Shipping industry group targets net-zero emissions by 2050

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The International Chamber of Shipping has submitted plans to the International Maritime Organization (IMO) detailing urgent measures which governments must take to help the industry achieve net zero CO2 emissions by 2050. Just one month before the COP26 decarbonization conference ‘Shaping the Future of Shipping’, ICS (which represents 80% of the global shipping industry), is pushing governments to double the ambition of the IMO’s current target, which is to reduce emissions from international shipping by 50% by 2050. The plans include a compulsory R&D fund to develop zero-carbon technologies, and the development of a carbon levy for shipping to expedite the transition to more expensive zero-carbon fuels. In its submission, shipping accepts the vital need to accelerate decarbonization timelines. But it states that a net zero target by 2050 will only be plausible if governments take the necessary actions to achieve this. The industry has therefore taken the unique step of proactively setting out the measures that must be taken by governments to make decarbonization by 2050 a reality.  The full press release available here.

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