A prominent climate conference has led to new progress on shipping industry climate regulations.
From now through tomorrow, the 2023 United Nations Climate Change Conference or Conference of the Parties of the UNFCCC, or COP28, is taking place in Dubai, United Arab Emirates. This year, shipping and the supply chain are playing a prominent role.
Now, it has been announced that over 60 private and public maritime organizations, as well as various governments at the national and regional levels have banded together to make a bold commitment. Various groups got together and have pledged to deliver on the International Maritime Organization (IMO)’s climate goals for net-zero shipping, specifically by 2050. The meeting of those concerned and committed about the industry’s climate goals happened on the sidelines of the main climate conference in Dubai.
What is the group seeking to achieve with these talks?
The goal of all of the participants of the sideline meetings was to come up with a law that is palatable to all parties by the time IMO negotiations take place in March of next year (2024). There are many areas that need to be considered, such as cost, infrastructure, technology, and feasibility of different solutions.
Involved parties included the IMO, trade organizations such as the Union of Greek Shipowners, the International Chamber of Shipping, the United Nations, and many others.
The IMO already took some steps and the latest talks could seal the deal.
Under IMO regulations, the organization has set a goal of net-zero emissions from shipping by 2050. This past summer, IMO member states adopted a Revised Greenhouse Gas (GHG) strategy with plans to formalize regulations in the near future. Although many of the world’s nations signed the “Paris Agreement”, the shipping and logistics industry is excluded from that protocol, making standalone action even more important.
