Today, shipping is taking responsibility for our role in the climate crisis

(Climate Change News, 19 Dec 2019) Comment: Our proposal would create a $5 billion innovation fund to eventually bring about the full decarbonisation of the global shipping industry.

By

International shipping is responsible for more than 2% of global carbon dioxide emissions. That is roughly the same contribution as that made by Germany.

As an industry that is accountable to the UN via that International Maritime Organization (IMO) but not bound by country, the Paris Agreement notably did not account for the role of shipping in perpetuating the climate crisis.

This is perhaps part of the reason that the sector has been on the receiving end of plenty of criticism. Today, however, is the start of something new, something that will help to deliver the IMOs ambitious CO2 reduction goals. Today we’re announcing the creation of a $5 billion research-and-development fund whose ultimate aim is to bring about the full decarbonisation of the global shipping industry.

Many of the complaints levelled at global shipping have been justified. In fact, we concede that in the past we have been slow to respond to the threat of global heating: despite working hard to improve air quality and cut our carbon dioxide emissions, we have not done enough.

And though no reasonable person would recommend a reduction in global trade, which continues to underpin and promote peace and prosperity around the world, we do intend to play our part in addressing the climate crisis. We will match the ambitions of the rest of the world in meeting its carbon objectives. And we will take responsibility for our own contribution to the worsening health of the planet.

Today, we are submitting our proposals to the IMO. This is not a reaction to the intensifying climate crisis but a considered intervention, arrived at after months of discussion between international shipowner associations and ourselves. It is a bold plan and global shipping’s first-ever collaborative effort to solve a problem. But our goal is to play our part in addressing what is arguably the greatest challenge the world has ever faced. Boldness is precisely what is needed.

External link

Climate Change News, 19 Dec 2019: Today, shipping is taking responsibility for our role in the climate crisis