Global shipping in crosshairs

LONDON:

Ocean freight costs are likely to remain high in 2022 as investors and regulators scramble to accelerate de-carbonisation of the shipping industry and companies grapple with green financing, sources say. Shipping, which transports about 90% of world trade and accounts for nearly 3% of the world’s CO2 emissions, is under growing pressure from environmentalists to deliver more concrete action including a carbon levy. The International Maritime Organisation (IMO), the UN’s specialist shipping agency, has said it has made progress on short-term greenhouse gas (GHG) reduction measures. But that timeline is not seen as fast enough by environmentalists and a number of the IMO’s 175 member countries.

Published in The Express Tribune, December 23^rd, 2021.

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