September 25, 2009

Shipping Industry - Cap & Trade is the right answer

Not to be outdone by this week's commitment from the aviation industry to halve emissions by 2050, several leading shipping industry bodies have confirmed they too would support efforts to cut emissions through a global cap-and-trade scheme.

The seaborne sector accounts for nearly three percent of global carbon dioxide (CO2) emissions and pressure has grown for cuts ahead of December's climate change summit in Copenhagen.

The national ship industry associations of Australia, Belgium, Norway, Sweden and the UK on Wednesday jointly launched a discussion paper arguing that a cap and trade scheme was best for the whole industry.

"We firmly believe that a trading solution is the right answer," Jan Kopernicki, vice president of the UK Chamber of Shipping, told a news conference.

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