Just 35% of Top Shipping Firms Have Coherent 2050 GHG Plan: MMMCZCS

The analysis shows shipping is behind other industries in setting out its decarbonisation plans. File Image / Pixabay

Just 35% of top shipping firms have a coherent plan for GHG emissions reduction by 2050, according to new research.

The Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping (MMMCZCS) has analysed the public statements of 94 top shipping firms to determine their decarbonisation plans. Of these 94,33 (35%) have a clearly expressed net zero 2050 target or have committed to the IMO's target of at least halving GHG emissions by then, the organisation said in a statement on its website on Thursday.

"The state of decarbonisation in the maritime industry shows that while real progress has been made, there is a long way to go for the industry to reach net zero within the limited time left to transition," the organisation said.

"A comparison with other industries suggests that 35% of shipping companies with IMO or net zero 2050 pledges is low.

"A 2020 KPMG report looking at top-100 companies by revenue in 52 countries across industries, found that 66% of automotive, 56% of oil and gas, and 45% of transport and leisure companies had sustainability reports with carbon reduction targets.

"While action is needed from shipowners, regulators also need to step up and implement mandatory reporting requirements of climate-related impacts subject to third party auditing.

"Requirements should rely on global standards to increase comparability and avoid creating additional reporting burdens, the MMMCZS recommends.

"The analysis shows that the container industry has the highest level of ambition with 16 of the 30 largest firms in the segment having set emissions targets to a 2050 timeline.

"This translates to 69% of the total container maritime fleet capacity in owned deadweight tonnage."