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Earth’s average temperature in 2024 was the warmest on record, according to NASA scientists. With rising sea levels, storms and extreme weather increasing, are there any reasons to be optimistic in maritime?
I’d say there are. Maritime is performing better compared to other hard-to-abate sectors. We have a global regulator – the International Maritime Organization – which has a climate strategy and a suite of regulatory instruments, including the Energy Efficiency Design Index (EEDI) and the Carbon Intensity Indicator (CII). By MEPC (83), we should also have finalised mid-term measures including a fuel standard and pricing mechanisms. Other sectors just don’t have this kind of cohesive framework.
Even though the reactions to COP29 were mixed to say the least, there were significant tangible outcomes – a $300 billion annual commitment by 2035 for developing nations and the establishment of the Global Carbon Credit Trading System under Article 6.4 of the Paris Agreement. While the $300 billion might fall short of the climate finance research, which indicates a need for up to $1 trillion of annual investment, it is a proper step forward. Additionally, the Global Carbon Credit Trading System will enable nations and businesses to trade verified carbon credits under, transparent rules that become legally enforceable. Projects that reduce or remove carbon emissions, like reforestation or renewable energy initiatives, can generate credits for sale to those needing offsets.
When it comes to fossil fuels, COP29 did reinforce the urgency of scaling up zero-emission fuels. More than 50 maritime leaders, including the LR Maritime Decarbonisation Hub, signed a Call to Action to achieve 5-10% adoption of green fuels like ammonia and methanol by 2030.
The focus on green corridors and infrastructure aligns with the IMO’s push to accelerate decarbonisation targets. The 5-10% adoption target by 2030 is now well established as a target tipping point, and initiatives like this one are essential to drive progress towards that target. Again, the discussions are starting to take a step forward: fossil fuel-dependent economies remain resistant, but the dialogue around subsidies and accountability has strengthened. These incremental discussions are vital for shifting the narrative and paving the way for more decisive action.
To drive the adoption of zero-emission fuels, the Maritime Decarbonisation Hub has launched the Maritime Fuel Supply Dialogues. This multi-stakeholder initiative connects ministries, fuel producers, shipowners, and financial institutions to tackle barriers to scaling zero-emission fuels. It focuses on aligning supply and demand, developing infrastructure, and creating policy incentives. It’s crucial for ensuring green hydrogen-derived fuels are both available and affordable at scale.
There are reasons to look forward into 2025 with optimism. A spotlight is starting to shine on the maritime industry’s position as a leader which hasn’t always been the case. Sometimes the industry itself hasn’t realised just how much it is achieving.
While the event did not deliver everything that was hoped for, it helped to shine a spotlight on the maritime industry’s position as a leader among hard-to-abate sectors, which is a notion not often entertained from within the industry.