Global shipping giants rally for regulatory action at COP28 to propel maritime decarbonization

UAE – Chief Executive Officers (CEOs) from prominent global shipping lines gathered at COP28 in Dubai have issued a joint declaration that demands a series of regulatory actions to hasten decarbonization.

The CEOs presented a collective vision at the conference, emphasizing concrete regulatory measures crucial for fostering the investment conditions necessary to expedite the industry’s green transition.

They expressed the industry’s clear responsibility to meet the International Maritime Organization (IMO) 2030, 2040, and net-zero 2050 greenhouse gas (GHG) targets.

Vincent Clerc, CEO of A.P. Moller – Maersk, articulated their collective ambition, stating, “A.P. Moller – Maersk wants to accelerate the green transition in shipping and logistics.”

They further stressed that the only viable path for an industry responsible for 2-3% of global GHG emissions is a rapid shift from fossil to green fuels on a substantial scale.

“The CMA CGM Group is extremely pleased to join this unique Coalition, which brings together leading shipping companies to urge to the adoption of the upper targets of the IMO trajectory,” expressed Rodolphe Saadé, Chairman and Chief Executive Officer of the CMA CGM Group

At the forefront of reducing greenhouse gas emissions, the CEOs affirmed their commitment to the IMO GHG reduction objectives for 2030, 2040, and 2050.

They believe that closer collaboration with IMO regulators is essential to formulate effective and concrete policy measures, providing the foundation for the required investments within maritime shipping and its ancillary industries to enable decarbonization at the necessary pace.

This commitment is in line with Hapag-Lloyd’s goal of achieving a net-zero carbon fleet by 2045 and reflects our industry’s unwavering commitment to environmental responsibility,” says Rolf Habben Jansen, CEO of Hapag Lloyd.

The joint declaration presented four regulatory ‘cornerstones’ aimed at steering the industry towards a sustainable future including: End Date for Fossil Fuel-Only Vessels, Effective GHG Pricing Mechanism, Vessel Pooling for GHG Compliance, and Well-to-Wake Lifecycle GHG Regulatory Basis.

Soren Toft, CEO of MSC Mediterranean Shipping Company explained how shipping is at the forefront of technological innovation when it comes to decarbonization and at MSC their fleet renewal strategy includes 100 dual fuel vessels. 

“We are proud to be part of this unprecedented collaboration with our peers and it is only right that together we follow this path towards net zero that we must achieve by 2050,” he said.

The shipping lines major players fully underscored their shared belief that regulation can play a pivotal role in mitigating the costs of the green transition and the risks associated with extreme weather events.

Now, we need a global regulatory framework matching this ambition to drive the investments needed at a global scale,” said Lasse Kristoffersen, President and CEO of Wallenius Wilhelmsen.

They eagerly anticipate the inclusion of other companies in this collaborative effort, understanding that the cost of climate change far surpasses the expenses of the green transition.

For all the latest fresh produce industry news updates from Africa, the Middle East, and the World, subscribe to our NEWSLETTER, follow us on Twitter and LinkedIn, like us on Facebook, and subscribe to our YouTube channel.