IMO plans 50% greenhouse gas emission cut by 2050

Amy Jadesimi, managing director of the Lagos Deep Offshore Logistic Base (LADOL), has said that the International Maritime Organisation (IMO), an organ of the United Nations, has adopted a strategy to reduce the total annual Greenhouse Gas (GHG) emissions from international shipping by at least 50 percent, come 2050.

Jadesimi, who doubles as the vice chairman of the Global Maritime Forum, said last week that member states of the International Maritime Organisation has also adopted an initial strategy to reduce the total annual GHG emissions from international shipping in line with the IMO’s target.

Research has shown that international shipping accounts for approximately 2.7 percent of world CO2 emissions from fossil fuel combustion while all shipping activities including fishing, domestic and international represents approximately 3.3 percent of total CO2 from fuel combustion.

However, IMO projects that CO2 emissions from international maritime activity will grow through 2050, though this growth may be significantly slowed through uptake in fuel efficient technologies and operating procedures.

Speaking prior to the meeting on Carbon Pricing Leadership Coalition (CPLC) of Third High-Level United Nations Assembly 2018, held in Washington, DC, Jadesimi disclosed that the IMO’s target could motivate private investors and operators in the maritime sector, to immediately begin to invest in new sustainable business models.

The High-Level Assembly takes place as part of the World Bank Group/International Monetary Fund (IMF) Spring Meetings, and it focuses on the opportunities, benefits and concerns relating to carbon pricing.

“This target could strengthen the private investors and operators in the maritime sector to invest in new sustainable business models, assets (such as shipyards and ships to ports) and financial solutions including carbon pricing. Therefore, we urge policy makers to continue setting bold targets and laying out a clear path to zero emissions,” Jadesimi advised.

Carbon pricing can be a way in which international shipping can advance its newly adopted strategy on decarbonisation.

It is on this background that the Global Maritime Forum was represented at the High-Level Assembly by the members of the board that include Amy Jadesimi, managing director and CEO of LADOL; Oivind Lorentzen III, managing director and vice chairman of Northern Navigation LLC and SEACOR Holdings; Tom Boardley, executive vice president and global head of corporate and external affairs at Lloyd’s Register, a Strategic Partner to the Global Maritime Forum.

The Global Maritime Forum is an international not-for-profit foundation dedicated to unleashing the potential of the global maritime industry. It is committed to shaping the future of global seaborne trade to increase sustainable long-term economic development and human wellbeing.

AMAKA ANAGOR