Historic Agreement to Reduce Greenhouse Gas Emissions in Maritime Transport
After nearly a decade of negotiations, the United Nations International Maritime Organization (IMO) made a significant stride on Friday by reaching an agreement aimed at reducing greenhouse gas emissions from maritime freight transport, widely recognized as the most polluting form of transport. This groundbreaking agreement is set to commence in 2028, with the ambitious goal of achieving carbon neutrality in the maritime sector by around 2050.
The agreement mandates that, starting in 2028, shipping companies must transition to less polluting fuels than those currently in widespread use. Additionally, companies that continue to utilize more polluting fuels will be subject to a tax based on the volume of greenhouse gases emitted by their vessels. Following the formalization of this agreement in October, it is expected to take effect in 2027.
Despite facing resistance from oil-producing nations such as Saudi Arabia, Russia, and the United States, a total of 63 countries and regional groups, including the European Union, supported the agreement.
Maritime transport is responsible for approximately 3 percent of global greenhouse gas emissions, which are the primary drivers of climate change. Remarkably, 85 percent of this contribution comes from large vessels with a gross tonnage exceeding 5,000 tons. This agreement marks a historic first, as it addresses emissions on a global scale for an entire industrial sector.
The maritime transport industry is notably the most polluting, primarily due to its reliance on fuels that produce the highest levels of harmful emissions. However, replacing these fuels poses a significant challenge, as they are also the most cost-effective options available. Consequently, any increase in shipping costs could have extensive ramifications on the global prices of transported goods, prompting concerns about economic repercussions.
This agreement signals a pivotal moment in the global effort to combat climate change and demonstrates the potential for international cooperation in addressing environmental issues. As stakeholders look towards the future, the implementation of less polluting fuels within the maritime industry will be closely scrutinized, presenting both challenges and opportunities for innovation and sustainability.
Related Sources: