DECARBONISATION
37
Decarbonising shipping: the challenges for marine insurers The Marine Insurer examines how measures to transform the shipping sector will impact marine underwriters. While the headlines have covered the increasing number of vessels on the Northern Route from Asia to Europe, of equal significance is the far larger number of cruise vessels taking passengers to – for the moment – unspoilt waters, as well as the increase in the number of fishing boats exploiting the changing habits of North Atlantic fish stocks. Shipping plays a pivotal role in the global economy with up to 90% of global trade carried by sea each year. This means the sector has a critical role to play in global efforts to mitigate the impact of climate change. The maritime sector generates more than 2% of annual global CO2 emissions, according to the most recent survey by the International Maritime Organisation (IMO), the industry’s regulator. With other sectors acting to reduce their own emissions and the shipping sector continuing to grow, some forecasts suggest this could increase to 10% by the middle of the century.
The Marine Insurer | March 2020
