Upcoming long-term measures to align international shipping with global climate targets
In July 2023, the IMO adopted a revised GHG Strategy committing to reach net-zero greenhouse gas emissions from international shipping by or around 2050. This includes interim targets of a 20–30 percent reduction by 2030 and a 70–80 percent reduction by 2040, compared to 2008 levels.
To support this strategy, new global regulations are being developed, including:
- A global fuel standard to reduce the carbon intensity of marine fuels
- Market-based measures such as carbon pricing or emissions levies
These measures are expected to be finalised by 2025 and come into force from 2027 or 2028. The Baltic Exchange will continue to provide resources to help members assess the commercial implications of these upcoming changes.
