Category: Business News
While the impact of COVID-19 on seafarers and port congestion have grabbed headlines over the past year, no single issue has dominated the maritime industry press more than decarbonization as climate change represents the greatest challenge of this century. According to the U.S. Environmental Protection Agency (EPA), transportation – including road, rail, air and marine – contribute about 14 percent of the global greenhouse gas (GHG) emissions. Shipping alone transports close to 80 percent of global trade by volume and is estimated to contribute 2-3 per cent of GHG emissions. These numbers are propelling the shipping sector into the decarbonization limelight.