· 2 min read
illuminem summarizes for you the essential news of the day. Read the full piece on Forbes or enjoy below:
🗞️ Driving the news: The shipping industry is failing to meet its target of zero-emission fuels comprising 5% of the sector by 2030, according to a report by the UCL Energy Institute and Getting to Zero Coalition
• Only 8 out of 35 necessary actions are on track, with major gaps in fuel production, vessel readiness, and financing
• Without urgent action, shipping’s greenhouse gas emissions are expected to increase significantly
🔭 The context: Shipping contributes around 3% of global emissions, and with trade set to quadruple by 2050, reducing emissions is vital
• Key barriers include uncertainty over fuel choice, regulatory delays, and insufficient financial incentives for adopting green technologies
🌍 Why it matters for the planet: Failure to decarbonize shipping threatens global climate goals, as the industry plays a significant role in worldwide emissions
• Developing scalable zero-emission fuels is crucial for achieving net-zero targets
⏭️ What's next: Regulatory clarity from the International Maritime Organization (IMO) in 2025 could accelerate progress
• Industry leaders stress the need for government intervention to break the "vicious cycle" of limited green fuel supply and demand
💬 One quote: “Now is the time for us to move from negotiations and ambitions to action and implementation,” said Lora Jakobsen, Chief Sustainability Officer at ZeroNorth
📈 One stat: Shipping currently accounts for 3% of global greenhouse gas emissions
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