From Agreement to action: meeting the first target of the IMO GHG Strategy

The shipping industry is at a turning point in its effort to meet the targets set in the 2023 IMO GHG Strategy. The first target to meet is a 40% reduction on carbon intensity compared with 2008 or a 21.5% reduction compared with 2019 by 2030. It is important to note that the shipping industry is on the right track for this to happen.

According to the IMO, the shipping industry has achieved a 9.7% reduction in carbon intensity for the year 2023 (compared with 2019). The 9.7% reduction is almost double the agreed 5% reduction for the year 2023 and close to the 2026 target of 11%.

Still, the Carbon Intensity Indicator (CII) framework that monitors the carbon intensity reduction of ships, is influenced by parameters outside the ship’s control. The industry has called for the identified inconsistencies of the CII framework to be addressed to accurately reflect the operational energy efficiency of ships. The IMO is now developing a revised CII proposal which could be based on the ship’s propulsion underway.