'Hapag-Lloyd eyes 20% reduction in CO2 emissions by 2020' 23 Apr 2018

German container shipping company Hapag-Lloyd revealed plans to reduce CO2 emissions from its operations by 20% up to 2020, compared with 2016, to support the overall target of emissions reduction from shipping, in line with the global agreement reached at IMO MEPC 72. Emissions cuts have been an international area of concern for governments, especially after Paris Agreement of 2015, which did not include shipping and aviation at the global climate target.After years of calls and negotiations on reducing shipping emissions, the IMO adopted the initial strategy for GHG earlier this month envisaging, for the first time, a reduction in total GHG from shipping...and reducing the total annual GHG emissions by at least 50% by 2050 compared to 2008, while, at the same time, pursuing efforts towards phasing them out entirely. The strategy includes a specific reference to “a pathway of CO2 emissions reduction consistent with the Paris Agreement temperature goals”. Hapag-Lloyd, which is the world’s fifth container ship company, added in an official statement, that it had already cut the CO2 emissions of its fleet by 46% between 2007 and 2016. The company has also modernized its fleet through acquisition of UASC, switching to more efficient vessels.