Shipping Faces Half Trillion Dollar Environment Costs
Speaking to delegates at the opening of the Nor-Shipping event in Oslo, the Chairman of the International Chamber of Shipping (ICS), Masamichi Morooka, said that impending new legislation to protect the environment potentially presented an additional industry-wide cost of more than half a trillion dollars between 2015 and 2025. This is around 50 billion dollars of additional capital and operating cost in every single year for a 10 year period and beyond. “As many companies struggle to survive during the difficult years ahead…
UN Climate Change Conference DOHA
The International Chamber of Shipping (ICS) is representing global shipowners at the United Nations (UNFCCC) Climate Change Conference in Doha (COP 18). At an event in Doha (27 November) hosted by the UN International Maritime Organization (IMO), ICS will report on the further progress being made by shipowners worldwide to reduce their CO2 emissions and improve fuel efficiency. ICS comments on the recent UNFCCC secretariat report on means of long term ‘climate financing’, which…
ICS Tells IMF Time Not Ripe for Industry Fuel Charges
International Chamber of Shipping chairman, Masamichi Mooroka, has written to Christine Lagarde, the Managing Director of the International Monetary Fund (IMF), following her reported comments that fuel charges on shipping and aviation could raise one quarter of the total money to be directed by developed nations to the UNFCCC Green Climate Fund. In the letter ICS challenges several simplistic assumptions apparently made by Ms Lagarde. The ICS chairman notes that Ms Lagarde has been quoted as saying that "charges on international aviation and maritime emissions would raise about a quarter of the $100 billion needed for climate adaptation and mitigation in developing countries-resources that developed countries have committed to mobilize by 2020".
