• 2018 April 26 15:19

    50 percent Co2 cut by 2050 – governments must acknowledge enormity of what IMO has agreed - ICS

    Speaking today (26 April) at Singapore Maritime Week, the Chairman of the International Chamber of Shipping (ICS), Esben Poulsson, said the adoption by the UN International Maritime Organization (IMO) of a comprehensive strategy to phase-out shipping’s greenhouse gases “should be more than sufficient to discourage those who mistakenly advocate regional measures which would greatly damage global trade and would not be effective in helping shipping to further reduce its total CO2 emissions.”, ICS said in its press release.

    The ICS Chairman was commenting on the ambitious IMO strategy to cut the total greenhouse gas emissions of shipping by at least 50% by 2050, compared to 2008 – with an agreed efficiency goal, as an average for the sector, for a 40% improvement by 2030 compared to 2008, and a 70% improvement by 2050 – so that the entire sector will be in a position to decarbonise completely, consistent with achieving the 1.5 degree climate change goal identified by the UN.

    “It’s important that governments recognise the enormity of what has been agreed by IMO. While the ultimate goal is zero emissions, a 50% total cut by 2050 is very ambitious indeed, especially when account is taken of current projections for trade growth” said Mr Poulsson.

    “To put this in context, the aviation sector’s regulators have so far only agreed to hold its total CO2 emissions at 2020 levels, with no clear plan for absolute reduction. Moreover, compared to the 50% cut agreed by IMO, the commitments made by governments under the Paris Agreement with respect to the rest of the global economy will not see total CO2 emissions begin to reduce until the 2030s, while shipping’s total current CO2 emissions are already about 8% lower than ten years ago despite a 30% increase in trade demand.”

    Mr Poulsson remarked “The shipping industry deserves great credit for persuading IMO Member States to respond to the Paris Agreement in such an ambitious manner. This includes the detailed proposals which the industry made about what the IMO strategy might look like within weeks of the Paris Agreement being adopted”.

    “The shipping industry, very unfairly, is often criticised for foot-dragging. But this new IMO agreement makes it absolutely clear that shipping is now far and away ahead of the rest of the world economy in the scale of its ambition.”

    ICS is confident that new technology will eventually deliver; whether through the use of fuel cells or batteries powered by renewable energy, new fuels such as hydrogen, or some other solution not yet anticipated.

    “To be clear, while LNG and biofuels will probably form a part of the interim solution, the very high goals IMO has now set for 2050 can only be achieved with the development of zero CO2 propulsion systems” said Mr Poulsson.

    The new IMO strategy includes a list of possible candidate measures to achieve further CO2 reduction while shipping is still dependent on fossils fuels, including additional measures that could be ready for implementation before 2023.

    ICS is already now developing detailed input to IMO on all these proposals. But most controversial is further consideration of applying some kind of Market Based Measure (MBM).

    The position of ICS is that it remains deeply sceptical of MBMs as a means of further incentivising CO2 reduction. Fuel is already by far the largest cost for shipowners and this is expected to increase dramatically as a result of the new mandatory global IMO sulphur cap in 2020.

    “As IMO debates how best to implement its strategy we would much prefer that it concentrates on further technical CO2 reduction measures, not least promoting the development of zero CO2 fuels.” said Mr Poulsson.

    “However, should IMO decide there is a political need to develop an MBM, the clear preference of the global industry would be for a bunker fuel levy payable to some kind of IMO climate fund. If such a levy was developed, the funds should be deployed to support research into new low carbon technologies or to support the roll-out of the expensive new bunkering infrastructure that will be required to supply zero CO2 fuels.”




2020 March 31

18:06 APM Terminals Nigeria donates $US 200,000 to UN Nigeria Basket Fund
17:51 New publication offers updated maritime security guidance for mariners operating off West Africa and Gulf of Guinea
17:36 Manila ports fear shut down due to continued cargo congestion
17:20 Floating workshop of RF Navy's Baltic Fleet completed tasks in Mediterranean Sea
17:06 Yang Ming reveals 2019 financial report
16:55 State Duma of Russia approved in first reading expansion of resource base for LNG production projects
16:23 Rolls-Royce supplies innovative propulsion system for new multi-purpose vessels in the North and Baltic Seas
16:18 Nauticor and Novatek cooperate in the development of small-scale LNG supply infrastructure in the Baltic Sea
15:28 Bunker prices continue going down at the Far East ports of Russia (graph)
15:04 ClassNK establishes "Rules for the Survey and Construction of Governmental and Naval Ships"
14:42 NOVATEK declares LNG transshipment in Norway to be a temporary measure caused by Covid-19 pandemic
14:23 Wärtsilä Translink becomes first ever solution fully compliant with latest IEC and DNV GL Cyber Security rules
13:36 Krasnoye Sormovo to build three more ships of RSD59 design
13:09 Hapag-Lloyd revises North Europe – CAF May 1, 2020
12:51 Navigation season opens at Coal Sea Port of Shakhtersk
12:27 Krasnoye Sormovo shipyard completed sea and mooring trials of Pola Yaroslava, dry cargo carrier of Project RSD59
12:09 Verifavia partners with OSM Maritime Group to provide IHM services
11:44 Operations under quarantine arranged by Troitsa Bay Seaport (MPBT)
11:30 Vostochny Port arranged operations under quarantine
11:08 ABS supports U.S. COVID-19 response
10:45 Cruise shipping to be suspended in the port of Kiel until end of April
10:08 COSCO SHIPPING Holdings announces 2019 results
09:46 MABUX: Bunker market this morning, Mar 31
09:33 Baltic Dry Index is down to 548 points
09:16 Brent Crude futures price is up 2.12% to $26.99, Light Sweet Crude – up 5.67% to $21.25
09:08 Sergey Shishkarev headed the Board of Directors of PJSC TransContainer
08:44 Hapag-Lloyd appoints new executive in Asia
08:44 Aker Solutions secures brownfield services contract in Brunei

2020 March 30

18:30 Ecochlor announces collaboration with Horizon Air Freight to expand shipping services
18:15