As a response to the Paris Agreement on climate change, global shipowners associations have come together to show support for the development of an emissions reduction timeline.
The world's national shipowner associations represented by their global trade association, the International Chamber of Shipping (ICS).
About 90% of global trade is moved by cargo ships which are collectively responsible for about 2.2% of the world's total Green House Gas (GHG) emissions (similar to that emitted by international aviation).
ICS proposed that the CO2 reduction commitment should be developed as soon as possible by the International Maritime Organisation (IMO).
The aim of the agreement is to build upon current CO2 emissions reductions achieved by shipping, and the regime by the IMO already in place.
Esben Poulsson, Chairman of the ICS, said: “Shipping is the only industrial sector which already has a mandatory global CO2 reduction regime in place, applicable to the entire world fleet and which predates the Paris Agreement by 4 years.
“Shipping has a very good story to tell. The most recent data from 2014 shows that shipping reduced its total CO2 emissions by over 10% in just 5 years, despite continuing growth in maritime trade.”
PTI reported in late September, 2016, that the shipping industry should prepare for COP 22 and the impact it would have on all kinds of operations within the supply chain, as it had been exempt from COP 21 regulations in the past.
50 countries have now signed the Paris Agreement, a record number of countries that are dedicated to reducing their emissions and preventing global warming from reaching its maximum temperature rise of two degrees.