Shipping’s decarbonisation will be a central pillar in meeting Net Zero targets. Accounting for around 2% of global carbon dioxide (CO2) emissions in 20221, the maritime industry’s drive towards carbon neutrality has been catalysed by the International Maritime Organization’s (IMO) recently revised carbon reduction targets.
The new strategy released in 2023 enhanced the industry’s ambition to meet Net Zero by 2050, committing to ensure the uptake of zero and near-zero greenhouse gas (GHG) emission fuels by 2030. It set targets to reduce the total annual GHG emissions from international shipping by at least 20% (with an ambition for 30%) by 2030, and at least 70% (striving for 80%) by 2040 compared to 2008 levels.
Building off the revised Net Zero strategy, the IMO’s Maritime Environment Protection Committee (MEPC 81) met in London, UK, in March to agree on possible draft outlines for its Net Zero framework to cut greenhouse gas (GHG) emissions from international shipping.
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