Shipping transports around 80% of global trade and accounts for 3% of global Greenhouse Gas (GHG) emissions, from the combustion of fossil fuels. Under business as usual, emissions may increase by half by 2050. To set international shipping on an ambitious, zero emission trajectory aligned to 1.5C, the sector must transition away from using fossil fuels supported by the necessary infrastructure for scalable zero emission energy sources including production, distribution, storage and bunkering.
Shipping is still in the emergence phase of the transition and we need at least 5% of a scalable zero emission fuel by 2030 to enable rapid scaling and mass adoption in the diffusion phase. This helps mobilize commitment and action across all stakeholders for example:
- Energy companies have greater confidence in demand when planning green fuel development projects
- Cargo owners can be mobilized to pay a premium for zero emission fuels on a corresponding percent of their freight
- Investors can quantify the amount of investment needed across the value chain
- Shipping companies can plan investments in new builds and retrofits
- Regulators can be called on to ensure a level playing field is in place to enable the transition
Who’s tracking our overall progress?
The first report tracking progress and climate action in the shipping sector was published in September 2022 by UMAS and the UN Climate Change High Level Champions, supported by the Getting to Zero Coalition and funded by Lloyd’s Register.THE UN CLIMATE CHANGE HIGH°LEVEL CHAMPIONS UMAS GTZ LLOYD'S REGISTER
Discover more about our actions and initiatives, and other ways shipping is racing to net zero
A sea-change in shipping?
Seaborne freight is one of the more challenging sectors to decarbonize, but ambition is accelerating in the race to achieve net-zero emissions by 2050.READ MORE
5% zero-emissions fuels target in shipping by 2030 “could well be exceeded”
The scale of emissions-related innovation is welcome but the pace must not be allowed to slow if global shipping is to achieve a 5% zero-emission fuel target by 2030, argue Climate Champion Katharine Palmer and Global Maritime Forum CEO, Johannah Christensen.READ MORE
Getting to 5%: An action plan for delivering zero-emission fuels in shipping
A master plan to achieve 5% zero-emission fuels in shipping by 2030 will help guide decisions, actions, and allow us to monitor the progress of the sector’s Race to Zero.READ MORE
Green Corridors: Why they’re key to shipping’s Race to Zero
Green corridors have been likened to special economic zones at sea — arenas where companies deploy new technologies and business models at full scale, interacting with each other and with regulations and incentives tailored to their efforts.READ MORE