This number is expected to rise by 20% in the coming years. New ship technology and fuels are needed - but they need 10 more years to develop. Once ready it will still take decades to replace the world fleet with the new ships.
The shipping industry is hugely challenged to manage the new C02 costs
New technologies and fuels are needed - and fleet replacement will take decades
Carbon intensity ratings will cause significant costs starting next year
Emissions from global shipping will grow by 20% until 2050
Starting January 2023, shipping companies will see their ships being rated in an A to E scheme based on their CO2 emissions in a calendar year. D and E ratings will require corrective actions to reduce CO2 emissions. These actions will have an impact on the ship’s commercial operations. More info on IMOs work to cut GHG emissions from ships.
In a legislation proposal passed in July 2021 the EU has laid out concrete plans to expand the European Emissions Trading System (ETS) to the maritime industry. Voyages starting and/or ending in an EU port will be counted into the CO2 emissions of a calendar year that will have to be covered with emission allowances. This will significantly increase the voyage costs of ships trading in EU waters. More info on the EU strategy to reduce emissions from the shipping sector.
In June 2019 11 leading banks joined forced to commit to the so-called “Poseidon Principles”: a set of 4 principles that provide guidance on what it means to be a responsible bank in the maritime sector. Today, 27 banks have signed the agreement and take their financing decisions accordingly. In December 2021 seven large marine insurance companies adopted their version of the Poseidon Principles. More info on the Poseidon Principles.
The Getting to Zero Coalition is an alliance of more than 150 companies within the maritime, energy, infrastructure and finance sectors, supported by key governments and IGOs. The Coalition is committed to getting commercially viable deep sea zero emission vessels powered by zero emission fuels into operation by 2030. More info on the Getting to Zero Coalition.
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