Bimco Suggests IMO 2030 Carbon Reduction Target Should be Toughened

Carbon emissions are next on shipping's emissions reduction agenda after sulfur. Image Credit: File Image / Pixabay

The progress already made by the shipping industry in increasing its fuel efficiency suggests the IMO's target to reduce carbon emissions by 40% by 2030 could be toughened, according to industry group Bimco. 

In 2018 the International Maritime Organization adopted an initial strategy on greenhouse gases (GHGs) envisaging a cut of at least 40% from 2008's levels to carbon emissions per transport work by 2030, and a cut of at least 50% to total GHG emissions from the shipping industry as a whole by 2050.

"BIMCO has suggested a way to limit the present fleet's ability to speed up," Lars Robert Pedersen, the organisation's deputy secretary general, wrote in Bimco's Reflections 2020 magazine.

"This move would shackle its latent emissions potential and prevent it from destroying the gains already made since 2008 – substantial gains that amount to more than 30% reductions on a gram CO2 per ton*mile basis and more than 10% in absolute terms.

"It is, therefore, not a question of if the shipping industry will meet the IMO 2030 objective of achieving 40% carbon efficiency improvements over 2008, but about what the target should be increased to in 2023 when the IMO adopts its final GHG reduction strategy."

Along with other shipping industry bodies, Bimco has also suggested imposing a $2/mt levy on bunker fuel sales to build a $5 billion research and development fund to work on GHG reduction technology for shipping.

The proposal is due to be considered at the next meeting of the IMO's Marine Environment Protection Committee later this year.