Significant investments will be needed to reduce the shipping industry's carbon footprint. File Image / Pixabay
Shipowners in Europe are expecting to put off or cancel investments in cutting their emissions because of the financial impact of the COVID-19 pandemic, according to a survey carried out by the European Community Shipowners' Associations (ECSA).
In a survey the ECSA conducted among European shipping companies last month, just 26% said they expected to go ahead with investments in emissions reduction as planned this year.
30% said they would proceed with these investments but to a lesser extent, and 44% said they were no longer able to make such investments.
"This is a major setback for the industry, which is fully aligned with the IMO's 2050 CO2 reduction targets, and has since the new European Commission took office been supportive of the EU's ambition to be the world's first carbon-neutral continent," the ECSA said.