Sadie Keljikian, Express Trade Capital
The international shipping industry is preparing for a PR backlash and new rounds of taxes in the aftermath of the upcoming Paris Climate conference. The annual United Nations summit, which is set to take place November 30th through December 11th, seeks to analyze new data regarding climate change and propose policies to reduce global temperatures.
Carriers are weary that any attempt to limit gas emissions would result in higher taxes for an industry that transports 90% of world trade. The latest report from the International Maritime Organization (IMO) showed that between 2007 and 2012, shippers reduced emissions from 2.8% of the world total to 2.2%, a promising step. However, the same study projected a 50% increase in emissions by 2050.
John Kornerup Bang of Maersk, owner of the world’s largest container shipping line, commented on the summit: “We are keen to emphasize that it has to be global, flag neutral and reward early movers. It is obvious to everybody that rates are low and there are structural challenges in the industry… we all suffer from that.”
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