ShippingWatch

Shipping must annually invest USD 40bn to meet carbon targets

The shipping sector’s journey to decarbonization is only ”partially on track,” according to a new UN report. And the industry must invest USD 40bn per year – corresponding to at least one trillion dollars in total – to achieve its long-term net-zero ambition.

Photo: Ben Margot/AP/Ritzau Scanpix

Shipping has commenced its long journey towards decarbonization. But to achieve a breakthrough in eight years, the industry needs to invest heavily in alternative fuels – and make sure they are available.

That’s according to a new report on climate action in shipping from United Nations initiative the Climate Change High Level Champions and maritime consultancy Umas.

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