The regulation change on January 1st, 2020 will not be the last time the shipping industry is forced to change the status quo for a cleaner alternative. On September 23rd, 2019 major players involved in the shipping industry, including banks, ports, refineries, and shipping companies, kickstarted an initiative to have zero carbon emission marine fuels and ships available and active by 2030.
Banks will place emphasis on cutting CO2 emissions when considering loans for shipping companies. Maersk, Trafigura, Citigroup, and other major players have joined together to call for collaboration between all parties to achieve this goal. These efforts will be in addition to the ongoing changes being made by the International Maritime Organizations to reduce greenhouse gas emissions by 50% from 2008 levels by 2050. IMO is expected to release their own plan on increasing fuel efficiency to aid CO2 reductions by 2023.
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