1 trillion USD required to achieve UN’s Decarbonization Target of Shipping Industry

News:According to a study,at least $1 trillion of investment in new fuel technology is needed to enable the shipping industry to meet U.N. targets for cuts in carbon emissions by 2050.

Facts:

About Global Shipping Carbon emissions:

  • According to the United Nations,the global shipping industry accounts for around 90% of world trade which happen at sea.But it also emits around 2.2% of the world’s carbon dioxide emissions.
  • However,reducing shipping emissions is ambitious and challenging as the shipping sector plays a major role in the growth of the economy.
  • Hence,in 2018,the International Maritime Organization has adopted a resolution to reduce the shipping industry’s greenhouse gas emissions by 50 percent from 2008 levels by 2050.
  • To achieve this,the shipping industry will require the swift development of zero or low-emission fuels and new ship designs using cleaner technology.

About the study:

  • The study was conducted by the London based Energy Institute (University College London’s Energy Institute).
  • The study has said if the shipping industry was to fully decarbonize by 2050,this would require investment of around $1.4 trillion to $1.9 trillion in the next 30 years.

Additional information:

International Maritime Organization:

  • The International Maritime Organization is a specialized agency of the United Nations.It currently has 174 Member States.
  • IMO is responsible for measures to improve the safety and security of international shipping and to prevent pollution from ships.
  • It is also involved in legal matters, including liability and compensation issues and the facilitation of international maritime traffic.
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