The revised strategy aims to significantly curb GHG emissions from international shipping.
The new targets include a 20% reduction in emissions by 2030. A 70% reduction by 2040 (compared to 2008 levels), and the ultimate goal of achieving net zero emissions by 2050.
The new regulations are expected to come into force in mid-2027.
The ambitions for international shipping were significantly strengthened by the decision to reduce greenhouse gas emissions by 50% by 2050, which was included in the initial strategy.
The strategy now aims to reduce GHG emissions by 20%, striving to reach 30% by 2030. Then 70%, to achieve 80% by 2040 compared to 2008, and to reach net zero emissions “by 2050 or thereabouts”.
There is also a 2030 target to achieve the adoption of technologies, fuels and/or energy sources with zero or near-zero GHG emissions , accounting for at least 5%, aiming for 10%, of the energy used by international shipping.
The GHG Strategy now also addresses GHG emissions from the shipping life cycle, with the overall objective of reducing GHG emissions within the limits of the international shipping energy system and avoiding a displacement of emissions to other sectors.
Medium- and long-term measures to reduce GHG emissions to ensure that shipping achieves these goals.
To this end, the IMO has decided to implement a series of measures consisting of two parts: first, technical measures that will consist of a target-based marine fuel standard governing the gradual reduction of the GHG intensity of marine fuels; second, an economic measure that will consist of a pricing mechanism for maritime GHG emissions, potentially linked directly to the GHG intensity mechanism.
The development of the measures will continue at IMO and, according to the agreed timetable, they will be adopted in 2025 and come into force around mid-2027.
Kitack Lim, Secretary General of IMO, described the agreement as a “monumental breakthrough that opens a new chapter towards maritime decarbonization. “monumental breakthrough that opens a new chapter towards maritime decarbonization.”
With the CSRD regulation, shippers with a European headquarters/office or working with goods through European ports will soon require forwarders to provide them with the necessary tools to measure and report their CO2 emissions.
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