The emission reductions would require a speed reduction of 20-30% relative to 2018, the study suggests.
Implementing these measures would increase shipping costs by 6-14% on average, the study claimed, arguing that these costs would be manageable, a sum that would be dwarfed by the cost of climate-related damages to the industry and wider society if shipping fails to cut emissions. University College London estimates that every year of inaction this decade will add an extra $100bn to the cost of shipping decarbonisation.
The study was commissioned by Transport & Environment, Seas at Risk, Ocean Conservancy and Pacific Environment.
Seas At Risk said: “The science is crystal clear, emissions from shipping have to halve by 2030 if we are to stand any chance of keeping warming below the Paris Agreement’s 1.5°C temperature limit. What was less clear until now was if this was possible without impacting trade. Now we know not only that it is possible and shipping has a clear pathway to halving its climate impact by 2030, but that it can do so at a minimal cost.”
Transport & Environment added: “Waiting until 2050 to decarbonise is a bit like waiting until your house burns down before you call the fire brigade. This would be irresponsible and disingenuous. Science says halving emissions by 2030 is technically possible, and costs are manageable.”
Splash will be bringing readers updates from the 80th session of the Marine Environment Protection Committee meeting due to start next week.