Released earlier this week, the UK’s latest carbon budget is set to incorporate shipping emissions for the first time, in an ambitious effort to reduce overall emissions by 78% compared to 1990 levels by 2035.
© GOV.UK
With 90% of world trade travelling by sea, shipping is the backbone of our fossil-fuelled global trade mechanism. If the shipping industry were a country, it would have the 6th highest global emission output. GHG emissions (CO2, CH4, N2O expressed in CO2e) from the global shipping industry stood at 1,076 million tonnes in 2018. Moreover, the global commodities sector contributes 50% of global greenhouse gas emissions, with 70% of a commodity traders’ carbon emissions relating to shipping.
As trade flows increase, emissions are poised to double unless drastic measures are taken. The inclusion of shipping emissions in this carbon budget for the very first time highlights the importance of transparency in beginning to properly account for shipping emissions.
Read the full carbon budget here: https://www.gov.uk/government/news/uk-enshrines-new-target-in-law-to-slash-emissions-by-78-by-2035
How can we help?
In tackling urgent global issues such as climate change, cross-industry collaboration is essential. At Pole Star, we’ve partnered with CarbonChain to provide companies with exposure to maritime trade with a vessel screening & monitoring solution for sanctions compliance & emissions reporting. The collaboration aims to tackle rising greenhouse gas emissions in shipping by combining Pole Star’s sanctions screening and regulatory compliance solution with CarbonChain’s best-in-class GHG emissions calculation tool. Companies can now easily measure their GHG emissions in PurpleTRAC and incorporate this data into their financial reporting and sustainable trade finance programs.
To learn more, get in touch with [email protected]