Thursday, November 30, 2023
HomeEnvironmentTop Global Companies Call for Zero Emissions Shipping By 2050

Subscribe

To our FREE newsletter
Get all the latest maritime news delivered straight to your inbox.

Top Global Companies Call for Zero Emissions Shipping By 2050

More than 150 leading companies and organizations including oil majors and port authorities on Wednesday called for the global shipping industry to be fully decarbonised by 2050, urging governments to step up action warning time was limited.

With about 90% of world trade transported by sea, global shipping accounts for nearly 3% of the world’s CO2 emissions and the sector is under growing pressure to get cleaner.

UN shipping agency the International Maritime Organization (IMO), has said it aims to reduce overall greenhouse gas (GHG) emissions from ships by 50% from 2008 levels by 2050, but industry groups are calling for accelarated action from governments.

In the latest initiative companies and groups – from shipping, chartering, finance, ports, and fuel production – say stronger measures are needed to ensure the sector will meet the climate goals set by the Paris accord, which seeks to limit global warming to less than 2 degrees Celsius.

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

The Call to Action initiative, developed by the World Economic Forum, the non-profit Global Maritime Forum and other partners, said decarbonization of shipping could “only happen with the urgency and scale needed” if governments and regulators established proper policy frameworks.

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

An IMO spokesperson said the UN agency had a “clear plan of work ahead,” including discussion of further measures to reduce 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 include container lines 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.

[reuters]

Related Posts

Video

Finance & Economy
Shipping News
Ports

Euronav: Dividend Distribution For Q3 2023 & Business Update

Euronav NV provides a business and dividend update following the recent board and management changes. The Supervisory board has agreed to distribute USD 0.57 per...

A new chapter for Euronav

Euronav shareholders have approved strategic changes at the company ushering in a new era.

TEN Reports Earnings Results for Q3 & 9M2023

Tsakos Energy Navigation Limited reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported...

StealthGas posts near-record quarterly profit

STEALTHGAS INC. (NASDAQ: GASS), a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today its unaudited financial...

Golar LNG Reports Third Quarter Net Income of $114 Million

Golar LNG announced its interim results for the period ended September 30, 2023. Highlights include: Golar LNG Limited (“Golar” or “the Company”) reports Q3 2023 Net...

Baltic index extends rally on higher capesize rates

The Baltic Exchange’s dry bulk sea freight index rose on Tuesday for the fourth...

CLIA presents cruise industry’s Action Plan for Greeceto the Greek Government

Representatives of Cruise Lines International Association (CLIA), members of the Government, and key stakeholders...

Baltic index scales 1 and 1/2-year peak

The Baltic Exchange’s dry bulk sea freight index rose on Monday for the third...

Greek merchant fleet up in numbers, down in volume

The Greek merchant shipping fleet rose in numbers but fell in volume in September. More...

Celestyal unveils 3 new countries and 6 new ports for 2024 & 2025

Celestyal the award-winning, number one choice for cruise travelers to the Greek islands and...

Port Houston Breaks Export Record

October was the biggest month ever for loaded exports at Port Houston, up 6% compared to last October. Port Houston’s loaded exports are up...

Port of Piraeus working on first shore power connection slots for 2024

The Piraeus Port Authority (PPA), which manages the largest and busiest port in Greece, announced the first five shore power connection slots for ferry...

Two major US cruise operators interested in buying Lavrio port

The tender for the concession of Lavrio port is set to begin in the next few weeks. Sources tell Kathimerini there are at least two...

Biden Administration Invests Over $650 mln in US Ports to Strengthen Supply Chains

The U.S. Department of Transportation’s Maritime Administration (MARAD) announced over $653 million to fund 41 port improvement projects across the nation under the Port...

APM Terminals & DP World spearhead roadmap for accelerating electrification of port operations in bid for net-zero

APM Terminals and DP World announced an initiative to accelerate decarbonisation of the world’s terminals through the widespread electrification of container handling equipment (CHE)....