Context: According to the United Nations Conference on Trade and Development (UNCTAD), greenhouse gas (GHG) emissions from international shipping have increased by 20% over the past decade.
Key Points
The shipping industry is responsible for nearly three percent of global GHG emissions and handles over 80% of the world's trade volume.
The sector is grappling with the challenge of transitioning to alternative fuels since 98.8% of the global fleet continues to rely on conventional fuels.
Only 1.2% of vessels use alternative fuels, such as liquefied natural gas (LNG), battery/hybrid, liquefied petroleum gas (LPG), and methanol.
To combat emissions, the International Maritime Organization has established a goal of achieving net-zero GHG emissions by approximately 2050.
Additionally, it aims to ensure that zero or near-zero GHG fuels constitute at least five percent of the energy used in international shipping by 2030.
UNCTAD
Establishment: In 1964.
Aim: To promote development-friendly integration of developing countries into the world economy.
Headquarters: Geneva in Switzerland.
Reports Published by: Trade and Development Report, World Investment Report, The Least Developed Countries Report, Information and Economy Report, Technology and Innovation Report, and Commodities and Development Report.
Greenhouse Gases (GHGs)
About: A greenhouse gas is a gas that absorbs and emits infrared radiation.
They absorb infrared energy (heat energy) emitted from the earth’s surface and reradiate it back to the earth’s surface.
Most abundant greenhouse gases in Earth’s atmosphere:Water vapour, Carbon dioxide, Methane, Nitrous oxide, Ozone, Chlorofluorocarbons, Hydrofluorocarbons.
Other GHGs:Carbon monoxide, fluorinated gases, chlorofluorocarbons (CFCs), black carbon (soot), and brown carbon.