Thirty-four maritime CEOs have signed a pledge to accelerate the decarbonization of the shipping industry at this week’s Global Maritime Forum in Hong Kong.
The signatories have thrown their weight behind the idea that shifting to a low-carbon economy by 2050 will present new business opportunities. However, the agreement emphasized that there is no time to waste, and companies must begin technology research and development as soon as possible.
“An ambitious strategy consistent with the Paris Agreement temperature goals will require zero emission vessels to be entering the fleet in 2030 and form a significant proportion of newbuilds from then on,” says Alastair Marsh, CEO of Lloyd’s Register.
“Different solutions have different benefits for different types of ships, it is important that solutions are not only viable from a commercial perspective but are also technically feasible and can be safely adopted and operated.”
The pledge was signed by executives from Hempel, Maersk, Cargill Ocean Transportation and Euronav, among others. The signatories also stressed that the greenhouse gas strategy adopted by IMO member states in April must become binding and enforced by law.
“IMO has, after consultation laid a pathway, which requires a fundamental change in the way we fuel our ships,” says Euronav CEO Paddy Rogers. “Shipping must embrace these targets so let’s take our responsibility to make sure our industry is heading towards a sustainable future for ourselves and the next generations in line with the expectations of our global stakeholders.”