Crédit Agricole CIB signs the Call to Action for Shipping Decarbonization to align shipping with the Paris Agreement goals
What is the Call to Action for Shipping Decarbonization?
Ships transport around 80% of global trade and account for about 3% of global greenhouse gas (GHG) emissions. The Call to Action was developed in order to address the urgency to decarbonize the maritime sector by a multi-stakeholder task force convened by the Getting to Zero Coalition - a partnership between the Global Maritime Forum, the World Economic Forum and Friends of Ocean Action - with members from the entire maritime ecosystem including shipping, cargo, energy, finance, ports and infrastructure.
The Call to Action is addressed at all governments who are Member States of the International Maritime Organization (IMO) and Parties to the United Nations Framework Convention on Climate Change (UNFCCC) in advance of COP26 in November 2021.
What are the concrete objectives of the Call to Action?
This initiative calls for a full decarbonization of international shipping by 2050, which will ensure that the maritime value chain contributes to achieving the Paris agreement climate goals.
The signatories call world leaders to work together with the private sector to establish policy frameworks that make zero emission shipping and fuel production commercially viable, investable, equitable, and inclusive by:
- Committing to decarbonizing international shipping by 2050
- Supporting industrial scale zero emission shipping projects through national action
- Delivering policy measures that will make zero emission shipping the default choice by 2030
In June 2019, Crédit Agricole CIB signed the Poseidon Principles with ten other banks active in ship finance, which aim is to measure each year the carbon footprint of the ships financed by the participating banks and to study with the ship owners the measures to be taken jointly to lower this carbon intensity in the future. To find out more about the Poseidon Principles, watch this video.
“As one of the world’s leading shipping banks, Crédit Agricole CIB is committed to support its shipping customers in their transition to a carbon-free operation of their deep-sea vessels. Joining the Call to Action and supporting the vision of the Getting to Zero Coalition is a natural extension of the commitment already taken by our Bank, by becoming one of the founding members of the Poseidon Principles.”
Thibaud Escoffier, Global Head of Ship Finance
With this new initiative, Crédit Agricole CIB strengthens its commitments to the energy transition and to a more sustainable future.