Decarbonization of Shipping: International Maritime Organization’s Uncertain Pathway Towards Carbon Neutrality
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Abstract
The International Maritime Organization (IMO) finally has aligned its decarbonization target with the Paris agreement target of net-zero emissions by 2050 through adoption of the 2023 IMO GHG strategy revoking its previous 2018 GHG strategy. The IMO has been working towards decarbonization of shipping for nearly two decades now through implementing policies but unable to control the GHG emissions from shipping as global trade among countries has increased drastically. There is still a gap in fully understanding how carbon emissions are being reduced in international shipping, especially when it comes to the policies and actions in place making it harder to create solid, informed policies. Thus, the latest policy is being applauded by policymakers and business communities and simultaneously facing criticism from other stakeholders on being ambitious but unrealistic. Through a qualitative analysis approach, this study reveals why the IMO’s ambitious policy goals are considered unrealistic. The results show that, the IMO, despite setting an ambitious target of net-zero emissions by 2050, due to issues like- technological barriers, high costs, limited market-based support and implication on regulatory enforcement, is still falling behind on its GHG emission reduction pathway. This paper also suggests some realistic solutions which could help immediate cut down of GHG emissions from shipping and attain the IMO’s net-zero emission reduction target by 2050 and in the process attain 20% to 30% GHG near emission reduction target by 2030.
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