Seaborne trade continues to expand and transform, bringing benefits to consumers across the world through competitive freight costs.
Marine Transport is regulated at a global level. The International Maritime Organization (IMO) is a specialised agency of the United Nations with responsibility for developing global standards for ship safety, security and sustainability. IMO has implemented a strategy to achieve 50% overall reduction in greenhouse gas (GHS) emissions by 2050 compared to 2008 levels. This is complimented by a near-term goal of 40% and 70% reductions in carbon intensity by 2030 and 2050, respectively. The EU taxonomy for sustainable activities will pave the way for clearer definitions for sustainable solutions, and the taxonomy criteria for the shipping industry may spur a quicker transition. Consequently, investor expectations of Environmental, Social & Governance (ESG) performance will continue to rise.