Carbon dioxide emissions are becoming the single biggest headache on the regulatory agenda for the shipping industry as the world's fleet continues to expand rapidly, a leading shipping executive told the Singapore International Bunker Conference 2008. "The world's fleet has grown at a very fast pace and is expected to grow another 5% in 2008. This would increase the emission of CO2 substantially," DNV Maritime's chief operating officer Tor Svenson said. "The shipping industry has to act now on CO2 emissions. It has no choice. If we don't act soon, regulators outside the shipping industry will set the scene," he said.
Under most nations' Kyoto Protocol commitments, all industries have to reduce Co2 emissions by 50% by 2050 -- a target that would be hard for the shipping industry to meet on its own, Svenson said.
"With seaborne trade growing, it will be difficult for shipping to deliver an absolute reduction in CO2 emissions by 2050," he said. "However, it would be possible to remain at around 2008 levels," he added.
Svenson said the world's total man-made emissions of CO2 were estimated at 32 billion mt/year, 13% of which were contributed by the transport sector.
Shipping alone contributed close to 2-3% of the total, or 17% of the transport sector's.
However, shipping remained more energy-efficient than other forms of cargo transport, he noted.
"More shipping is part of the solution," Svenson said, adding that Japan was aiming to reduce the Co2 emissions of new-build ships by 30% by 2011.
Under most nations' Kyoto Protocol commitments, all industries have to reduce Co2 emissions by 50% by 2050 -- a target that would be hard for the shipping industry to meet on its own, Svenson said.
"With seaborne trade growing, it will be difficult for shipping to deliver an absolute reduction in CO2 emissions by 2050," he said. "However, it would be possible to remain at around 2008 levels," he added.
Svenson said the world's total man-made emissions of CO2 were estimated at 32 billion mt/year, 13% of which were contributed by the transport sector.
Shipping alone contributed close to 2-3% of the total, or 17% of the transport sector's.
However, shipping remained more energy-efficient than other forms of cargo transport, he noted.
"More shipping is part of the solution," Svenson said, adding that Japan was aiming to reduce the Co2 emissions of new-build ships by 30% by 2011.