A comprehensive package of additional CO2 reduction measures for the existing global fleet was agreed on Friday by an overwhelming number of governments from across the world at a week-long virtual meeting at the UN International Maritime Organization (IMO).
It includes legally binding measures to ensure a 40% reduction of carbon intensity across the global fleet by 2030 compared to 2008, and is a key stepping stone in achieving 100% decarbonisation as soon as possible after 2050.
The International Chamber of Shipping (ICS) has expressed its confidence that this new package of technical and operational regulations will be formally agreed by the IMO Marine Environment Protection Committee (MEPC) in November this year, for entry into force in 2023.
Importantly, the IMO agreement includes a mandatory A-E rating system that will greatly incentivise shipowners to improve their carbon efficiency – ships’ charterers being far more likely to offer business and pay a premium for highly rated ships, while ships with a D or E rating will face serious negative consequences unless they improve their performance.
It follows the publication in August of the 4th GHG study which shows that carbon intensity of international shipping improved by about 30% between 2008 and 2018. Total GHG emissions from shipping in 2018 dropped by 7% compared to 2008, despite a 40% growth in maritime trade over the same period.