Shipping is a dirty business. Overwhelmingly reliant on petroleum-based fuels, it was responsible for about 2% of all energy-related greenhouse gas emissions in 2022, according to the International Energy Agency. That year, the sector’s total carbon footprint increased by 5%.
But the industry watchdog’s desire to clean up shipping is strong. At a meeting of the International Maritime Organization (IMO) in July, member states of the UN regulator agreed to cut total shipping emissions by 20%, compared with 2008 levels, by 2030. Their targeted reduction by 2040 is 70%, with a view to attaining net zero “by or around” 2050.