Uplift for Hong Kong's air cargo hub status, while container port declines
Hong Kong government plans to further boost the SAR’s international aviation hub status – in ...
AAPL: SHIFTING PRODUCTIONUPS: GIVING UP KNIN: INDIA FOCUSXOM: ANOTHER WARNING VW: GROWING STRESSBA: OVERSUBSCRIBED AND UPSIZEDF: PRESSED ON INVENTORY TRENDSF: INVENTORY ON THE RADARF: CEO ON RECORD BA: CAPITAL RAISING EXERCISEXPO: SAIA BOOSTDSV: UPGRADEBA: ANOTHER JUMBO FUNDRAISINGXPO: SAIA READ-ACROSSHLAG: BOUYANT BUSINESS
AAPL: SHIFTING PRODUCTIONUPS: GIVING UP KNIN: INDIA FOCUSXOM: ANOTHER WARNING VW: GROWING STRESSBA: OVERSUBSCRIBED AND UPSIZEDF: PRESSED ON INVENTORY TRENDSF: INVENTORY ON THE RADARF: CEO ON RECORD BA: CAPITAL RAISING EXERCISEXPO: SAIA BOOSTDSV: UPGRADEBA: ANOTHER JUMBO FUNDRAISINGXPO: SAIA READ-ACROSSHLAG: BOUYANT BUSINESS
Those seeking leadership on decarbonisation from the International Maritime Organization, the first session of MEPC 80 yesterday offered scant reassurance.
While on land, China may have smashed through its self-imposed target of 1200GW of renewable energy and 25% non-fossil energy five years early, the country appears to be standing in the way of a global GHG-emission levy.
It claims it would be unfair to developing countries.
Arguments against a carbon levy were explored at the 15th intersessional working group on greenhouse gases last week, when China, and other IMO member states, appeared to be aiming to water down the language of proposed targets.
The IMO’s original target, heavily criticised as insufficient, had been a 50% reduction of CO2 emissions over 2008 levels by 2050, a target well behind the Paris climate agreement, and well in excess of what would be necessary to limit global warming to 1.5°C. At the behest of governments and even major shipping lines, the IMO is in the process of negotiating more stringent targets, notably a net zero policy by 2050.
The IMO now proposes a 20% GHG reduction by 2030 and 70% by 2040; but, according to a summary by university-based consultancy UMAS, the language of the draft specified these were “indicative checkpoints”, rather than targets.
According to UK media reports, China’s delegation suggests: “An overly ambitious emission reduction target will seriously impede the sustainable development of international shipping, significantly increase the cost of the supply chain and will adversely impede the recovery of the global economy.”
By way of an alternative, China proposed that zero-emission from shipping could be achieved by carbon offsets elsewhere, instead of ensuring that ships burned fuels that were zero-carbon on a well-to-wake basis.
Meanwhile, the UK government yesterday pledged to include vessels of over 5,000GT in its emissions trading scheme from 2026.
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