A group of 34 maritime CEOs and industry leaders signed a call for action towards a new, decarbonized future, in support of the International Maritime Organization’s (IMO) climate strategy to reduce greenhouse gas emissions by at least 50% by the year 2050.

The call for action says that this can only happen if the shipping industry accelerates technological and business model innovation, improves operational and technical energy efficiency, and shifts to zero-carbon fuels and new propulsion systems.

Claus Hemmingsen, Vice CEO, A. P. Moller – Maersk, says: “Global seaborne trade’s transition to a low-carbon future will propel both technological and business model innovation. The right incentives for accelerated investment into R&D can only come about if we get a global IMO based regulation. We invite stakeholders from the entire maritime spectrum to join us on this new journey.”

Moller, alongside the other 33 CEOs, encouraged their peers to join their effort in the creation of a new shipping industry by 2050. They put together a roadmap towards a zero-emission future, including these core principles:

• Ambitious: The strategy should be consistently in line with the Paris agreement’s temperature goals.
• Predictable: Regulations should provide long-term certainty for financiers, builders, owners and charterers to make the required investments in low-carbon technologies.
• Market-oriented: Emissions reduction objectives should be met at the lowest possible cost, and the industry should explore the use of carbon pricing and other mechanisms that can create economic value from GHG emission reductions.
• Technology-enabling: The strategy should accelerate the use of low-carbon technologies and fuels by encouraging significant funding flows for research and development.
• Urgent: Certain mid- and long-term measures will require work to commence prior to 2023, including the development of zero-emission fuels to enable implementation of decarbonization solutions by 2030.
• Coherent: Solutions implemented should build on and reinforce existing technical, operational, and energy efficiency measures whilst maintaining or enhancing safety standards. In this context it is critical that all IMO environmental regulations be compatible with future 2050 regulations.
• Enforceable: Legally binding, enforceable actions set by the IMO and enforced by member countries are required to compel the industry to shift.

CEOs who have signed include those representingMaersk, Cargill, Dorian LPG, DS Norden, Ocean Network Express, Pacific Basin and Trafigura.