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Investor Presentaiton

IMO Vision and GHG measures IMO is committed to reducing GHG emissions from international shipping and, as a matter of urgency, aims to phase them out as soon as possible in this century Levels of ambition 3.1 to review with the aim to strengthen the energy efficiency design requirements for ships with the percentage improvement for each phase to be determined for each ship type, as appropriate; Subject to amendment depending on re the Initial Strategy identifies levels of ambition for technological innovation and the global introduction for international shipping will be integral to achieve the overall ambition. The reviews should take into account updated emission estimates, emissions reduction options for international shipping, and the reports of the Intergovernmental Panel on Climate Change (IPCC), as relevant. Levels of ambition directing the Initial Strategy are as follows: .1 carbon intensity of the ship to decline through implementation of further phases of the energy efficiency design index (EEDI) for new ships to review with the aim to sto reduce CO2 emissions per transport work, as an average across requirements for ships with the international shipping, by at least 40% by 2030, pursuing efforts towards 70% be determined for each ship type by 2050, compared to 2008; and .2 carbon intensity of internation supping .3 to reduce CO2 emissions per transport work, as an average across international shipping, by at least 40% 2020 cursuing affede towards 700/ by 2050, compared to 2008; and to peak GHG emissions from international shipping as soon as possible and GHG emissions from internat to reduce the total annual GHG emissions by at least 50% by 2050 compared to peak GHG emissions from in to reduce the total annual GHG to 2008 whilst pursuing efforts towards phasing then out as called for in the Vision as a point on a pathway of CO2 emissions reduction consistent with to 2008 whilst pursuing efforts to the Paris Agreement temperature goals. Vision as a point on a pathway the Paris Agreement temperature goals. The Initial GHG Strategy contains a list of "candidate GHG measures" with the following timelines for finalization and agreement: . Short-term measures -between 2018 and 2023 Mid-term measures -between 2023 and 2030 Long-term measures -beyond 2030 Candidate Measures improvement of existing requlations (EEDI and SEEMP) develop technical and operational efficiency measures existing fleet improvement program speed optimization and speed reduction other emissions, including methane and VOCs national action plans technical cooperation and capacity building activities port developments research and development incentives for first movers develop lifecycle GHG guidelines for low-carbon and zero-carbon fuels promote the work of the IMO additional GHG emission studies implementation programme for low-carbon fuels and zero- carbon fuels operational energy efficiency measures mechanisms to incentivise reducing GHG emissions further technical cooperation and capacity building activities feedback/lessons learned persue the development and provision of zero-carbon or fossil-free fuels to assess and consider decarbonization other possible new/innovative emission reduction mechanisms 34
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