Only 35% of big shipping firms have set net-zero targets, says Mærsk Mc-Kinney Møller Center

Only 33 of 94 major shipping companies across the world have committed to achieve net zero emissions target by 2050, according to a study by Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping (MMMCZCS).

PHOTO: Bunkering of a bulk carrier. Getty Images

It also factors in shipping companies’ commitment towards the International Maritime Organization’s (IMO) target of 50% reduction in annual greenhouse gas emissions by 2050 compared to 2008.

While urging shipowners to work on their emissions reduction targets, the Center called its analysis a “serious wakeup call for the industry”.

The assessment is based on decarbonization targets and actions published by leading companies operating in tanker, bulk, container, and RORO/car businesses, which altogether accounts for 70% of the global maritime emissions.

The study highlights that container shipping firms have shown the highest level of determination as 16 of the 30 top firms have set emissions reduction goals till 2050.

Mærsk Mc-Kinney recommends regulators implement mandatory reporting requirements for climate-related impacts through third-party auditing systems.