INSUBCONTINENT EXCLUSIVE:
The International Maritime Organization (IMO), a UN agency, is working on a greenhouse gas strategy for international shipping.Their aim is
to achieve net-zero emissions by 2050
During a recent meeting in London, member countries discussed this issue and are expected to reach an agreement soon.The IMO had previously
set a target in 2018 to reduce emissions by 50% by 2050, based on 2008 levels.However, there is now a push to speed up this timeline due to
global decarbonization efforts.International Maritime Organization aims to speed up global decarbonization efforts
significantly reduce this carbon footprint, ships will need to adopt clean-burning fuels like hydrogen and ammonia.Discussions at the
meeting revolved around establishing rules to achieve this target.One proposal suggests gradually reducing annual emissions for larger
ships, regardless of the fuel used.Another proposal advocates for a carbon tax on ships using fossil fuels and subsidies for greener
alternatives like hydrogen.Safety standards for hydrogen and ammonia as marine fuels are currently lacking.The Japanese transport ministry
plans to develop guidelines to address this gap and promote their use.Japanese shipping companies are already taking steps to reduce
Lines will invest US$2.43 billion over the next three years to transition to alternative fuels like methanol and ammonia.Nippon Yusen plans
to allocate $4.3 billion until 2031 to introduce ships powered by liquefied natural gas and ammonia.Kawasaki Kisen is using artificial
intelligence to improve efficiency and reduce emissions.
