In a significant step toward decarbonizing the shipping industry, governments at the International Maritime Organization (IMO) have agreed on a series of annual emissions reduction targets for 2028 to 2035, alongside financial penalties for ship owners who fail to comply.
Following a week of negotiations in London, delegates voted to require ship owners to cut vessels’ emissions intensity—the amount of greenhouse gases emitted per unit of fuel—by 30% by 2035 and 65% by 2040 compared to 2008. These reductions are intended to push the sector closer to IMO’s broader goal of achieving net-zero emissions by around 2050.
In a tense final session, some fossil fuel-producing nations resisted the proposed measures, but a consensus was reached to establish annual reduction benchmarks between 2028 and 2035. Specific targets for the years 2035 to 2040 will be set in 2032.
Ship owners who fail to meet the emissions goals will be required to contribute” to a “net zero” fund,” which will support the transition to greener fuels and cleaner maritime technologies.
This agreement marks a significant milestone in regulating the carbon footprint of international shipping, a sector responsible for nearly 3% of global greenhouse gas emissions. The focus now turns to implementation, enforcement, and accelerating innovation across the maritime industry. Read More
News Credit: Climate Home News
Picture Credit: Caribb/MOL