Shipping industry behemoths are actively joining forces to reduce their environmental impact. It’s a move which could have major implications for shipping moving forward. In its latest weekly report, shipbroker Gibson said that “whilst we all know that one person can have a positive impact on any given situation, just think what impact 17 of the major oil companies, charterers, trading houses and miners could have on the environmental impact of ship emissions. As such, these companies have signed up to cut carbon emissions from all their shipping operations. Under the Sea Cargo Charter Association there will be a common approach to measuring the carbon emissions of each laden and ballast voyage, which when combined will provide an accurate figure of each signatory’s total annual CO2 emissions. These emissions will then be benchmarked against the IMO’s target to halve carbon pollution from 2008 levels by 2050”.
According to Gibson, “the impact of such a large group of companies coming together to address environmental concerns demonstrates a major swing in institutional thinking. The guidelines and the drive for accountability were drawn up under the Global Maritime Forum sustainable shipping initiative, which is also influenced under the Poseidon Principles, which provides a framework for financial institutions to measure the emissions of ships they finance and align them with the IMO reduction target”.
Gibson added that “it is hoped that with so many initial signatories, this will incentivise additional companies to invest in shipping decarbonisation. The Sea Cargo Charter is built around a contractual commitment agreed in a standard charterparty clause for the shipowner or operator to share with the charterer the tonnage carried, distance sailed and the fuel type and amount used for each voyage. Data for each voyage is collected and the carbon intensity calculated using the IMO’s energy efficiency operating indicator to reflect real operating conditions”.
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