SSI: Climate Change is a Business Risk, Current Shipping Industry Emissions Regulation is Insufficient

Alastair Fischbacher, CEO of SSI, says it would be "unacceptable" for the global shipping industry not to "play its part" in global emissions reduction.

Shipping company coalition, Sustainable Shipping Initiative (SSI) Monday said it is calling on the global shipping industry to get involved in contributing towards the global CO2 reduction target ahead of this month's climate summit in Paris, COP 21, which is set to begin on November 30.

The organisation says that the industry needs to acknowledge climate change as a business risk and take immediate action by creating "timely and progressive" frameworks in order to meet the sector's "obligation to meet a global objective."

SSI says that research, including the International Maritime Organization (IMO) 3rd GHG study and research by the University College London that was commissioned by SSI, has shown that the IMO's current framework is "insufficient" to meet global targets.

Further, SSI notes that every year that goes by without developing and implementing frameworks required to meet global emission targets, makes it more difficult to do so.

"The challenge faced by the industry on CO2 is clear. It would be unacceptable for shipping to increase its share of global emissions and not play its part in the global reduction," said Alastair Fischbacher, CEO of SSI.

"Importantly, the longer the delay in implementing reductions, the further behind we fall and the harder it will become.

"It is crucial that there are progressive targets and timeframes set now for the industry to work towards, where it contributes fully to reducing global CO2 emissions," concluded Fischbacher.

In October, the Organization for Economic Co-operation and Development (OECD) International Transport Forum (ITF) argued for the IMO to implement maritime industry regulations to cut carbon emissions in half by 2050 and completely by 2080.