Reducing shipping industry's carbon emissions is 'major progress'

Reducing shipping industry's carbon emissions is 'major progress'

"The initial strategy agreed by MEPC 72 is the first of its kind, not only because it goes well beyond the Paris Agreement with the introduction of quantitative targets, but also because, in doing so, shipping becomes the first industry to adopt such concrete global goals for the reduction of its total GHG emissions". The initial strategy will be revised by 2023.

The initial strategy was adopted by IMO's Marine Environment Protection Committee during its 72nd session, a meeting attended by more than 100 IMO member states.

The initial strategy represents a framework containing: the future vision; levels of ambition; guiding principles; and candidate short-, mid-, and long-term further measures including timelines and possible impacts on states.

"This is a ground-breaking agreement - a Paris Agreement for shipping", said Peter Hinchliffe, ICS Secretary General. The strategy also identifies barriers and supportive measures including capacity building, technical cooperation and research and development.

"I encourage you to continue your work through the newly adopted Initial GHG Strategy which is designed as a platform for future actions", said Kitack Lim, IMO Secretary-General. This working group will be tasked with developing follow-up actions to the Initial strategy, further considering how to progress reduction of GHG emissions in order to advise the committee and reporting to the next MEPC session, which meets October 22-26.

The outcome has been largely welcomed by industry organisations.

But Mr Hinchcliffe from ICS warned that the IMO strategy is highly ambitious given current projections for trade growth as the world's population and levels of prosperity continue to increase.

Monthly Downward Snap - US Bancorp (USB) performed -3.65%
The analysts utilize Perf Week indicator for evaluating the weekly performance or activity of the stock in the financial market. A total volume of 8.19 million shares were traded unusually versus to average volume of 7.22 million shares.

Discussions at IMO will now begin in earnest on the development of additional Carbon dioxide reduction measures, including those to be implemented before 2023.

The IMO has agreed to hold a fourth inter-sessional meeting of its working group on reducing GHGs later in the year.

Nations meeting at the International Maritime Organization adopted an initial strategy for the reduction of greenhouse gas emissions from ships, with the goal of phasing them out as soon as possible. A 50% reduction in emissions is a substantial target, especially considering the complex decision-making process at the IMO.

"While such changes are massive for a global industry, which has a fleet of over 50,000 ships trading internationally, United Kingdom led research has shown that with the correct level of investment and better regulation, these reductions can be achieved".

"The move will send a signal through the industry that rapid innovation is now needed". Many small ships already run on hydrogen and electricity. "New designs for vessels will be more streamlined and engines will have to be cleaner, maybe powered by hydrogen or batteries, or even by the wind".

Despite a largely positive reception to the deal, the USA remains cynical about the demand to reduce emissions by such a lofty figure.

Related Articles

  • National Basketball Association releases pool of 36 referees for first round

    However I believe that with the return of John Wall adding an all star frontcourt this can cause some troubles for Toronto. First, we have to discredit the 13 other teams and why they don't hold enough talent to make it to the Finals.
    Toyota, Lexus to launch 'talking' vehicles in 2021

    Toyota, Lexus to launch 'talking' vehicles in 2021

    There is a pending proposal which the US Transportation Department is evaluating for future vehicles to use this new technology. But it could prevent up to 600,000 crashes and reduce costs by US$71 billion annually when fully deployed, the report said.
    NVIDIA Corporation (NVDA); Revising Policy in Focus

    NVIDIA Corporation (NVDA); Revising Policy in Focus

    Broderick Brian C increased its stake in Microsoft Corp (MSFT) by 14.1% based on its latest 2017Q4 regulatory filing with the SEC. It is positive, as 34 investors sold IT shares while 109 reduced holdings. 177 funds opened positions while 601 raised stakes.
  • Xiaomi Redmi Note 5 will launch in Malaysia on 24 April

    Xiaomi Redmi Note 5 will launch in Malaysia on 24 April

    We're saying so because the XDA developers have now managed to get hold of the stable build of Android Oreo based MIUI firmware. Xiaomi Redmi S2 will features a 720 x 1,440 px LCD screen, Snapdragon 625 chipset and Android Android 8.1 Oreo out of the box.
    Ex-FBI chief Comey says Trump 'morally unfit to be president'

    Ex-FBI chief Comey says Trump 'morally unfit to be president'

    While there are still some unanswered questions, of course, ABC's Sunday night telecast told the Comey tale from start to finish. When asked if he thinks Trump is unfit for office, Comey was quick to say yes - because he sees Trump as " morally unfit ".
    Sitting Is Bad for Your Brain

    Sitting Is Bad for Your Brain

    This was done using the self-reported International Physical Activity Questionnaire modified for older adults (IPAQ-E). The current study was led by Prabha Siddarth of the Semel Institute for Neuroscience and Human Behavior at UCLA .
  • Two Harvard law school professors will represent student arrested by Cambridge police

    Two Harvard law school professors will represent student arrested by Cambridge police

    The police arrived at 9:09 p.m.at Massachusetts Avenue and Waterhouse Street, along Cambridge Common in Harvard Square. According to MassLive, "officers can be seen repeatedly punching Ohene while bystanders shouted at police".
    Kendrick Lamar becomes the first ever rapper to win a Pulitzer

    Kendrick Lamar becomes the first ever rapper to win a Pulitzer

    For in-depth reporting on President Trump's proposed wall along the US-Mexico border, using video, podcasts and virtual reality. For relentless reporting that exposed the brutal killing campaign behind Philippines President Rodrigo Duterte's war on drugs.
    It's the final day to file federal tax returns for 2017

    It's the final day to file federal tax returns for 2017

    The only complication is that the site seems to list normal post office hours-some locations offer extended hours on Tax Day. The Indiana Department of Revenue (DOR) reminds taxpayers the tax filing deadline for 2018 is tomorrow, Tuesday, April 17.
  • Rumor: Ubisoft May Have Accidentally Revealed Watch Dogs 3 Is In Development

    Rumor: Ubisoft May Have Accidentally Revealed Watch Dogs 3 Is In Development

    But as PlayStationLifeStyle noted last week, a couple of more specific signs of dogs being watched recently came to light. Holiday 2018 is a likely release date, if Ubisoft plans to alternate Assassin's Creed and Watch Dogs releases.
    Ada police officers honored with life-saving award

    Ada police officers honored with life-saving award

    Police arrived on-scene and made contact with the victim who said their vehicle was hit with a rock while driving down the street. Later that night, investigators were notified that yet another person had reported the same type of incident to police.

    Stunning stock- Pfizer Inc. (PFE)

    The rating was maintained by Jefferies on Thursday, April 7 with "Buy". "Buy" rating has 5, "Sell" are 0, while 5 are "Hold". If an investor does not own any shares of the equity, he should wait to purchase until future volatility becomes more clear.