These targets include indicative checkpoints for greenhouse gas (GHG) emission reductions, as well as the implementation of measures to regulate marine fuel’s GHG intensity and the development of a pricing mechanism for maritime GHG emissions.
Under the new targets, the IMO aims for a minimum reduction of 20% in GHG emissions by 2030, with a striving target of 30%. Additionally, the organization seeks to achieve at least a 70% reduction by 2040, with a striving target of 80%. These targets are based on a 2008 baseline. The strategy also acknowledges that achieving net-zero emissions by 2050 will depend on the specific circumstances of each country.
In order to support the transition towards a greener maritime industry, the IMO aims for a 5% uptake of zero or near-zero GHG emission technologies, fuels, or energy sources by international shipping by 2030, with a striving target of 10%. This emphasis on adopting cleaner technologies and fuels will contribute to the overall reduction of emissions from the sector.
We, at Hellenic Hull, welcome IMO’s new targets as we believe in being proactive to achieve a more sustainable future for all. As early as 2019, we recognized the forthcoming challenges and took steps to align our operations with global sustainability initiatives.
In line with the United Nations’ 2030 Agenda, we have launched a network of international collaborations with organizations such as the UNEP Finance Initiative, Principles for Sustainable Insurance, Sustainable Blue Economy Finance Initiative, Ship Recycling Transparency Initiative, UN Global Compact, Net Zero Insurance Alliance, Poseidon Principles for Marine Insurance, and the World Maritime University.
As part of our commitment to sustainability, we have conducted the first climate alignment assessment of its portfolio, complying with the Poseidon Principles for Marine Insurance assessment guidelines. This exercise revealed that the company’s climate alignment scores exceed the exact alignment by +11.6% for the IMO’s 50% CO2 reduction target and +16.4% for the 100% CO2 reduction target.
Furthermore, Hellenic Hull’s CEO, Mr. Ilias Tsakiris, is Chair of the Ocean Hull Committee of the International Union of Marine Insurance, actively participating in various working groups focused on reducing GHG emissions and other critical challenges facing the maritime industry.
Taking into account the positive outcomes of the IMO's latest meeting, and the work that needs to be done in the years to come, we urge for a constructive dialogue among all stakeholders involved in the maritime industry to better adapt in this transition. What matters most is to embrace the new landscape and actively contribute to the battle against climate change.
