World News
SIBCON 2024: Former IMO SG Sees 2040 GHG Target as Biggest Concern
Kitack Lim, secretary general emeritus of the International Maritime Organization, believes the UN body's 2040 GHG reduction target will be the most difficult of the decarbonisation tasks it has set for the shipping industry.
The IMO's GHG strategy aims for net zero GHG emissions by or around 2050, with 'indicative checkpoints' of a 20-30% reduction by 2030 and 70-80% reduction by 2040.
While the 2030 checkpoint looks achievable with the progress the shipping industry has already made, the 2040 goal will require much more work, Lim told Ship & Bunker at the event.
"I'm particularly concerned by the target for 2040 target, it's very crucial," Lim said.
"There's only 15 years to go, for a 70-80% reduction of total emissions, and it's a highly ambitious target.
"We'll have to work hard."
Lim served as IMO secretary general from January 2016 to the end of 2024, before being replaced by Arsenio Dominguez.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 569.50 | 6.50 | 680.00 | 10.50 |
| Rotterdam | 514.00 | 2.50 | 676.00 | 7.50 |
| Houston | 547.50 | 0.00 | 671.50 | 1.50 |
| Fujairah | 561.00 | 0.50 | 751.00 | 1.50 |
| Global 20 Ports Average | 586.00 | 0.00 | 759.00 | 0.00 |
| Global 4 Ports Average | 548.00 | 2.00 | 694.50 | 5.00 |
| Global Average Bunker Price | 633.50 | 1.00 | 798.50 | 0.50 |
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