The failure of shipping companies to invest in alternative fuels calls into question the credibility of the industry’s emissions-cutting targets, according to a report being discussed at the COP27 summit in Egypt.

South Korean shipowner HMM emerged as the best prepared of the major shipping companies to cut carbon from its operations, but progress on hitting net-zero targets across the transport sector has been limited, warned the Dutch-based non-profit World Benchmarking Alliance.

A “significant proportion” of the 17 shipping companies it assessed for their climate strategies and performance had done nothing to develop the alternative fuels that will drive the industry towards net zero.