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IMO new emission target to trigger investment in shipping

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The United Nations International Maritime Organisation (IMO) strategy to reduce the total annual Green House Gas, GHG emissions from international shipping by at least 50 per cent by 2050 is expected to trigger private investors and operators in the maritime sector to immediately invest in new sustainable business models.

The Managing Director of Lagos Deep Offshore Logistic Base, LADOL, Dr. Amy Jadesimi, who stated this prior to the meeting of Carbon Pricing Leadership Coalition, CPLC, Third High-Level United Nations Assembly 2018 in Washington, D.C, said carbon pricing can be a way in which international shipping can advance its newly adopted strategy on decarbonisation.

The High-Level Assembly occurred as part of the World Bank Group/International Monetary Fund Spring Meetings, and focuses on the opportunities, benefits, and concerns related to carbon pricing.

It is on this background that the Global Maritime Forum is represented at the High-Level Assembly by the members of the board, which included Jadesimi, of LADOL, and Oivind Lorentzen III, Managing Director and Director and Vice Chairman of Northern Navigation LLC and SEACOR Holdings, Tom Boardley, Executive Vice President and Global Head of Corporate and External Affairs at Lloyd’s Register, a Strategic Partner to the Global Maritime Forum.

Amy, who doubles as Global Maritime Forum’s Vice Chairman and Managing Director and CEO of LADOL, said: “Last week, member states of the United Nations International Maritime Organisation adopted an initial strategy to reduce the total annual GHG emissions from international shipping by at least 50 per cent by 2050.

“This target could energise the private investors and operators in the maritime sector to immediately begin investing in new sustainable business models, assets (from ship yards and ships to ports) and financial solutions including carbon pricing. I therefore urge policy makers to continue setting bold targets and laying out a clear path to zero emissions,” she said.

The Global Maritime Forum is an international not-for-profit foundation dedicated to unleashing the potential of the global maritime industry. It is committed to shaping the future of global seaborne trade to increase sustainable long-term economic development and human wellbeing.

Meanwhile, IMO has reported a recent landmark adoption of an initial IMO Strategy on reduction of GHG emissions from ships at the Bonn Climate Change Conference.

IMO’s Edmund Hughes informed the opening of the plenary session that the vision set out in the strategy confirms IMO’s commitment to reducing GHG emissions from international shipping and, as a matter of urgency, to phasing them out as soon as possible in this century.

Hughes also highlighted further progress on related matters, including entry into force of mandatory requirements for the collection and reporting of ship fuel oil consumption data and the official launch of the Global Maritime Technology Cooperation Centres (MTCC) Network.

IMO reported to the forty-eighth session of the Subsidiary Body for Scientific and Technological Advice (SBSTA), which is took place in Bonn, Germany.


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