Shipping Must Act Sooner Rather Than Later to Mitigate Climate Risks and Seize the Opportunity of Decarbonisation

In the wake of numerous presentations at London International Shipping Week about the innovation, optimism, and forward-thinking nature of global shipping it would be right to be optimistic about shipping's future despite challenging times ahead. We would hope that it is this entrepreneurial spirit is one that IMO and its working group will draw inspiration from in developing plans for emissions reduction and to set clear and ambitious targets and aligned with the 2-degree pathway required.

It's concerning then to note the revised official proposal submitted by the International Chamber of Shipping to IMO. To see such prominent associations indicating that the industry should not be held to any total emissions reduction targets at all and should decarbonise from 2050 - rather than by 2050, as is necessary to play our part in holding global temperatures below 2-degrees of warming - indicates a lack of ambition and accountability.

It also shows that those looking closely at the outcomes from the latest MEPC meeting at IMO were correct to be concerned that the language used kept the door open to inaction on decarbonisation – "decision making on what further measures, if any, are needed".

The International Civil Aviation Organization this year made a commitment to carbon neutral growth from 2020, based on carbon offsetting. This leaves international shipping out on its own as the only industry without legislation to limit or offset GHG emissions. IMO Secretary General, Kitack Lim only last week acknowledged that "the whole world will be watching the IMO" and analysing its April 2018 emissions reduction strategy. Is this desire to kick the can down the road, this assertion that decarbonisation shouldn't be attempted for 32 years, really the face we want them to see?

The 2-degree path set down by Paris is a science based target and fact. It has been a hard-fought negotiation, driven by the need to support growth and development as well as prevent global catastrophe. To bring shipping in line with Paris's 2-degree trajectory a 70% reduction in total annual GHG emissions from 2008 levels must be achieved by 2050.

Shipping should not just grudgingly agree to play its part because everyone else is, it should actively want to mitigate one of the greatest risks to global supply chains and logistics. We have seen in the past few weeks a series of hurricanes - made more powerful due to higher sea temperatures - halt trade, batter port infrastructure and threaten vessels across the US and the Caribbean. Climate change is likely to have some of its greatest impacts on coastal and island nations, the very areas that shipping depends on for effective infrastructure, demand and operational support.

Decarbonisation is an opportunity to drive innovation and inspire the industry to improve efficiency with new technologies, move towards low-carbon fuels, enhance financial security with better decision making, and ultimately increasing cross-industry collaboration and profitability. This is the future IMO should be looking to incentivise.