More than 150 industry leaders and organisations have called for decisive government action to enable full decarbonisation of international shipping by 2050 including the rapid introduction of market-based measures by 2025.
Signatories of the Call to Action for Shipping Decarbonization have urged world leaders to align shipping with the Paris Agreement temperature goal.
Signatories to the Call to Action for Shipping Decarbonization include some of the world’s largest actors in global trade: A.P. Moller – Maersk, BHP, BP, BW LPG, Cargill, Daewoo Shipbuilding & Marine Engineering, Euronav, GasLog, Hapag-Lloyd, Mitsui OSK Lines, MSC Mediterranean Shipping Company, Panama Canal Authority, Port of Rotterdam, Rio Tinto, Shell, Trafigura, Ultranav, Volvo, and Yara.
In 2018, the International Maritime Organization (IMO) adopted an initial GHG strategy. It aims to reduce international shipping’s total annual GHG emissions by at least 50% of 2008 levels by 2050. The strategy is set to be revised in 2023 with the signatories to the new initiative arguing that full decarbonisation is possible if the private sector works in tandem with governments around the world.
“Now is the time to raise our ambitions and align shipping worldwide—a significant carrier of global trade—with the goals of the Paris Agreement. We are working closely with our clients to advance the shipping industry’s transition to net zero emissions and, with the support of strong public policy measures, we can accelerate our collective efforts to decarbonise the global economy,” said Jane Fraser, CEO of Citi.
Henriette Hallberg Thygesen, CEO, fleet and strategic brands, A.P. Moller – Maersk, stressed yesterday the need for a market-based measure to close the competitiveness gap between fossil and zero emission fuels of today and the carbon neutral fuels of tomorrow, something backed up by many other signatories to the new pact.
“Decarbonising shipping is both critical to achieving net zero global emissions and increasingly urgent. 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. The time for action is now,” said Jeremy Weir, executive chairman and CEO at Trafigura.
Signatories of the Call to Action for Shipping Decarbonization have called on world leaders to commit to decarbonising international shipping by 2050 and deliver a clear and equitable implementation plan to achieve this when adopting the IMO GHG Strategy in 2023. They also want governments to support industrial scale zero emission shipping projects through national action, for instance by setting clear decarbonisation targets for domestic shipping and by providing incentives and support to first movers and broader deployment of zero emissions fuels and vessels.
The signatories have also called for policy measures that will make zero emission shipping the default choice by 2030, including meaningful market-based measures, taking effect by 2025 that can support the commercial deployment of zero emission vessels and fuels in international shipping.
The Call to Action for Shipping Decarbonization has been developed by a multi-stakeholder taskforce convened by the Getting to Zero Coalition – a partnership between the Global Maritime Forum, the World Economic Forum, and Friends of Ocean Action.