A World Economic Forum analysis of emissions data provided by the International Maritime Organization found that ships account for 3.1% of global CO2 emissions per year.
The global shipping industry is seeking more clarity on the implementation of new ship carbon rating norms from next year amid fears it could lead to a series of ground-level complications and disruptions.
Less than 100 days before the implementation of the upcoming carbon intensity indicator
, or CII
, by the International Maritime Organization
, industry players around the world are skeptical about its relevance and operational success unless these complexities are addressed soon. From January, all ships over 5,000 gross tonnage will be valued based on historical data. The CII measures carbon dioxide emissions per payload and nautical mile. Then the ship is assigned an annual rating from A to E, and the parameters will be tightened in stages. Ships rated 'D' within three years or rated 'E' within one year will be required to implement an Enhanced Ship Energy Efficiency Management Plan
to reduce their emissions. The IMO aims to have the majority of the world's merchant fleet of more than 85,000 ships rated 'A' by 2025, with only a few 'B' or 'C' categories excluded. The CII is
even more complex than the Existing Ship Energy Efficiency Index
, or EEXI
, and its implementation will require some adjustments between owners and charterers regarding contract terms. In 2025, the IMO will
conduct a review to adjust or adjust the CII to ensure that the maritime industry is on track to reduce carbon emissions by 70% from current levels by 2050. The maritime and shipping industry accounts for just 2% of global carbon emissions across all sectors.
New agreements and regulations from regulators and the growing interest of investors in supply chain efficiency can significantly change the industry, making indicators, benchmarking and strategy more transparent and accurate. and investors turned their attention to the most pressing issue of all: supply chains. This is one of the significant stumbling blocks for companies aiming for zero emissions, global climate change mitigation and sustainable investment decisions. As the bottleneck of global supply chains, maritime logistics has become a source of new risks for companies, investors and the planet in the coming decade.
Read more about The Shipping Industry: The greatest source of global carbon emissions?