MORE than 150 leading companies and organizations, including oil majors and port authorities, yesterday called for the global shipping industry to be fully decarbonized by 2050, urging governments to step up action warning time was limited.

With about 90 percent of world trade transported by sea, global shipping accounts for nearly 3 percent of the world’s CO2 emissions and the sector is under growing pressure to get cleaner.

UN shipping agency the International Maritime Organization (IMO) has said it aims to reduce overall greenhouse gas (GHG) emissions from ships by 50 percent from 2008 levels by 2050, but industry groups are calling for accelarated action from governments.

In the latest initiative, firms and groups — from shipping, chartering, finance, ports and fuel production — say stronger measures are needed to ensure the sector will meet the climate goals set by the Paris accord, which seeks to limit global warming to less than 2 degrees Celsius.

“The clock is ticking,” said Hugo De Stoop, CEO of leading tanker firm Euronav. (SD-Agencies)