HMM to install carbon capture systems on box ships too young to scrap
South Korea’s flagship carrier, HMM, plans to install onboard carbon capture and storage (OCCS) systems ...
UPS: MULTI-MILLION PENALTY FOR UNFAIR EARNINGS DISCLOSUREWTC: PUNISHEDVW: UNDER PRESSUREKNIN: APAC LEADERSHIP WATCHZIM: TAKING PROFITPEP: MINOR HOLDINGS CONSOLIDATIONDHL: GREEN DEALBA: WIND OF CHANGEMAERSK: BULLISH CALLXPO: HEDGE FUNDS ENGINEF: CHOPPING BOARDWTC: NEW RECORDZIM: BALANCE SHEET IN CHECKZIM: SURGING
UPS: MULTI-MILLION PENALTY FOR UNFAIR EARNINGS DISCLOSUREWTC: PUNISHEDVW: UNDER PRESSUREKNIN: APAC LEADERSHIP WATCHZIM: TAKING PROFITPEP: MINOR HOLDINGS CONSOLIDATIONDHL: GREEN DEALBA: WIND OF CHANGEMAERSK: BULLISH CALLXPO: HEDGE FUNDS ENGINEF: CHOPPING BOARDWTC: NEW RECORDZIM: BALANCE SHEET IN CHECKZIM: SURGING
Following the news of China’s resistance to IMO calls for decarbonising, environmental NGOs piled in at yesterday’s MEPC 80 session, calling for much more stringent requirements.
While a 20% reduction on well-to-wake ship emissions appears to be the more favoured outcome of the event – followed by a 70% reduction by 2040 – Pacific Environment argued that pursuing this would “exhaust [shipping’s] CO2 emissions budget by 2031.”
Meanwhile, zero-emission ship technology association ZESTA demanded the IMO revises its 2030 target to close to 40%, and 96% by 2040, to align with the Paris 1.5°C target; while the Clean Shipping Coalition (CSC) called for an even more onerous increase, of 50%, by 2030, saying the IMO is “on the wrong side of history”.
On Monday, protesters from activist group Extinction Rebellion (XR) unfurled banners outside the IMO HQ, which faces the River Thames in South London, which read “50%↓ by 2030 = 1.5°C”.
Video emerged later of protesters, dressed as Poseidon and mermaids, lying in silent protest on the building’s foyer floor, which delegates described as “unacceptable”.
Ocean Rebellion, the XR cell associated with the protests, told The Loadstar: “People need to be made more aware of how their goods are being transported around the world; 90% of what we purchase in this country has arrived by ship. The IMO is sitting on its hands, and actively encouraging shipping to continue polluting.
“The shipping industry has enjoyed its anonymity. By putting it on public view, we hopefully will make those in the industry ask questions. We’ve spoken to people in [shipping], and they know that they are doing harm.
“This is the reason we went inside the building this time – we are not only trying to attract attention from the press.”
IMO member countries are under immense pressure to produce a result, as the European Commission and other international bodies have already demonstrated a willingness to leapfrog IMO legislation they deem insufficient with their own rulings, like the EU Emissions Trading Scheme.
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