Decarbonising the maritime industry – getting to Zero Coalition

Decarbonising the maritime industry – getting to Zero Coalition
Published 21 Nov 2019


Climate change is one of the most pressing concerns of our time with global, widespread effects. Research shows shipping accounts for 2-3% of global emissions. An industry, which has been relying on heavy fuels for the last 100 years, is not easy to transform overnight.

It’s going to be even more difficult for one company, country, or government to drive this forward on a stand-alone basis, with others “following”. Therefore, the major challenge remains coming up with a collective solution that works for the entire ecosystem and unanimously driving the changes needed.

We and our parent company, The Caravel Group, are proud to be partners of the ‘Getting to Zero’ Coalition, launched on 23 September 2019 by Global Maritime Forum, together with the UN Climate Action Summit.

The Getting to Zero Coalition aims to lead the push for shipping’s decarbonisation with the mutual goal of having commercially viable zero-emission vessels operating along deep-sea trade routes by 2030.

“Each of us and our organisations is stewards for the future. We are each tasked with leaving the world a better place than that which we inherited. Climate change is one of the biggest challenges facing our world today, preventing this. We will continue to stay committed to robust climate action involving decarbonisation of the maritime industry, and a collective, industry-led approach to zero emissions. We need to invest for the future and now is the time,” says our Chairman and CEO, Mr. Harry Banga.

Our COO, Angad Banga, further adds, “The Caravel Group and Fleet Management signed the Global Maritime Forum pledge to support decarbonisation by at least 50% by 2050 compared to 2008, to signal our commitment to this issue, and our willingness to collaborate with private and public enterprises to find solutions – and those need to be transformational and radical to achieve these targets.”

The Getting to Zero Coalition is a partnership between the Global Maritime Forum, the Friends of Ocean Action, and the World Economic Forum. More than 70 leaders from across the maritime industry, financial institutions and other stakeholders have signed it.