The shipping industry has long played a significant role in
globalisation and international trade, linking businesses and
consumers globally. However, as the demand for shipping grows, so
have the environmental concerns associated with it. According to
the Third IMO GHG Study (2014)1, the shipping industry
is estimated to be responsible for 3.1% of annual global CO2 and
2.8% of GHGs on a CO2e basis. These large quantities of pollutants
are expected to triple by 20502, raising concerns about
their impact on climate change and global health3.
To address these environmental challenges, following the
amendments of MARPOL Annex VI in June 2021, the International
Maritime Organization (IMO) had implemented a new global shipping
regulation that imposed mandatory measures to reduce carbon
emissions and promote greater energy efficiency in the shipping
industry. The goal of the IMO 2023 regulation is to reduce CO2
emissions from the world's shipping sector by 40% by 2030
