Paul Hickin from S&P Global Platts looks at how shipping can meet decarbonisation targets
Shipping’s efforts to meet decarbonisation targets will be both extremely easy and very tough. Near-term regulations look achievable while potentially shifting 2050 limits look more like ambitions than credible goals. Shipping will have to balance these competing challenges.
The International Maritime Organization (IMO) agreed in its initial greenhouse strategy 2018 to reduce the carbon intensity in the global fleet by 40% in comparison to 2008 levels by 2030 and to reduce greenhouse gas emissions by 50% by 2050.
There had been talk that the IMO would boost a 50% cut in greenhouse gas emissions by 2050 to 100% but delegations at the Marine Environment Protection Committee, which ran from 22-26 November 2021, voted not to adopt a resolution.
2050 may seem far away, but calculated in shipping years, and the purchases of ships bought later this decade may well be still sailing the seas w...