Call For Achieving Zero Emissions Shipping By 2050 Given By Top Global Companies

More than 150 companies and organizations, including major oil companies and port authorities, called Wednesday for global shipping to be completely decarbonized by 2050. They urged governments to take urgent action as the time was short.

Global shipping is responsible for almost 3per cent of global CO2 emissions. This sector is growing in importance as it accounts for 90per cent of all world trade.

The International Maritime Organization (IMO) is a UN shipping agency. It has stated that it aims at reducing overall greenhouse gas (GHG), emissions from ships by 50per cent by 2050 from 2008 levels. However, industry groups call for governments to take more aggressive action.

Companies and groups representing shipping, chartering and finance as well as fuel production, have announced that they believe stronger measures are required to meet the Paris agreement’s climate goals. This accord aims to limit global warming to below 2 degrees Celsius.

Hugo De Stoop, chief executive at Euronav, a leading tanker company, stated that “the clock is ticking.”

The Call to Action initiative was developed by the World Economic Forum, non-profit Global Maritime Forum, and other partners. It stated that decarbonization could only happen “with the urgency and scale required” if governments and regulators created appropriate policy frameworks.

“Policymakers have a historic chance to accelerate this process through introducing a global Carbon levy on marine fuels to drive decarbonisation, incentivize investment in zero emission fuels and vessels,” stated Jeremy Weir CEO of trading company Trafigura.

A spokesperson for IMO stated that the UN agency had a clear plan of work, including discussions of additional measures to reduce GHG emissions by ships. This would give member states the “opportunity to review the existing strategy and make proposals for new ambitions”.

Container lines A.P. are also signatories to the initiative. Moller – Maersk and MSC, as well as oil majors BP, Royal Dutch Shell, and mining groups BHP, Rio Tinto, and agri-groups Cargill, Bunge, and others, such as the ports at Antwerp and Rotterdam, as well as the Panama Canal Authority.

(Adapted from Reuters.com)



Categories: Economy & Finance, Entrepreneurship, Regulations & Legal, Sustainability

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