Industries across the globe are issuing their carbon emission goals ahead of the new year. International Air Transport Association (IATA) approved for the global air transport industry to achieve net-zero carbon emissions by 2050. Following suit, the world’s top miners committed to a goal of net-zero carbon emissions both directly and indirectly by 2050 at the latest, according to the International Council on Mining and Metals (ICMM).
The International Chamber of Shipping (ICS) recently released its pledge, stating its goal of reaching net-zero emissions by the year 2050. The chamber represents 80% of the global shipping industry and has submitted this plan to the International Maritime Organization (IMO). This statement comes just a month before the Marine Environment Protection Committee (MEPC) meets.
The pledge submitted by the ICS is undoubtedly ambitious, one that doubles the goal in place by IMO of reducing emissions by 50% by the same year. In terms of action steps needed to achieve this goal, the ICS plans to include a compulsory R&D fund. This fund will support the development of zero-carbon technologies, carbon levies, and advancements in the use of zero-carbon fuels. In addition, the ICS encourages member states to approve a 5 billion dollar IMO Maritime Research Fund (IMRF) for the development of zero-emission ships, which will be essential to reaching the net-zero industry by 2050.
Leaders in the pledge understand the massive undertaking to come. However, they emphasize that while the action is difficult, talk is cheap, according to Esben Poulsson, chairman of ICS. Poulsson’s statement reminds governments that, “if they want to reach net zero, they need to move from empty commitments to tangible action.”
Project Net Zero (PNZ2050), is a leader in environmental, social, and governmental collaboration to achieve carbon-neutrality goals. Based in Geneva, Switzerland, Project Net Zero provides carbon offsetting services designed specifically with the shipping industry in mind. Tailor-made services for carbon emission reductions are designed based on the unique presence of each company. The recent news of such ambitious net-zero goals set by the ICS and IMO is a reflection of standards held by Project Net-Zero. In addition, these goals support our mission of serving the shipping industry’s cost-effecting decarbonization while promoting ecological and social responsibility.