The International Chamber of Shipping (ICS) said the industry regulator’s failure to make progress on decarbonisation commitments at a key meeting on Friday was a “missed opportunity” for the sector.
The ICS, which represents 80 per cent of the global shipping industry, said it was disappointed that the words and commitments made by governments at Cop26 “have not yet been translated into action” by the International Maritime Organisation.
“This week’s meetings have missed the opportunity to take forward a range of greenhouse gas [GHG] reduction measures which would accelerate the development of zero-emissions ships that are urgently needed at scale to decarbonise our sector,” said Guy Platten, secretary general of the trade body.
“It’s almost as if Cop26 never happened.”
The CO2-based charge on vessels’ fuel consumption to raise money for a proposed IMO Maritime Research Fund — aimed at the exploration of clean fuels and propulsion systems for international shipping — was not approved by the organisation during crunch climate change talks this week.
The plan, backed by multiple countries and entities including the UAE and the ICS, is not billed as a tax and is not intended to change shippers’ behaviour.
Instead, the proposed payments — which equate to $2 per tonne of oil-derived marine fuel — aims to raise about $5 billion to help clean up shipping, which is almost exclusively powered by oil and spews more CO2 into the atmosphere than Germany and the Netherlands combined.
While the proposed price is low, the levy is significant because it would be the first ever mandatory, global “fee-based” carbon price, the World Bank reported.
However, failure to secure commitment to the R&D fund underscores the challenge facing the industry in its bid to decarbonise.
“There was a clear recognition from many more countries that there is an urgent need to significantly increase R&D spending. But we are disappointed that insufficient time was dedicated to allow IMO member states to take a decision on the $5bn fund at this session,” Mr Platten said.
“All we are asking is for governments to let business to get on and do the things that need to be done. We are not even asking for money or the type of subsidies that other sectors receive. This is a no-brainer at a time when we do not have time to prevaricate.”
The ICS chief added that the IMRF is the only proposal on the table ready for immediate agreement.
“If it is not taken forward soon, we fear this will signal to the world, following Cop26, that IMO is no longer truly serious about maintaining its leadership on GHG issues and that others may then move in to fill the vacuum.”
Mohammed bin Zayed Majlis
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
'Fantastic Beasts: The Secrets of Dumbledore'
Rating: 3/5
Directed by: David Yates
Starring: Mads Mikkelson, Eddie Redmayne, Ezra Miller, Jude Law
The Bloomberg Billionaire Index in full
1 Jeff Bezos $140 billion
2 Bill Gates $98.3 billion
3 Bernard Arnault $83.1 billion
4 Warren Buffett $83 billion
5 Amancio Ortega $67.9 billion
6 Mark Zuckerberg $67.3 billion
7 Larry Page $56.8 billion
8 Larry Ellison $56.1 billion
9 Sergey Brin $55.2 billion
10 Carlos Slim $55.2 billion
US tops drug cost charts
The study of 13 essential drugs showed costs in the United States were about 300 per cent higher than the global average, followed by Germany at 126 per cent and 122 per cent in the UAE.
Thailand, Kenya and Malaysia were rated as nations with the lowest costs, about 90 per cent cheaper.
In the case of insulin, diabetic patients in the US paid five and a half times the global average, while in the UAE the costs are about 50 per cent higher than the median price of branded and generic drugs.
Some of the costliest drugs worldwide include Lipitor for high cholesterol.
The study’s price index placed the US at an exorbitant 2,170 per cent higher for Lipitor than the average global price and the UAE at the eighth spot globally with costs 252 per cent higher.
High blood pressure medication Zestril was also more than 2,680 per cent higher in the US and the UAE price was 187 per cent higher than the global price.
Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
The Word for Woman is Wilderness
Abi Andrews, Serpent’s Tail
Profile
Company: Justmop.com
Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
Based: Jumeirah Lake Towers, Dubai
Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.
23-man shortlist for next six Hall of Fame inductees
Tony Adams, David Beckham, Dennis Bergkamp, Sol Campbell, Eric Cantona, Andrew Cole, Ashley Cole, Didier Drogba, Les Ferdinand, Rio Ferdinand, Robbie Fowler, Steven Gerrard, Roy Keane, Frank Lampard, Matt Le Tissier, Michael Owen, Peter Schmeichel, Paul Scholes, John Terry, Robin van Persie, Nemanja Vidic, Patrick Viera, Ian Wright.
