A report from the Sea Cargo Charter reveals that the shipping industry fell behind minimum international climate goals by 17% on average in 2023 – a shortfall of 165 million metric tonnes of CO2e.

Shipping accounts for 3% of global CO2 emissions. Currently, dry bulk, general cargo and tankers account for around 400 million tonnes of CO2 emissions. With global trade predicted to quadruple by 2050, there is an urgent need for the industry to reduce emissions.

The UN maritime agency, the International Maritime Organisation (IMO), sets climate goals for the maritime industry. In July 2023, the IMO revised its greenhouse gas (GHG) strategy, setting a new ambition to reach net zero GHG emissions from international shipping by 2050.

The Sea Cargo Charter (SCC), a global transparency initiative developed by the Global Maritime Forum, is a global framework that assesses and reports on whether chartering activities are aligned with these goals set by the IMO. The 37 signatories of the SCC represent...