“Market failures” have been blamed for putting off a more carbon efficient shipping sector as experts suggest an emissions trading scheme is ripe for shipping, a European Commission funded report has said.

 

 

“Market failures” have been blamed for putting off a more carbon efficient shipping sector as experts suggest an emissions trading scheme is ripe for shipping, a European Commission funded report has said.

The paper, intended to provide technical support for European action on climate change, said: “It appears that there is scope to cost-effectively reduce emissions, but not all cost-effective measures currently seem to be implemented due to market barriers and market failures.”

The report provides further evidence to warrant tough international action in order to bring the shipping sector into line with efforts to mitigate global warming.

With the International Maritime Organisation (IMO) yet to impose any binding GHG emissions targets, the report puts out yet another strong call to the European Union to act on shipping.

“We conclude that the main problem to be addressed by a climate policy for maritime transport is significant and rising GHG emissions of CO2.”

“We [also] conclude that the cap-and-trade scheme for maritime transport and the emissions tax…are best capable of reaching the primary policy objective of reducing CO2 emissions of maritime transport.”

The report also consisted of data on shipping emissions, putting “voyages arriving at or departing from EU ports at” 31% of global shipping emissions.

VOLUNTARY MEASURES NOT ENOUGH

The researchers also saw little encouragement in the use of voluntary measures to reduce emissions. Again implying the need for a robust regulatory framework in order to reduce the industry’s share of GHG emissions.

“Voluntary action policy consists of the EU and/or its Member States promoting
the use of a Ship Energy Efficiency Management Plan by ships,” the report said.

“It would not result in emission reductions below the business-as-usual baseline, and…not in emission reductions below current levels.”

Just last month the proposed EU Climate Action Commissioner Connie Hedegaard called for the IMO to hasten its work on climate policy and repeated a past EU pledge that the EU would step in and address shipping GHG emissions if no strong global measures had been agreed by 2011.

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