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  • Writer's pictureStephen Fodor

Shipping and climate concerns: How it effects the bottom line

October 28, 220

(Freightwaves) The world unites to swiftly and strictly limit carbon emissions from ocean shipping. Only the cleanest new ships are built, limiting future capacity. Dirty old ships are rapidly scrapped. Cargo shippers and trade-dependent nations willingly pay the cost of decarbonization. Freight rates and shipowner stock returns are boosted for decades to come …

Anyone who still believes this fantasy should pay closer attention to the fierce battle underway at the International Maritime Organization (IMO) in London. The situation is now in full-on “making the sausage” mode.

A closed-door IMO intersessional working group finalized short-term draft measures to reduce shipping carbon emissions on Friday. Environmental-group critics immediately pounced, loudly deriding the agreement. They characterized it as a watered-down, unenforceable mishmash that will not reduce shipping’s carbon emissions nearly enough.

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