Raising ambition to reduce international aviation and maritime emissions

A new paper from the New Climate Economy shows there is large untapped potential for fuel efficiency gains in both aviation and shipping sectors that would cut costs and reduce emissions. International aviation and shipping have grown dramatically in the last few decades along with their emissions: aviation and shipping now produce 5% of global CO2 emissions, and by 2050, that share could rise to as much as 32%. Much of the potential to reduce emissions in aviation and shipping can be unlocked through existing technologies and practices that leading companies in each sector have already embraced. The most fuel-efficient US airlines, for instance, are 27% more efficient than the worst performers. The most efficient oil tankers are five times more fuel-efficient than the least. Fuel costs make up around half the total operating costs in shipping and a third in international aviation, so there are big savings to be achieved from increased efficiency. However, as this new paper shows, market failures and political barriers are hindering progress.