IMO REGULATIONS
In July 2023, the IMO revised its GHG reduction strategy aiming to reach net-zero GHG emissions by 2050.
The revised strategy aims to significantly curb GHG emissions from international shipping. The new targets include a 20% reduction in emissions by 2030, a 70% reduction by 2040 (compared to 2008 levels), and the ultimate goal of achieving net-zero emissions by 2050.
The strategy now also addresses lifecycle GHG emissions from shipping, with the overall objective of reducing GHG emissions within the boundaries of the energy system of international shipping and preventing a shift of emissions to other sectors.
To ensure that shipping reaches these ambitions, the IMO has decided to implement a basket of regulatory measures. The measures will, according to the agreed timeline, be adopted in 2025 and enter into force in around mid-2027.
The decarbonization targets pose challenges for a range of stakeholders, from ship owners, charterers and cargo owners to ship builders, designers, engine manufacturers, fuel suppliers financiers and policy makers. Reaching these targets will require the application of new and existing technologies, lowering speed and the deployment of large volumes of sustainable zero-carbon or carbon-neutral fuels.
The key to achieving reduction of emission is developing, maturing and scaling up solutions to a level where the cost is acceptable. Regulations should be supplemented by other policy measures and incentives to drive technology development and emission reductions, while at the same time ensuring the shipping activity is not restricted.
