In 2018, the International Maritime Organization (IMO) adopted an initial strategy on the reduction of greenhouse gas emissions from ships. The strategy envisages a reduction in carbon intensity of international shipping by at least 40% by 2030 and the total annual GHG emissions from international shipping to be reduced by at least 50% by 2050, both reductions compared to 2008. In November 2020, new draft mandatory regulations to cut the carbon intensity of existing ships have been approved by the IMO’s Marine Environment Protection Committee. These amendments to the MARPOL convention require ships to combine a technical and an operational approach to reduce their carbon intensity.
In this webinar, Roel Hoenders, Head of Air Pollution and Energy Efficiency at the Marine Environment Division of the IMO, explains the new carbon emission reduction and energy efficiency measures for the world fleet.
Roel’s elaborations on the regulatory framework is followed by George Savvopoulos, Consultant at LOC, who provides an overview of the decarbonisation initiatives in the finance and chartering sectors intended to support the IMO in achieving their 2050 targets, touch on the current emissions performance of different ship types and how these could be improved, and discuss how this can relate to the insurance industry.
Given the urgency to address the climate crisis and in light of the growing importance attached to ESG considerations by marine insurers, this webinar offers insights into the growing regulatory requirements to combat carbon emissions as well as practical guidance on how this can be achieved.