The global maritime industry has tabled a bold plan to double down on reducing carbon dioxide (CO2) emissions. The International Chamber of Shipping (ICS) has presented the International Maritime Organization (IMO) with urgent necessary measures to be adopted at the government level to achieve a new target of net-zero emissions by 2050. The IMO’s current target is a 50% reduction by that year.
The Chamber of Maritime Commerce (CMC) supports doubling the original IMO target as doable by Canada’s marine industry. « We already have a formidable record on greenhouse gases as ships are the most fuel-efficient way to transport goods,” says Bruce Burrows, CMC’s president and CEO. “Canadian domestic shipping has been at the forefront of environmental innovation, investing billions of dollars on fleet renewal, new technologies and alternative fuels to further reduce carbon emissions over the last decade.”
More than $4 billion has been invested over the past decade by Canadian shipowners in the refurbishment and construction of domestic and ocean-going vessels with the goal of continually reducing fuel consumption and air emissions, according to the CMC.
However, there are still major steps to be taken to activate the ICS’s goal internationally so that it can be achieved. The ICS plan outlines concrete measures such as the creation of an R&D fund to develop carbon-free technologies, and the establishment of a carbon tax for shipping to accelerate the transition to more expensive carbon-free fuels.