The G7 Ministers on Climate, Energy, and Environment have called for the shipping industry to achieve GHG-zero emissions by 2050.
The goal is much more ambitious that the current one set by the International Maritime Organization (IMO) under which the shipping industry aims to reduce its emissions by at least 50% by 2050.
However, all eyes are set on the upcoming IMO’s 80th session of the Marine Environment Protection Committee (MEPC80) in July when IMO is expected to make the target more stringent and align it with the Paris Agreement on limiting global warming to 1.5°C.
The IMO MEPC 80 is shaping up to be the most significant climate meeting of 2023 for the shipping industry.
Namely, the IMO is expected to adopt its revised GHG strategy, which will set out the regulatory framework and transitional path for the industry’s decarbonization. The outcome of this meeting will have far-reaching implications for the industry, as member states are calling for full decarbonization by 2050.
Many countries, organizations, and businesses have set their own targets for achieving net-zero emissions by 2050 in order to help achieve the Paris Agreement’s long-term goal.
The calls for a 2050 net-zero target for international shipping were made at the latest meeting of the G7 ministers held under the Japanese G7 Presidency in Sapporo on 15th – 16th April 2023.
The Group of Seven (G7) is a forum consisting of seven of the world’s largest advanced economies: Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. The group was formed in 1975 to facilitate international economic cooperation among its members.
The G7 ministers also committed to introducing intermediate targets for 2030 and 2040 in line with efforts to limit the temperature increase to 1.5°C above pre-industrial levels. They pledged to work towards the development and adoption of mid-term measures by 2025 to achieve these targets, consisting of regulatory signals and incentives to accelerate the transformation of shipping.
The ministers recognized the importance of a just and equitable transition that leaves no one behind. As part of other multilateral cooperation, they pledged to support the establishment of at least 14 green shipping corridors involving G7 members by the middle of this decade.
They also committed to supporting the establishment of green corridors worldwide to promote the reduction of GHG emissions through the uptake of zero- and near-zero emission vessels and fuels and the development of decarbonized ports.