Fifty Shades of Green

The Evolution of a Relationship

The International Maritime Organization’s MARPOL Annex VI was first adopted in 1997 and came into force in 2005.  Since then, the maritime industry has been working towards reducing its emissions impact, which requires a long pathway when you are working with assets that have about a 25-year lifespan.  To further incentivize the shift, IMO has made a promise to deliver a strategy in 2023 that will facilitate our industry’s reduction of GHG emissions by 40% in 2030 and 50% by 2050.

An effort like this takes intentional collaboration and investment.  It is important that organizations band together to amplify efficiency while stewarding resources—especially in difficult financial circumstances such as we are experiencing today.

But difficult doesn’t mean impossible! We are seeing great strides from multiple initiatives, many of them spearheaded by the Global Maritime Forum and their sister organization Getting to Zero Coalition, plus others like the Sustainable Shipping Initiative and NAMEPA.  We are also seeing charterers add their votes with the Sea Cargo Charter, alongside financiers with the Poseidon Principles and the Climate Bonds Initiative who are looking for demonstrations of reduction in carbon emissions.

Technology providers and shipowners are focusing their work towards the reduction of shipping’s carbon impact on the planet.  We are even looking at nuclear, which would have been inconceivable just a few years ago.  Every day brings new initiatives designed to support this goal.

And, much like Christian Grey and Anastasia Steele, this is the evolution of a relationship that started with disparate goals and (spoiler alert) end up aligned.

Keep optimizing,

Carleen