Pressure on shipping emissions following COP26

After decades of under promising on climate, the international shipping industry is under significant pressure to commit to deep cuts to its greenhouse gas emissions, which combined contribute around 2.5% of the world's total.

The International Maritime Organization (IMO), the UN body responsible for establishing shipping and port industry standards and delivering on climate change, had previously set a target to cut emissions by 50% by the year 2050. This is well short of what is required to meet the 2015 Paris Agreement targets.

Following the UN's COP26 climate summit in Glasgow earlier this month, the IMO is tasked with steering its member states toward cleaner shipping, starting this week.

For a brief overview, go to Bloomberg Green

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