping to reduce Greenhouse gases by 2050 in a phased approach. Decarbonising the shipping industry may be achieved through alternative fuels, renewable energy sources, innovative technologies, as well as technical and operational strategies to reduce fuel consumption for new and existing ships. Learn more about the legislation and compliance options available to shipowners, as well as the contractual and charter party issues by contacting one of our specialists today.