The shipping sector is the lifeblood of global trade, accounting for approximately 80 percent of all trade, with further growth expected. The sector also represents about 3 percent of total CO2 emissions—an amount that, if unchecked, could rise by as much as half by 2050.
Recognizing the need for climate action, the International Maritime Organization (IMO) has mandated emission reductions of 50 percent for all vessels by 2050.
A number of countries—including Japan, the United Kingdom, and the United States—have declared a target for net-zero shipping emissions in the same time frame. To reach these goals, because…