Wed Sep 25 08:47:02 UTC 2024: ## Shipping Industry Off Track to Meet Climate Goals, Report Warns
**LONDON** – The international shipping industry is lagging behind in its efforts to adopt zero-emission fuels, according to a new report by UCL Energy Institute, UN Climate Change High-Level Champions, and the Getting to Zero Coalition. The report warns that the industry’s current trajectory puts its climate goals at risk, with just eight out of 35 necessary actions deemed “on track”.
Global shipping contributes approximately 3% of global greenhouse gas emissions, a figure projected to skyrocket as trade is predicted to quadruple by 2050. The International Maritime Organization (IMO) has set a target for zero or near-zero emission fuels to account for 5% to 10% of all shipping fuels by 2030. However, the report reveals that current production plans and vessel orders will likely fall short of meeting this target.
The study highlights several contributing factors to this shortfall, including a slowdown in funding for zero-emission technologies and a lack of clarity around future regulations from the IMO. Industry experts agree that uncertainty surrounding the regulatory landscape and the lack of clear incentives are hindering progress.
“There is a vicious cycle,” says Lora Jakobsen, Chief Sustainability Officer at ZeroNorth. “Those who need to produce green fuel will not invest without real demand, and buyers will not commit without reliable supply. Political intervention is needed to break this cycle.”
The report underscores the urgent need for action. While technology exists, financial incentives are lagging, and the industry faces a critical 12-month window to avoid falling further behind its climate goals. Industry stakeholders, policymakers, and investors must collaborate to overcome the existing barriers and accelerate the transition to a more sustainable shipping sector.
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