Read the full newsletter here. Last week we noted that the tide seems to be…
Loud strains of the “Hallelujah Chorus” could be heard in London and around the world last week as a deal on GHGs was agreed upon at the IMO. While you can never make everyone happy, consensus was achieved to cut shipping’s CO2 emissions by 50% from 2008 by 2050, begin reductions as soon as possible, and work towards decarbonization. Bringing shipping into better alignment with the Paris Climate Accord, the initial strategy also includes strengthening the EEDI efficiency requirements for new ships and reducing shipping’s carbon intensity – the amount of CO2 emitted for each unit of transport work completed.
This agreement was critical for the industry as it becomes more in the spotlight for being the “odd man out”. Shipping was the last industry to be operating outside of the Paris Agreement, and entities such as the European Union and others were rattling their sabers and gnashing their teeth to come after us. Fortunately, consensus was achieved, and we can get down to the business of developing strategies to make it happen!