World Energy Giant Vow to Disclose GHG (Greenhouse Gas) emissions from shipping
By Adnan Mahfuz
The world’s largest fuel oil and commodity shipping companies plan to reduce Greenhouse Gas- GHG (Carbon dioxide, Methane, Nitrous Oxide, etc.) emissions from operating their ships
Royal Dutch Shell Plc., Trafigura Group Ltd. and Cargill Inc., the world’s largest fuel oil and commodity shipping companies, planned to reduce the intensity of greenhouse gas emissions in their shipping.
The Global Maritime Forum (GMF) said in a statement that under the initiative, companies would calculate carbon emissions and evaluate how to reduce carbon emissions on an annual basis.
The charter came at a time when the marine shipping industry was facing stringent International Maritime Organization regulations that would reduce carbon emissions to an amount just equal to a half of an amount that emitted in 2008 from the industry by -2050.
It is also important to note how companies are adapting to the demands of investors with greater transparency in addressing climate risk in their operations.
Shipping remains the backbone of the global economy and relies on about 90% of world trade, although it accounts for about 3% of man-made carbon dioxide emissions, which is steadily increasing.
In an emailed statement from the Global Maritime Forum (GMF), president of Cargill Ocean Transport Jan Dialman said the charter would encourage a more transparent and consistent approach to preventing carbon emissions, which would be an important part of making shipping more sustainable.
He also added that a standard greenhouse gas emissions reporting process will often ease some complexities involved in reporting.
According to the statement, the founding signatories of the charter include Anglo American Plc, Bunge Ltd. and Equinor ASA.
