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Tackling Climate Change: Effective Measures for Accelerating the Decarbonisation of Maritime Transport Amid a World of Mounting Distress

In: Rethinking Business for Sustainable Leadership in a VUCA World

Author

Listed:
  • Maria Judith Kristina Baciu

    (Bucharest University of Economic Studies)

Abstract

Maritime transport is one of the main drivers of economic growth and its role is essential to the consolidation of international trade. At the same time, maritime transport is a major polluter and has been facing increased pressure to lower its carbon footprint. The shipping industry has committed to reducing its greenhouse gas emissions in compliance with the provisions enforced by its global regulator, the International Maritime Organization. Aligned with long-term strategic objectives ratified by the United Nations Framework Convention on Climate Change, the global shipping industry has made significant progress with regard to the strengthening of its overall sustainability measures. Although recent efforts may seem slow and disarrayed, there is strong belief that the shipping industry will achieve its decarbonisation targets by 2050. The current economic conditions are particularly challenging with inflationary pressures continuing to rise, global debt at record highs and skyrocketing energy prices. Beyond doubt, distress is substantial and all industries are seeking ways to mitigate risks and build resilience. Turmoil is pervasive, but the shipping industry is accustomed to extensive threats and high levels of risk, for it is inherently linked to volatility, uncertainty, complexity and ambiguity−against which it has managed to deploy exceptional adaptive capabilities. As the current climate crisis continues to magnify its impact, sustainability-driven ambitions are gaining traction in worldwide shipping. This paper seeks to provide a comprehensive assessment of the progress made towards the decarbonisation of maritime transport. The analysis focuses on benchmarking relevant performance records against short- and long-term formal targets, and further identifies several measures aimed at accelerating the reduction of greenhouse gas emissions. Key findings are outlined in detail and concluding remarks are explicitly set forth.

Suggested Citation

  • Maria Judith Kristina Baciu, 2024. "Tackling Climate Change: Effective Measures for Accelerating the Decarbonisation of Maritime Transport Amid a World of Mounting Distress," Springer Proceedings in Business and Economics, in: Mihail Busu (ed.), Rethinking Business for Sustainable Leadership in a VUCA World, pages 1-26, Springer.
    • Handle: RePEc:spr:prbchp:978-3-031-50208-8_1
    DOI: 10.1007/978-3-031-50208-8_1
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