The United Nations agency that regulates global rules for safe shipping and marine environmental protection, the International Maritime Organization(IMO), has committed to reduce 50% of shipping’s GHG emissions by 2050 compared to 2008 in absolute terms. This means no matter how much the world economy expands and trade increases, marine shipping’s total GHG output in 2050 must be half of its total output from 2008.
Nationally, Canada’s goal is to reduce 30% of all its GHG emissions by 2030 from 2005 levels, with work underway on further reductions beyond this goal.
Reaching longer-term GHG reduction goals will require significant global investment in research and development and deployment of new zero-carbon technologies and propulsion systems, such as green hydrogen and ammonia, fuel cells, batteries and synthetic fuels produced from renewable energy sources. With these needs in mind, the Chamber supports the global shipping industry’s proposal for IMO to create an International Marine Research Fund, that the industry will pay into and that is expected to provide some $5 billion to support research and development for these technologies.
The Chamber will continue to work with the international shipping community and the Canadian government to advance solutions that will be effective for the industry to meet the wider goals Canadians expect.