The Sustainable Shipping Initiative (SSI), a pioneering coalition of companies from across the global shipping industry, released – ahead of discussions at COP21 – a statement calling for the shipping industry to play its part in contributing towards the UNFCCC global CO2 reduction target.

The Sustainable Shipping Initiative’s statement on CO2 emissions reads as follows:
The Sustainable Shipping Initiative (SSI) calls on the shipping industry to encourage and support the International Maritime Organization (IMO) to act urgently in establishing the timely and progressive frameworks required that will deliver a carbon strategy which enables shipping to confidently and effectively play its part in achieving the UNFCCC global CO2 reduction targets.

According to the IMO 3rd GHG study and research commissioned by the SSI from University College London, the current IMO regulatory framework to manage CO2 emissions, while welcomed, will be insufficient to meet a 2-degree target. Furthermore each year of delay results in the need for increasingly harsh and more costly emissions reduction measures to be implemented in order to achieve the targets in the required timeframe.

Climate change is one of the biggest risks to the future of global trade and the shipping industry; the SSI believes that it is not commercially, environmentally or socially sustainable for the shipping industry to continue on a Business As Usual carbon emissions pathway. We need to recognise climate change as a business risk and act now to contribute fully to our obligation to meet a global objective.