World News
ITF: It Would be Odd if Countries are Expected to Adhere to Emission Targets but Not the Shipping Sector
The Organization for Economic Co-operation and Development (OECD) International Transport Forum (ITF) Monday in a policy brief argued for the International Maritime Organization (IMO) to implement maritime industry regulations to cut carbon emissions in half by 2050 and completely by 2080, The Wall Street Journal reports.
"It would be odd if countries are expected to adhere to emission targets but not the shipping sector, especially since it would be impossible to apportion shipping emissions to countries," stated the ITF in the report.
In 2012, according to the ITF, the shipping industry was responsible for 800 million metric tonnes (mt), 2.2 percent of world-wide carbon emissions, a large portion of which is said to have come from container ships, bulk carriers, and tankers.
As such, the ITF says that specific targets need to be set, and notes that industry measures, such as designing more efficient ships, reducing vessels' traveling speeds, ensuring ships are being utilised to full capacity, and use alternative fuel sources, as well as setting a carbon tax of $25 per mt of carbon dioxide emitted, could all help reach such goals.
"The reduction of shipping emissions would gain huge impetus if COP 21 would agree to an ambitious package for the shipping sector," stated the ITF.
However, the World Shipping Council (WSC) says that maritime shipping is the "world's most carbon-efficient form of transporting goods," noting that more fuel efficient and larger vessels have assisted in reducing shipping emissions relative to the amount of good now being transported.
The IMO Secretary-General, Koji Sekimizu, has responded to calls for a global shipping industry emissions cap, saying "if such measures are enforced, it will seriously distort the shipping industry and have a serious impact on the economy of almost all nations."
In September, the IMO urged world leaders to decide against the idea of an overall emissions cap for the shipping industry ahead of global climate deal talks to be held in Paris at the end of the year
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 644.50 | 1.00 | 782.00 | 10.50 |
| Rotterdam | 590.00 | 10.50 | 750.50 | 9.00 |
| Houston | 608.50 | 11.00 | 777.00 | 10.50 |
| Fujairah | 643.00 | 0.50 | 891.50 | 3.50 |
| Global 20 Ports Average | 658.50 | 3.50 | 848.50 | 2.50 |
| Global 4 Ports Average | 621.50 | 5.50 | 800.50 | 3.00 |
| Global Average Bunker Price | 713.00 | 1.50 | 890.00 | 0.50 |
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