Leading global firms call for zero-emission from shipping sector by 2050

With around 90% of global trade carried out through sea, shipping currently accounts for around 3% of the world's CO2 emissions.

Concerned about its impact on the environment, over 150 leading companies and organizations worldwide have recently called for the global shipping industry to become fully carbon-neutral by 2050.

According to sources, companies including oil majors BP and Royal Dutch Shell, container lines A.P. Moller - Maersk, Mediterranean Shipping Company and Hapag Lloyd, agri groups Cargill and Bunge, mining groups BHP & Rio Tinto, and others such as the Panama Canal Authority and ports of Rotterdam and Antwerp were involved in the recent initiative.

For the record, the International Maritime Organization (IMO) has already devised plans to reduce overall GHG emissions from ships by 50% until 2050. However, many industry groups are now appealing governments to accelerate these efforts.

In the latest initiative, companies and groups from finance, ports, shipping, chartering, and fuel production plead for needed measures to ensure that the shipping sector meets climate goals set by the Paris Climate Agreement, which aims to limit global warming to less than 2 degrees Celsius.

The World Economic Forum’s ‘Call to Action Initiative’ states that decarbonization of the shipping sector can only be achieved on urgency and scale if regulators and governments agree to establish proper policy frameworks.

Jeremy Weir, CEO of Trafigura, cited that policymakers currently hold a great opportunity to accelerate these efforts by introducing a global carbon levy on marine fuels to drive decarbonization and incentivize investment in zero emissions vessels and fuels.

Notably, the IMO claims on having a clear plan of work ahead, including discussion of further ways to curb GHG emissions from ships. This will provide member states with the opportunity to review the ongoing strategy and discuss ideas for new goals.

Source Credit: https://news.yahoo.com/top-global-companies-call-zero-233425437.html