EnvironmentFinance and Insurance

UN secretary-general calls for shipping bailouts to be tied to the Paris Agreement

The United Nations secretary-general António Guterres has suggested any bailouts for shipping ought to be tied to commitments to the Paris Agreement on limiting global temperature rises. 

Speaking at the International Energy Agency Clean Energy Transition Summit yesterday, Guterres said: “Bailout support to sectors such as industry, aviation and shipping should be conditioned on alignment with the goals of the Paris Agreement.”

Thus far, state aid dished out to maritime companies in Europe and Asia in the wake of the coronavirus has not come with any environmental strings attached. 

The Paris Agreement goal to limit temperature rise to safe 1.5C levels requires almost halving emissions by 2030, something not in line at all with the International Maritime Organization’s (IMO) goal to ensure ships have at least a 50% reduction by 2050.

The IMO has been holding a virtual, informal discussion this week on the best way to enforce short-term measures to cut shipping’s carbon footprint. 

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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