“Shippers Close to Global Deal to Cut Greenhouse Gas Pollution”

“Nearly 200 countries are nearing a legally-binding agreement to reduce pollution from the world’s cargo ships, a step forward after two years of talks on how the industry should clean up its emissions.

A series of virtual meetings will start on Monday hosted by the United Nations shipping agency over a new rating system that will measure the carbon intensity of 60,000 large ships that haul everything from containers to crude oil.After an historic agreement in 2018 by the International Maritime Organization, its members are negotiating ways to get to their goal of cutting the industry’s emissions in half by the middle of the century. All of them agree a ratings system is needed for the carbon intensity of ships, but they remain divided about how it should be calculated and how it should be enforced, according to people familiar with the talks and documents seen by Bloomberg.

The International Chamber of Shipping, a group that sponsored a compromise proposal alongside 14 other countries including Japan, China, Germany and India, said the deal would represent a major leap forward for the industry. Environmental groups say ship owners aren’t moving quickly enough and that the IMO’s effort will do little to contain the threat of global warming.”

Jess Shankleman and Ewa Krukowska report for Bloomberg Green October 18, 2020.