Earlier this month, the Global Maritime Forum presented its report on the level of investment required to decarbonise the shipping sector. But instead of being discussed as a giant global investment opportunity, the headline figure of over $1trn was instead reported by some as a threat. This misleading interpretation of the paper potentially damages and undermines efforts to decarbonise the industry.
Shipping annually emits about 2.6% of global greenhouse gas emissions, similar to the emissions of Germany, and is not included in most national climate commitments. In 2018, the International Maritime Organization (IMO) agreed to cut shipping’s emissions by at least 50% by 2050, compared to 2008 levels, however to date there are no concrete measures to deliver on this target. Without action, emissions from shipping will potentially increase by as much as 250% in the next three decades.