Net Zero Shipping By 2050 Could Be on the Agenda Pretty Soon

Amid pressure from NGOs and governments, shipping could be moving towards net zero by 2050, instead of the initial goal set of a 50% emission reduction. In its latest weekly report, shipbroker Gibson said that “last Friday saw the close of the much-anticipated Marine Environmental Protection Committee (MEPC 78) meeting at the IMO. The main focus was to progress IMO policy to build an effective greenhouse gas emissions (GHG) reduction strategy to be approved at MEPC 80 in 2023. Whilst the meeting was never intended to be a decision-making event, it did signal that sufficient momentum and support exists among most member states for the IMO to begin setting more ambitious targets and policy that will be centre stage at upcoming IMO meetings. However, environmental and industry groups have been critical of the MEPC for failing to achieve unanimous support amongst all members. They highlight the relative pace of decarbonisation proposed by the IMO and the ability of shipping to remain aligned to the 1.5C target agreed in the Paris Climate Agreement. This will only add to the pressure of subsequent IMO meetings to secure a plan for achieving adequate decarbonisation whilst ensuring an equitable transition process that can achieve broad member state support”.