Environmental

Shipping is a very efficient mode of transport for essential goods and raw materials. Despite facilitating c. 90% of global trade by volume, shipping is responsible for only c. 3% of global CO2 emissions. Emissions from shipping decreased by c. 20% between 2008 and 2020 despite a c. 33% increase in world trade over the same period. This was achieved by a mix of speed reduction, retirement of older inefficient vessels and addition of newer fuel-efficient vessels (especially after 2013).

Source: IMO GHG Study 2009, International Chamber of Shipping

Tufton is a supporter of the Task Force on Climate-Related Financial Disclosures and is committed to aligning with the International Maritime Organization’s (IMO) ambitions for emissions reduction, which include:

  • reducing CO2 emissions per unit of transport work, as an average across international shipping, by at least 40% by 2030, pursuing efforts towards a 70% reduction by 2050, compared to 2008
  • peaking emissions from international shipping as soon as possible and reducing the total annual emissions by at least 50% by 2050 compared to 2008, whilst pursuing efforts towards phasing them out on a pathway of CO2 emissions reduction consistent with the Paris Agreement

Tufton is a member of the Getting to Zero Coalition, a powerful alliance of more than 140 companies within the maritime, energy, infrastructure and finance sectors, supported by key governments and intergovernmental organisations. The Coalition is committed to getting commercially viable deep sea zero emission vessels powered by zero emission fuels into operation by 2030.