Under the Sea Cargo Charter, 17 companies, including Cargill, ADM and Bunge, oil majors Royal Dutch Shell and Total, and mining group Anglo American will publicly disclose annually whether their overall ship chartering activities are aligned with IMO 2050 goals.

Charterers signed up are expected to  be able to analyze the emissions associated with ocean freight in a methodical way.

A parallel project, known as the Poseidon Principles, launched in 2019, where 18 of the world’s biggest industry lenders agreed to link the provision of shipping finance to cuts in CO2.

The other companies involved in the latest initiative, launched by the non-profit Global Maritime Forum, are COFCO International, Dow, Equinor, Gunvor Group, Klaveness Combination Carriers, Louis Dreyfus Company, Norden, Occidental, Torvald Klaveness, Trafigura and Ørsted.

 

For additional details, visit the link below:

https://www.reuters.com/article/shipping-emissions-traders/top-global-traders-push-to-cut-shipping-emissions-idUSL8N2GS5CG 

Posted on - 2020-10-11

The European Parliament has just released a briefing paper in consideration of the 72th session of the Marine Environment Protection Committee (MEPC) where it was agreed within the IMO that emissions from international shipping need to peak as soon as possible and to reduce the total annual greenhouse gas (GHG) emissions by at least 50% by 2050 compared to 2008 levels, in-line with the temperature goals of the Paris Agreement.

Prior to the postponement of MEPC75 due to the Covid-19 crisis, criticism regarding the slow rate of progress under the IMO process has mounted by more ambitious nations (including SHAC members and Pacific Island Countries) as well as key NGOs. In response, the EU is continuing to support the IMO process and advocate higher levels of ambition on GHG reductions, but also preparing unilateral policies if an IMO decision on concrete short-term actions fails to materialize.

Please find more details at the link below:

https://www.europarl.europa.eu/RegData/etudes/BRIE/2020/652754/IPOL_BRI(2020)652754_EN.pdf 

Posted on - 2020-10-11

For additional details, please visit the link below:

https://unctad.org/news/new-agreement-signals-more-trade-benefits-pacific-nations 

Posted on - 2020-10-11