Global companies to reduce emissions from ships by 2050

About 150 leading companies and organisations including oil majors & port authorities called on September 22, 2021 for decarbonising the global shipping industry completely by 2050.

Highlights

• These companies also urged the governments to step up their action warning time was limited.
• About 90% of world trade are transported by sea and global shipping accounts for 3% of the world’s CO2 emissions. Thus, this sector is under growing pressure to get cleaner.

Aim of IMO

UN shipping agency called International Maritime Organization (IMO), aims to reduce the overall greenhouse gas (GHG) emissions from ships by 50 percent as compared to 2008 levels by 2050. However, industry groups are calling to accelerate action from governments.

Initiative by companies and groups

In the latest initiative, shipping, chartering, finance, fuel production & ports companies and groups are asking for stronger measures in order to ensure that sector will meet the climate goals set by the Paris accord. Paris accord seeks to limit the global warming to less than 2 degrees Celsius.

Call to Action initiative

Call to Action initiative was developed by the World Economic Forum, non-profit Global Maritime Forum and other partners. This action initiative calls for decarbonization of the shipping which could only happen with the urgency, if governments and regulators establish proper policy frameworks.

Signatories of Initiative

Other signatories of initiative include – container lines A.P. Moller – Maersk, MSC & Hapag Lloyd, Royal Dutch Shell, oil majors BP, mining groups BHP and Rio Tinto etc.

Month: Current Affairs - September, 2021