Straight to their appropriate Cayman Island accounts
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“shipping, is responsible for approximately 3% of total greenhouse gas emissions.”
TARIFFS UNTHINKABLY BAD FOR TRADE, “CARBON TAXES” UNIMAGINABLY GOOD: Countries agree to reduce maritime emissions, tax carbon offenders.
UPI:
April 12 (UPI) -- More than 100 nations in the International Maritime Organization have agreed to fuel standards for ships and fees for carbon emissions offenders, which the Trump administration opposes.
In London on Friday, the United Nations agency members agreed on a draft to be formally adopted in October in an effort to cut down on global carbon emissions.
If adopted, it would go into effect in 2027 for ocean-going vessels over 5,000 gross tonnage, which collectively account for 85% of carbon dioxide emissions from the marine shipping fleet. They did not, however, agree on a levy on carbon dioxide usage, which would net roughly $60 billion a year.
The International Convention for the Prevention of Pollution from Ships has 108 parties, covering 97% of the world's merchant shipping fleet by tonnage, and already has some mandatory efficiency requirements for ships.
…. IMO set a goal for shipping to reach net-zero emissions by 2050.
President Donald Trump withdrew from the organization earlier this month, saying the United States would reciprocate against any fees imposed on U.S. ships. The White House and State Department yet commented on the draft proposal.
Major oil-producing states, including Saudi Arabia, United Arab Emirates and Russia, also oppose the measure, as do several small island states who abstained on the final vote. A levy for all carbon dioxide emissions was opposed by those nations as well as Brazil, China and the European Union.
“In the agreed-upon plan, there would be a new standard for the volume of emissions per unit of energy used by the ship. Ship owners that do not meet certain emission targets will have to offset their emissions or pay into the IMO net-zero fund, a measure that is forecast to raise about $10 billion.
“The fund will be used to reward ships with low emissions, support clean energy research, further the IMO's greenhouse gas reduction initiatives and support places vulnerable to climate change. The plan is reduce emissions about 8% by 2030. ….”
"The approval of draft amendments to MARPOL Annex VI mandating the IMO net-zero framework represents another significant step in our collective efforts to combat climate change, to modernize shipping and demonstrates that IMO delivers on its commitments, IMO Secretary-General Arsenio Dominguez said.
According to The Washington Post, some of the opposition to the plan is that "2030 is less than 5 years away ... As a matter of scientific, engineering and technical reality it will not be possible to reduce emissions beyond 6% within that time frame for all ships, leading to unnecessary penalization that will result in significant impacts on trade, food and energy security and our beloved sector."
Grift for the members of the UN’s International Maritime Organization and their friends, while they pay lip service, but do nothing about the major, huge threat to international shipping, which a naive observer, observing its title, might think would be the IMO’s main concern:
How the Shipping Crisis in the Red Sea is Impacting Trade
Houthi attacks on Red Sea shipping has meant that global shipping is facing major disruptions, rerouting vessels, leading to an affect in trade
Another major crisis is unfolding in the global shipping industry as Houthi attacks in the Red Sea continue to disrupt one of the world's most essential trade routes.
Since late 2023, Houthi rebels based in Yemen have targeted commercial vessels, which has forced shipping companies to reroute their journeys around Africa's Cape of Good Hope instead of passing through the Suez Canal.
This situation not only raises security concerns but also sends shockwaves throughout global supply chains, affecting trade from Asia to Europe and beyond.
The Detours and Rising Costs
The Red Sea, connecting to the Mediterranean via the 120-mile-long Suez Canal, is ordinarily a major path for container shipping linking Asia and Europe.
Typically, about 30% of the global container trade passes through this route. However, container shipments in the region have dropped by 75% since these security threats escalated. Many shipping companies now altogether avoid the Suez Canal, opting to navigate around Africa instead.
This necessary detour adds an extra 10 to 14 days to the traditional 30 to 40-day voyage from Asia to Europe, leading to significantly higher fuel costs, increased insurance premiums and logistic complications for companies depending on timely deliveries.
According to Xeneta’s Chief Analyst, Peter Sand, the increased risk is clear: "All ships transiting the Suez Canal must sail through the Red Sea and Gulf of Aden and the Houthi militia has made clear that any vessel is a target."
