Less than half of the top shipping companies have committed to net zero by 2050

Less than half of the top shipping companies have committed to net zero by 2050
Adis Ajdin July 1, 2022 https://splash247.com/less-than-half-of-the-top-shipping-companies-have-...

Only 33 out of 94 (35%) of the world’s major shipping companies have committed to being net zero by 2050 or have joined the International Maritime Organization (IMO) targets of a 50% absolute reduction in 2050 compared to the 2008 level, a new analysis from the Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping shows.

The assessment drew on published decarbonisation ambitions and actions of the top companies by owned capacity in tanker, bulk, container, and roro/car segments, representing a 70% share of global shipping emissions.

The report suggested that compared to carbon reduction targets in other industries, such as automotive, oil and gas and transport and leisure, with 65%, 56% and 45% respectively, “35% of shipping companies with IMO or net zero 2050 pledges is low.”

According to the analysis, the container industry has the highest level of ambition, with 16 of the 30 largest firms in the segment having set emissions targets to a 2050 timeline. This translates to 69% of the total container shipping fleet capacity in owned deadweight tonnage.

While the action is needed from shipowners, the center called on the regulators to step up and implement mandatory reporting requirements for climate-related impacts subject to third party auditing, adding that requirements should rely on global standards to increase comparability and avoid creating additional reporting burdens.

“Transparency is key for the transition, and there is no doubt that shipowners and operators will increasingly need to be transparent about climate targets and actions – not only towards regulators but also to live up to expectations from customers, investors, insurance, the greater public – and not least employees,” said Bo Cerup-Simonsen, CEO of the Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping.