Deutsche Bank Sets Emissions Targets for Shipping Clients
Deutsche Bank has set emissions reduction targets for loans to clients in the coal mining, cement and shipping sectors and now has a net-zero plan for 55% of its financed emissions, its chief sustainability officer told Reuters.A key funder to polluting sectors, Germany's biggest lender, like many of its peers, is under increasing pressure from policymakers and investors to push clients to curb climate-damaging emissions.Its corporate loan book stood at 107 billion euros ($112.72 billion) at the end of 2022."Once we have pathways…
Countries Push for CO2 Shipping Levy as Crunch Talks Loom
Maritime nations including Denmark and the Marshall Islands are rallying support for a global carbon dioxide emissions levy on shipping, with talks at a critical stage ahead of a U.N. agency meeting next month that could back the measure.The levy could provide funds to help countries cope with climate change and help curb emissions from shipping - a sector that transports about 90% of world trade and accounts for nearly 3% of global CO2 emissions, but whose international nature means it often avoids national CO2-cutting regulations.Member countries of the U.N.
European Group Lifts Funding to $4.6B to Prevent Plastic Pollution in Seas
A group of European development banks plan to double its funding for global efforts to stop plastic waste from polluting the world's oceans to 4 billion euros ($4.6 billion).The Clean Oceans Initiative, led by the French and German development banks and the European Investment Bank is the largest such grouping targeting plastic pollution of the sea.Around 8 million tonnes of plastic waste enters the oceans every year, most of it discarded on land or washed into rivers, the group said on Friday…
UK Regulator Asked to Sanction Carnival Over Climate Disclosures
Britain’s markets regulator has been urged to sanction cruise ship company Carnival and food delivery company Just Eat Takeaway.com for poor disclosures in a complaint seen by Reuters.Both companies have breached their legal obligations by failing to adequately tell investors the risk climate change poses to their businesses, legal NGO ClientEarth said.While the Financial Conduct Authority has yet to sanction a company over its climate disclosures, the latest ClientEarth complaint…
Investors Call for Moratorium on Arctic High Seas O&G Activity
A group of investors representing more than 5 trillion euros ($5.53 trillion) in assets under management have called on oil and gas companies to observe an unlimited moratorium on activity in the Arctic high seas. Led by French asset managers Mirova and Natixis Asset Management, the group of 19 investors said it was an "urgent call" to protect the hydrocarbon-rich region from future exploration and reflected national pledges on climate change. "We would like to involve both companies and policymakers so as to take the Arctic issue to the next level and seek greater protection for the region," said Mirova Chief Executive Philippe Zaouati in a statement on Monday.
Dredging Opportunities in Indian Waters
The Dredging Conference organized by Hinode in Kolkata on Thursday, January 21, 2016 will spotlight the vast opportunities that exists for dredging companies and other allied agencies in Inland Waters waters. The event is set to take place at the Park Hotel, 17 Park Street, Kolkata 700016. Kolkata occupies a special place as a major Riverine Port and Inland Waterways hub and the mouth of the Ganges River. Being an exclusive program and considering Indian Government plans now underway for interlinking rivers, promote Indian shipping and upscale port development activity, dredging in India has gained worldwide attention.Orgainzers find an unusual interest having been generated with registration for the conference taken on a rapid pace. Early registration is advisable to avoid disappointment.
Pension Funds Take Nautical Turn in Hunt For Higher Returns
Pension funds, squeezed by low interest rates, are exploring investments in shipping in their hunt for higher returns, hoping to benefit once this industry starts to recover from one of its worst ever downturns. There are signs of a gradual pick-up in world trade and ship values for the first time since the financial crisis. Ship financier NordLB has said the market could see a broad recovery but not before 2016. The industry's revival could deliver double-digit returns for pension funds that decide to add shipping to their so-called alternative assets such as infrastructure, which can make up about 15 percent of a fund. But they need to do their homework.
Unique Hydra Unveils the HYDRACraft Series
Unique (UH), a division of the Unique Maritime Group (UMG), received its second order this year for its diving daughter craft system called the HYDRACraft. Unique Hydra has spent the past 12months engaging with clients to understand their diving daughter craft operational and equipment requirements and developing a purpose built vessel which includes a fully integrated dive system. Diving Daughtercraft systems are used in diving operations where the conventional diving DSV is not able to position itself close enough to an FPSO or Offshore Platform.
Jessop to Eyes Shipbuilding Project in Haldia
Jessop, a company of the Ruia Group, is planning to invest about $268m in West Bengal to set up a shipbuilding and repairing project and a coach manufacturing unit for underground railway systems. The group is also contemplating a public offering of Jessop, which in turn could be used to part finance the shipbuilding project at Haldia in East Midnapore district, said Pawan Ruia, chairman of Ruia Group. The group would invest close to $214m in shipbuilding activities and the remaining $53.5m would be towards a metro coach manufacturing facility. The company has already applied to the state government for 1,500-acre land for setting up a dry dock for ship manufacturing in Haldia.
