Shipping emissions linked to $962.7bn in global economic damages

An analysis estimates shipping emissions caused $962.7 billion in economic damage worldwide.

It links emissions from international shipping between 1990 and 2020 to climate-related effects on economic growth.

The United States had the largest estimated total loss, followed by China and Japan.

Some lower-income and Middle Eastern economies faced greater damage relative to their GDP, including the UAE and Saudi Arabia.

International shipping produces around 2% of global carbon dioxide emissions, and the IMO has targets to cut the sector’s greenhouse gas emissions and reach net zero by around 2050.

The proposed IMO framework would set emissions limits and put a price on greenhouse gases, but it has not been formally adopted amid disputes over costs and political tensions.

The framework could avoid about 14.2 billion tonnes of emissions by 2050, according to the analysis, as well as reduce climate-related health and environmental harms.

IMO member states are due to discuss the proposal from 23 November to 4 December.