Singapore Maritime Week - Denmark/ Panama Event: Roundtable on Accelerating the Green Transition of Shipping through Global IMO Regulation

Denmark/ Panama Event: Roundtable on Accelerating the Green Transition of Shipping through Global IMO Regulation

Keynote on State of Play of IMO Strategy on the Reduction of Green House Gas Emissions from Ships 

Kitack Lim, Secretary-General, IMO 

Excellencies, distinguished delegates, ladies and gentlemen,

Allow me first of all to thank the Governments of Denmark and Panama for organizing this very timely event on accelerating the Green Transition of Shipping through Global IMO regulation.

Shipping carries over 80 per cent of world trade, providing the most cost-effective, efficient and clean way of carrying cargo contributing to global trade and economic growth.

Now, the whole sector is voyaging through substantial changes and we, at IMO, work tirelessly to ensure that these changes and challenges are supported by a constantly enhanced and strengthened regulatory framework.

And as rightly indicated in the title of today's roundtable, global IMO regulations are the only way forward in achieving our common goal of the maritime sector's green transition.

I am here to tell you about the state of play in our strategy to reduce greenhouse gasses. IMO is in the process of delivering on its ambition to initiate the decarbonization of shipping, joining the global efforts to combat climate change.

The latest set of measures to cut carbon intensity of shipping are now in force and are already providing a considerable impact on reducing GHG emissions from shipping.

IMO Member States are actively engaged in upgrading the IMO Decarbonization Strategy, which is due to be adopted during MEPC 80 in July.

A basket of technical and economic measures will be of utmost importance to achieve the ambitious targets of the upgraded strategy placing global shipping on an ambitious path towards phasing out GHG emissions.

Intense work on this is currently taking place, as all voices must be heard to achieve consensus. And all of you present here today, are instrumental in supporting these efforts paving the way for this seminal event.

I believe that IMO Member States must be ambitious and bold enough to elevate the vision and levels of ambition towards 2050, setting a framework to enable the decarbonization of shipping.

These measures are designed to incentivize technology development, innovation and R&D into low- and zero-carbon fuels and to facilitate a smooth transition towards their use, ensuring no one is left behind in a "just and equitable transition" approach.

They will be the necessary catalyst to unlock new opportunities, particularly in renewable fuel production, but also from retrofitting ships and digitalizing port operations to reduce energy use.

This is not only a challenge but also one of the biggest opportunities for the maritime sector and global economy.

I am certain that the transition will enable the sector to reconnect with young generations in all regions of the world, many of whose future careers will feature renewable energy generation and energy efficiency technology.

For many developing countries there will be opportunities in exploring new ways to accelerate renewable fuel production that can also serve to accelerate their transition to low-carbon economies.

There are many challenges to overcome if we are to sustain the momentum of decarbonization in shipping – but we must grasp the opportunities for us all to work together for a greener future.

We need everyone involved to be proactive in sharing their knowledge and experiences – as you all will do today.

Ladies and gentlemen,

A greener, resilient maritime industry is not only an opportunity for a sector– it is a necessity for sustainable development and to ensure we meet our global ambitions and goals to secure the needs of future generations.

In this scaling up of our efforts, R&D collaboration, information sharing, and capacity-building will be key to ensure no one is left behind in the push towards decarbonizing the shipping sector and that the dots between sustainable maritime logistics and planetary boundaries are indeed joined up.

Thank you.