The continued demand for global seaborne trade is estimated to have accounted for 85.9% of world trade in 2023, with demand reaching 12 billion tons (Clarksons 2023). As with the growth in demand, the continued growth in CO₂ emissions from global shipping, which currently contributes an estimated 2.19%, equivalent to 837.7 million tons (mt) of the total CO₂ emission output and an estimated 3% of worldwide greenhouse gas (GHG) emissions, has led to a push toward increased measures to limit emissions since the sector is projected to contribute approximately 10%-13% of global GHG emissions in the future if no action is taken to decarbonize the sector (King 2022).
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