Oil trader Trafigura has lent its support to the idea of imposing slow steaming regulations to maximise fuel efficiency and cut the shipping industry's greenhouse gas (GHG) emissions.
"We advocate the introduction of a carbon pricing mechanism on marine emissions in order to ensure a level playing field to incentivise fuel efficiency, lower and no carbon emitting fuels," the company said in its 2019 Responsibility Report, published Thursday.
"We support the mandatory introduction of slow steaming, which will reduce the emissions intensity of the global fleet.
"We consider both initiatives would be significant steps towards achieving the IMO GHG reduction targets, but we also acknowledge the difficulties in introducing and enforcing global initiatives on marine shipping."
The International Maritime Organization's initial strategy on the reduction of GHG emissions envisages a cut of at least 40% from 2008's levels to carbon emissions per transport work by 2030, and a cut of at least 50% to total GHG emissions from the shipping industry by 2050.
Trafigura's own emissions jumped by 26% last year to 7.99 million tonnes of carbon dioxide equivalent last year, it said, and its maritime emissions took up 89% of the total.