The International Maritime Organization (IMO), a UN agency which regulates maritime transport, has voted to implement a global cap on carbon emissions from ocean shipping and a penalty on entities that exceed that limit.
The agreement makes the shipping industry the first sector to agree on an internationally mandated target to reduce emissions along with a global carbon price. The agreement includes standards for greenhouse gas intensity from maritime shipping fuels, with those standards starting in 2028 and reducing through 2035. The end goal is to reach net-zero emissions in shipping by 2050
Source: Electrek: Read The Article
PSR Analysis: Given that international shipping contributes 3% of global carbon emissions (or 4% depending on your source) this is an important first step. It will however, need to be expanded and improved upon in order to reach the 2050 target. PSR
Guy Youngs is Forecast & Adoption Lead at Power Systems Research
