Americas News
ICS: UN Environment Regulations Must Be Economically Viable
The International Chamber of Shipping (ICS) Tuesday told a United Nations (UN) meeting on the UN Inter Consultative Process on the Law of Sea that regulators should give more weight to economic considerations when drafting new environmental regulations.
According to ICS, the cost to the shipping industry of implementing new environmental regulations has been estimated at over $500 billion over the next ten years.
This is "something which had not been fully taken into account when the rules were adopted," said the organisation.
ICS said the shipping industry is effectively regulated through the International Maritime Organization (IMO) as well as the International Labour Organization (ILO).
However, it said government regulators should give equal weight to each of the "three pillars" of sustainable development, including economic considerations.
Economic matters are particularly important given the shipping industry's role in continuing the spread of global prosperity, added ICS.
Addressing the New York audience, ICS's Director of Policy and External Relations, Simon Bennett said "unless the shipping industry is commercially viable it will not be able to deliver the investments in environmental and social improvements that are sought by regulators on behalf of society at large."
ICS has further urged the IMO to conduct a "full and proper cost benefit analysis of all new future regulatory proposals."
Recently, a Danish professor pointed to Maersk Line's environmental commitments saying it would "save a lot of money" for the box shipper.
