Shipping associations have proposed creating a research fund with $5 billion rai...
FILE PHOTO: Container ship RDO Concord sails through the Suez Canal as Egypt celebrates the 150th anniversary of the canal opening in Ismailia, Egypt November 17, 2019. REUTERS/Mohamed Abd El Ghany
The global shipping fleet, which accounts for 2.2% of the world’s CO2 emissions, is under pressure to reduce those emissions and other pollution. About 90% of world trade is transported by sea. U.N. shipping agency, the International Maritime Organization , aims to cut the industry’s greenhouse gas emissions by 50% from 2008 levels by 2050, a target that will require the swift development of zero or low emission fuels and new ship designs using cleaner technology.
“We can’t exaggerate the pressure we are under if we are going to meet the IMO 2050 targets. We really have very little time,” Bennett told Reuters. “Ship owners are increasingly realizing that we have to really get on with this now.”
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