The maritime industry carries a total of about 90% of global trade and is equally carbon emission potent with the levels of pollution being bout 2-3 percent of the global count. Top industry leaders and high ranking executive officers have thus raised their voices for a levy on carbon emissions from the industry to curb the high ranking numbers and also fund the future growth and efficient turnaround of the industry into a more carbon-neutral phase.
The UN's International Maritime Organization (IMO) has set a target of reducing the CO2 emissions from the industry by 50% of the 2008 levels, which are kept as a benchmark until 2050. In order to accomplish these goals, the industry needs to take decisive steps one of which is seen in the form of levy on carbon emissions which though potentially expensive from the consumer point of view will enable the Industry to develop a corpus for spurring the development of future fuels along with better refining prospect for the present. The funds thus collected can be used to improve the refining process and in turn, make the field more environments compliant, which will be a step in the right direction to achieve the goals se forth.
Many reports in Europe and across the world have highlighted that if there aren't a proper channels of checks and balances and not a reforming policy in mitigating the carbon emissions and greenhouse gases from the industry, the emissions instead of cutting down are projected to grow between 50-250% of their current levels, thus in such an environment when the recent compliance agreement of IMO is looked in hindsight the deal may be raw. Still, it is just what the doctor ordered for the industry.
Tags : UN's International Maritime Organization (IMO), CO2 emissions, maritime industry, greenhouse gases,