The IMO 2020 sulphur cap is a small step towards cleaner ship operation limiting sulphur emissions to 0.5%.
IMO has issued a goal to reach 50% reduction of GHG emissions by 2050 compared to 2008 but not yet agreed on how this goal will be reached. SeaEurope, the European shipyards and maritime equipment association is committing itself to achieve zero GHG emissions by 2030 for all ships in European waters, and other countries and regions are following.
This ambitious goal marks the biggest change in ship propulsion since moving from coal to heavy oil in the early 1900s. The technology is there, but it will cost up to $50 billion for over 70,000 vessels. That is our market.