World News
IMO Shelves Proposal for Global CO2 Target for Shipping
The International Maritime Organization (IMO) has shelved a proposal for a global carbon dioxide (CO2) target for the shipping industry that was put forward by the Republic of the Marshall Islands (Marshall Islands), environmental lobby group Transport & Environment (T&E) said in an emailed release.
The organization accused the IMO of falling to "procedural excuses" and ignoring obligations.
The proposal was initially announced last month, with Marshall Islands' Minister of Foreign Affairs, Tony de Brum having said at the time that the industry could grow to represent 6 to 14 percent of global emissions if "urgent action" was not taken.
"Of even greater regret is that important European countries – not to mention the US, Australia and Japan – couldn't even bring themselves to mention the word target," T&E said.
"Once again its up to the UNFCCC (United Nations Framework Convention on Climate Change) meeting in Paris at the end of the year to make clear that global action on the climate requires all sectors to act."
The group said that while other sectors are predicting that their emissions will peak in 2020, the shipping industry lags behind, foreseeing no downward changes in emissions before 2050.
Last month, T&E also argued that a new European law which will make fuel efficiency data publicly available should be a "stepping stone" towards setting up a CO2 target.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 539.00 | 4.00 | 664.50 | 6.00 |
| Rotterdam | 501.00 | 0.50 | 641.50 | 2.50 |
| Houston | 543.50 | 3.50 | 662.50 | 1.50 |
| Fujairah | 535.50 | 3.50 | 744.50 | 1.50 |
| Global 20 Ports Average | 571.00 | 1.00 | 746.50 | 0.00 |
| Global 4 Ports Average | 529.50 | 2.50 | 678.00 | 2.50 |
| Global Average Bunker Price | 621.50 | 1.00 | 801.50 | 1.00 |
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