PR97922

NEW YORK Sept. 23, 2022 /PRNewswire=KYODO JBN/

- New report points to significant progress on the 5% goal by industry,

national governments, and positive developments at the IMO.

The shipping industry is working towards full decarbonization by 2050 at the

latest and last year anaction plan was launched on which both private and

public actors can focus their collective efforts around this and coming decades.

The first-of-its-kind "Climate Action in Shipping Report - Progress towards

Shipping's 2030 Breakthrough,''

[https://www.globalmaritimeforum.org/content/2022/09/Climate-action-in-shipping-

progress-towards-shippings-2030-breakthrough.pdf] launching on 21 September

during New York Climate Week, prior to the Global Maritime Forum Annual Summit,

and in parallel with the Clean Energy Ministerial Global Clean Energy Forum,

marks a significant milestone on the road to COP27 and provides an honest

stocktake of progress to date, highlighting where coordinated effort and

collaboration is needed.

The report finds there has been "significant progress from industry, national

governments and positive developments at the IMO", but converting those

commitments into concrete developments is vital for further progress.

The study, led by Katharine Palmer, Shipping Lead for the UN High level Climate

Champions team, and Domagoj Baresic, Consultantat UMAS, evaluated the 2030

breakthrough goals against key levers for change, which include: technology and

supply, finance, policy, demand, and civil society action.

The Getting to Zero Coalition - an industry led Coalition of more than 200

members from across the maritime value chain in partnership with the World

Economic Forum and the Global Maritime Forum - has contributed to the effort by

validating progress against the five levers of the action plan and held a

Workshop in Copenhagen in June with Coalition members providing significant

input from the industry to the way forward achieving actions.

In terms of progress on technology and supply of SZEF (Scalable Zero Emission

Fuels), the report found that shipping is only "partially on track.'' While

there are more than 200 shipping decarbonization pilot and demonstration

projects in the pipeline and progress has been observed regarding bunkering and

safety guidelines internationally, moving from pilots to SZEF production

commitments, investments, and infrastructure development is now a key

requirement.

Based on UMAS analysis, it is expected that the industry will have to commit to

investing around US$40 billion annually by 2030 for SZEF bunkering and

production, and the report points to the need for greater clarity on funding

commitments for SZEF production infrastructure.

It adds that current orders for SZEF-ready ships should increase further,

whilst a genuine zero carbon freight market is expected to emerge.

On policy, the authors said that it is vital that positive policy signals, such

as consensus on pricing GHG emissions, translate into firm agreements at the

IMO in 2023, with the coming year offering an important window of opportunity

before the revision of the IMO's Greenhouse Gas Strategy.

Katharine Palmer, Shipping Lead at the UN High level Climate Champions team

said: "To achieve the 2030 Breakthrough goal we need near-term project level

action describing tangible, collective action required. This report acts as an

honest stocktake of progress which needs to continue to be monitored and

tracked. In the run-up to COP27, this is an important milestone to signal a

true shift to delivery to convert these commitments and pledges to actions and

solutions"

Domagoj Baresic, Consultant at UMAS said: "In order for the shipping industry

to decarbonize, multiple actions which can increase production and adoption of

scalable zero emission fuels in the industry are required now. This report

provides evidence for the significant progress which has been made to

decarbonize shipping, yet at the same time shows thatfurther significant action

is required. The evidence presented shows now is the time to take the necessary

actions to ensure that by 2030 the industry is committed to a decarbonization

trajectory."

The UMAS and UN High level Climate Champions report, supported by the Getting

to Zero Coalition, Lloyd's Register and the Mission Possible Partnership,

follows the October 2021 publication of an action plan by UN Climate Change

High Level Champions, UMAS and the Global Maritime Forum setting out the

specific near-term actions and milestones around which businesses and

governments can unite based on the 2030 Breakthroughs from the High-Level

Climate Champions

Source: Getting to Zero Coalition