Maritime: Carbone 4 Publications, IMO Commitments, and the Poseidon Principles

This article was originally published in our "Décryptage Mobilité" newsletter. To receive future articles by email as soon as they are published, Subscribe now. By Aurélien Schuller – Manager

TheThere has been a particularly high volume of news in recent weeks in the maritime sector. As you may have noticed in the various articles on this site:

• How the World's Largest Shipping Company Plans to Reduce Its Emissions (link);
• Slowing Down Ships to Reduce Greenhouse Gas Emissions from the Maritime Sector (link);
• IMO Environmental Session: Mixed Results for Maritime Climate Negotiations (article published in Décryptage mobilité #7, coming soon to our website).

In addition to all these articles, we invite you to check out our a new publication on the subject that we co-authored with Bertin Énergie Environnement : "Is the Maritime Sector Heading Toward Decarbonization? An Overview" (link)

This publication presents CO2 emissions from maritime transport today and in the future, taking into account projected traffic trends and the measures being considered to halve emissions between 2008 and 2050, which is the goal of the International Maritime Organization (IMO). The cost-reduction measures are presented and described, particularly in terms of costs. Here we quote the conclusion of this publication: “ The development of IMO recommendations on short-term actions has been postponed. The definition of medium- and long-term actions will be the subject of further analysis (…) However, Many stakeholders in the sector are calling for a stronger and more proactive commitment. For example, last April, the IMO received a letter requesting the Implementation of an average speed limit for container ships, as well as an absolute speed limit for all other types of vessels. More than 100 shipping companies and environmental organizations signed the petition [1]. And the financial sector is also beginning to take action. For example, 11 major banks financing the construction of commercial shipsand amounting to more than 100 billion US$ will incorporate environmental criteria into their investment decisions. They are committed to, through a a program called the “Poseidon Principles” [2] to align with the decarbonization goals set by the International Maritime Organization. In fact, only the combined pressure from financial stakeholders and public authorities, along with the exemplary leadership of industry leaders, will be able to hold the IMO accountable for immediately begin the decarbonization of the maritime sector, taking appropriate measures. In the meantime, whether they are shipbuilders or shipowners, the industry players have a clear strategic interest in preparing for their transition now: the longer they wait, the harder they will be hit.”

Sources: [1] Financial Times [2] The Poseidon Principles