Trafigura Group said the shipping industry’s regulator needs to act with ‘lightning speed’ to cut carbon emissions from an industry that spews more C02 into the atmosphere each year than France and the UK combined.

The commodities trading giant wants the International Maritime Organization to quickly progress what are known as market-based measures -- such as a global tax on CO2 -- to decarbonize shipping. At talks which concluded last week, the UN body approved a ‘work plan’ with a view to developing such rules going forward.

“No significant progress was made on decarbonizing shipping,” said Rasmus Bach Nielsen, global head of fuel decarbonisation at Trafigura. And while the IMO’s new plan to develop market-based measures is welcome, “these now need to be progressed at lightning speed,” he said.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Related Stories

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook