The Poseidon Principles have so far been aligned with the ambition set by the IMO in its Initial Strategy in 2018 with a target of at least 50% reduction of GHG emissions by 2050 on 2008 levels. At MEPC 80 in July 2023, a revised strategy was put in place introducing higher ambition as well as differences in the emission boundaries to be considered.
There are four main elements that changed with the adoption of the new trajectory:
Addition of minimum interim targets of 20% GHG reduction in 2030 and 70% GHG reduction in 2040 relative to 2008
Addition of striving for interim targets of 30% GHG reduction in 2030 and 80% GHG reduction in 2040 relative to 2008 (voluntary)
A net-zero GHG target in 2050
GHG reduction targets are to be on a well-to-wake CO2e perspective