international shipping

The world’s largest shipping companies are starting to update their fleets for a greener future. Maersk received the world’s first dual-fuel methanol container ship in July 2023, and dozens more container ships that can run on alternative fuels are currently on order. The industry – responsible for about 3% of global greenhouse gas emissions, more than Canada and Ireland combined – has reasons to act and to have some confidence in its multimillion-dollar investments. On July 7, the 175 member countries of the International Maritime Organization, a United Nations agency that regulates global shipping, agreed to a new climate strategy that includes reaching net-zero greenhouse gas emissions “by or around, i.e., close to, 2050.” The strategy’s language is vague, obscure and almost noncommittal. But it points the industry toward a cleaner future. New European Union rules will also soon go into effect that will significantly raise costs for...