Reduce Emissions From Ships By 2050: Global Companies Call Out

23 September 2021 Current Affairs:One hundred fifty leading companies and organizations, including oil majors & port authorities, called on September 22, 2021, by 2050, to decarbonize the global shipping industry completely.

Highlights:
♦ The Call to Action initiative was developed by the planet Economic Forum, non-profit Global Maritime Forum, and other partners.
♦ This action initiative involves decarbonizing shipping, which could only happen urgently if governments and regulators establish proper policy frameworks.
♦ Other signatories of the initiative include – container lines A.P. Moller – Maersk, MSC & Hapag Lloyd, Royal Dutch Shell, oil majors BP, mining groups BHP and Rio Tinto, etc.
♦ The companies also urged the governments to improve their action warning time was limited.
♦  About 90% of world trade is transported by sea, and global shipping accounts for 3% of the world’s CO2 emissions. Thus, this sector is under growing pressure to get cleaner.
♦ The UN shipping agency called International Maritime Organization (IMO) aims to scale back greenhouse (GHG) emissions from ships by 50 percent compared to 2008 levels by 2050. 
♦ However, industry groups are calling to accelerate action from governments. In the latest initiative, shipping, chartering, finance, fuel production & ports companies and groups are posing for more robust measures to make sure that sector will meet the climate goals set by the Paris accord.
♦ The Paris accord seeks to limit heating to but 2 degrees Celsius.

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