Washington-based financial institute World Bank Group (WBG) says maritime transport has been ‘largely absent’ from the public debate on transport and climate change.
“Tackling emissions from the shipping industry is just as critical as it is for other modes of transport,” notes Dr Nancy Vandycke, Program Manager, Sustainable Mobility for All (SuM4All), at WBG.
“First, international maritime transport accounts for the lion’s share of global freight transport: ships carry around 80% of the volume of all world trade and 70% of its value.
“In addition, although shipping is considered the most energy-efficient mode of transport, it still uses huge amounts of so-called bunker fuels, a byproduct of crude oil refining that takes a heavy toll on the environment.”
According to Dr Vandycke, shipping emissions will rank as the 6th largest greenhouse gas (GHG) emitter worldwide, between Japan and Germany, if the sector was a country of its own.
The International Maritime Organization (IMO) estimates carbon emissions from shipping could increase by 50% to 250% under a business-as-usual scenario.
“While the sector’s share in global emissions is currently at 2-3%, the demand for maritime transport is soaring – and so are emissions. From 2015 to 2016 alone, the slowest year in more than a decade, the world’s fleet still grew by more than 3.5%,” she says.
The International Civil Aviation Organization (ICAO), meanwhile, has already adopted the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) to address carbon emissions from international flights in 2016.
“If the shipping sector does not follow suit quickly, its carbon emissions are forecasted to make up 10%-17% of global GHG emissions by 2050, posing a significant threat to the Paris Agreement’s goal of keeping global warming well below 2°C,” she highlights.
The World Bank is part of two global initiatives that have recently joined forces to support the shipping industry on this journey: The Sustainable Mobility for All and the Carbon Pricing Leadership Coalition, says Dr Vandycke.
“Building an alliance of progressive maritime stakeholders to explore, discuss, and evaluate the potential of possible emissions reduction strategies is key,” she notes.
“As Roman philosopher Seneca once said: ‘If one does not know to which port one is sailing, no wind is favorable.’”
Publication date: 12 January, 2018
‘The JMs have failed to discharge their duties by blindly helping the Banks mount a false case against the Defendant,’ wrote defence lawyers representing former IPP Director Dr Goh Jian Hian in court statement.
Lead prosecutor Andreas Myllerup Laursen aims for a fine and a prison sentence in the so-called Syria case scheduled to commence in Odense, Denmark on 26 October, writes the Danish publication.
In a modern re-telling of the story of David versus Goliath, local bunker barge owners/charterers successfully resisted claims brought in the Singapore courts by Phillips 66 for misdelivery of bunkers.
Bunker barge owners and operators; traders and suppliers; banks, including players in other countries, will have to re-examine respective operations, advises Helmsman Associate Director Jonathan Tan.
Vopak BL was a non-essential document with no contractual force and had no effect as a contract of carriage or as a document of title, states written Judgement issued by Singapore Court of Appeal.
Dwivedi Vivek Kumar ended his tenure as Global Head – Bitumen & Shipping & Regional Head – APAC at GP Global APAC on 10 November 2020 due to internal structuring of the GP Global Group.