If global shipping were a country, it would rank among the world’s top six emitters of climate-harming greenhouse gases (GHGs). Eighty percent of international trade — fundamental to the global economy and the goods we use in our everyday lives — travels by sea from port to port, generating 3% of global GHG emissions. Reducing these emissions is critically urgent to protecting our climate, oceans, economy and human health.
Countries have already focused significant attention on trying to decarbonize vessels and develop new fuels. Most recently, after 10 years of development and negotiations, the world was poised to pass a new framework from the International Maritime Organization that would have created a market-based system designed to promote vessel decarbonization.
Ships exceeding carbon-intensity targets would be required to pay penalties, while ships outperforming the targets would be rewarded and able to sell credits. The system would have raised revenue for an international fund that would help spur a transition to lower-emissions fuels.
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