Sunday, February 5, 2023
spot_img
HomeEnvironmentUN shipping talks fail to speed up faster carbon exit

Subscribe

To our FREE newsletter
Get all the latest maritime news delivered straight to your inbox.

UN shipping talks fail to speed up faster carbon exit

Further shipping talks are scheduled for next year after delegates at a U.N. agency meeting that sought to speed up decarbonisation of the sector failed to make progress, officials said on Friday.

The sector, which transports about 90% of world trade and accounts for nearly 3% of the world’s CO2 emissions, is under pressure to deliver concrete action including a carbon levy.

Earlier this month countries including the United States at the COP 26 climate summit pushed for U.N. shipping agency the International Maritime Organization to adopt a zero emissions target by 2050.

So far, its goal is to reduce overall greenhouse gas (GHG) emissions from ships by 50% from 2008 levels by 2050.

The IMO has said it has made good progress on the short-term greenhouse gas reduction measures with an agreed commitment to revising its GHG strategy by 2023. But that timeline is not seen as fast enough by environmentalists and a number of the IMO’s 175 member countries.

“When it comes to mandatory measures on green shipping fuels, the can has been kicked down the road to 2023 without any commitment to speed up their adoption,” said Faig Abbasov of environmental group T&E.

IMO Secretary General Kitack Lim said on Friday that “strengthening the ambition” of the initial GHG Strategy “will be crucial”.

Among the discussions that will extend into 2022 is a proposal to create a $5 billion research and development fund to find the right technology to meet the targets.

Guy Platten, secretary general of the International Chamber of Shipping association, which was one of the proposal’s sponsors, said this week’s Marine Environment and Protection Committee session “missed the opportunity” to advance GHG reduction measures.

“It’s almost as if COP 26 never happened,” he said.

The COP26 summit also fell short in that it did not deliver enough emissions-cutting pledges from countries to set a clear path to limiting warming to 1.5 Celsius (2.7 Fahrenheit).

Instead, it struck a deal for the nearly 200 countries represented at the event to increase their pledges next year to close the gap.

Industry looks to U.N. climate talks to steer cleaner shipping

Source: Reuters

Related Posts

Video

Finance & Economy
Shipping News
Ports

Keppel Corp posts 9% drop in full-year profit

Singapore’s Keppel Corp said on Thursday its net profit for the year fell 9%, partly hurt by weak performance from its urban development business...

Stolt-Nielsen sees Q4 profits rise on strong markets

Stolt-Nielsen Limited reported unaudited results for the fourth quarter and full year 2022. The Company reported a fourth-quarter net profit of $95.3 million, with revenue...

Euronav delivers better-than-expected Q4 revenue

Euronav NV reported its non-audited financial results for the fourth quarter ended 31 December 2022. Hugo De Stoop, CEO of Euronav said: “Constrained vessel supply...

Wartsila: A challenging year with strong annual growth

HIGHLIGHTS FROM OCTOBER–DECEMBER 2022 Order intake decreased by 24% to EUR 1,638 million (2,150)Service order intake increased by 6% to EUR 791 million (747)Net sales...

Hapag-Lloyd achieves extraordinarily strong result in its anniversary year 2022

On the basis of preliminary and unaudited figures, Hapag-Lloyd has concluded the 2022 financial year – in which it celebrated its 175th anniversary –...

Baltic index hits over 2-year trough on waning demand for larger vessels

The Baltic Exchange’s dry bulk sea freight index dropped to its lowest level in...

Luxury Cruise Market Holds Much Promise For Greek & East Med Hidden Gem Destinations

The appeal of Greece and the East Mediterranean as an ideal region for luxury...

Baltic index falls to over 2-year low as larger vessel rates slide

The Baltic Exchange’s dry bulk sea freight index fell to its lowest since June...

Baltic index logs worst month in 3 years

The Baltic Exchange’s main sea freight index registered its biggest monthly percentage fall in...

Baltic index snaps 9-day losing streak as panamax, supramax rates rise

The Baltic Exchange’s main sea freight index snapped its nine-session losing streak on Tuesday,...

DP World wins bid for development of a mega-container terminal at India’s Deendayal Port

DP World has won a major concession to develop, operate and maintain the mega-container terminal at Deendayal port in Gujarat, on the western coast...

Luxury Cruise Market Holds Much Promise For Greek & East Med Hidden Gem Destinations

The appeal of Greece and the East Mediterranean as an ideal region for luxury cruising will be one of the main highlights of the...

Port of Los Angeles proposes cruise terminal project

The Port of Los Angeles is inviting comments on a draft Request for Proposals (RFP) for the future development of a new Outer Harbor...

Port of Long Beach Closes 2022 with Second-Busiest Year

The Port of Long Beach marked its second-busiest year on record by moving 9.13 million twenty-foot equivalent units in 2022, allowing for a return...

Hapag-Lloyd AG acquires share in J M Baxi Ports & Logistics Limited

Hapag-Lloyd AG signed a binding agreement today under which it will acquire 35% of J M Baxi Ports & Logistics Limited (JMBPL) from a...