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Bimco adopts net zero GHG by 2050, charterer pays positions

Bimco Bimco CEO David Loosley
Bimco CEO David Loosley
Bimco has updated its greenhouse gas (GHG) position statement to support net zero carbon for shipping by 2050.

The position raises Bimco’s ambitions beyond the International Maritime Organization’s initial GHG strategy, which targets a 50% reduction in total GHG emissions by 2050. Bimco said it continues to support the vision and objectives of that strategy but that it believes ambitions should be higher.

The new position statement was approved by the Bimco board and also clarifies the association’s position on who should pay for any future market-based measure (MBM).

“We believe that in the case of a time charterparty, this responsibility should lie with the charterer, and under a voyage charterparty, it should be with the party that commits the ship to the voyage charter,” said David Loosley, Bimco Secretary General & CEO.

An advocate for a global MBM on GHG emissions, Bimco said it believes the commercial party responsible for setting the speed and route of a ship should also handle emissions allowances/credits.

A ship’s route and speed both significantly impact its GHG emissions, as fuel consumption increases sharply with speed and restrictive route orders prevent emissions abatement measures like weather routing. Commercial pressures on speed and route vary by trade and market segment, and are generally tied to cargo value and sector freight rates.

“A note of caution is made in the position pointing out that excessive retroactive technical measures when applied to existing ship could result in premature retirement of ships. This could be in the form of unwarranted removal of needed capacity from the global supply chains and unnecessary additional emissions from building new ships,” Loosley said.

Bimco's new statement on GHG emissions can be found on its website.

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