FOLLOWING COP26, the global shipping industry has been under increased pressure to accelerate its efforts in reducing greenhouse gas (GHG) emissions, reports Hellenic Shipping News Worldwide.
The recently approved 2023 International Maritime Organisation (IMO) Strategy on GHG Emissions Reduction signifies an ambitious commitment to attaining net-zero emissions within the sector by 2050.
However, the attainability of this goal remains a subject of inquiry, prompting many to examine the necessary changes in the latest report, "IMO2050: Navigating Toward Decarbonization."
The previous IMO strategy, established during MEPC 72 in April 2018, already presented a formidable challenge for the industry.
It outlined key objectives, including a 50 per cent reduction in total GHG emissions from international shipping by 2050 and a 70 per cent reduction in carbon intensity, compared to a 2008 baseline.
An interim target of at least a 40 per cent reduction in carbon intensity by 2030 was also agreed upon.
During MEPC 76 in June 2021, the IMO introduced the Energy Efficiency Existing Ship Index (EEXI), which became effective at the beginning of the current year.
Alongside this, an operational carbon intensity indicator (CII) was implemented, linking carbon emissions to the amount of cargo carried over the distance traveled.
In conjunction with the Energy Efficiency Design Index (EEDI) for newly constructed vessels, these measures set the industry on a path to meet the 2030 and 2050 carbon intensity targets.
However, as global maritime trade is projected to surge 17 per cent between now and 2030, achieving an overall reduction in emissions poses a far more substantial challenge.
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