AMWatch

NGO: Why shipping investors must get involved in climate issues

With billions of US dollars lent to the shipping sector, financial institutions play a central role in the work to lower the industry's CO2 emissions. "We're in the middle of a paradigm shift," says James Mitchell, Maritime Finance Lead at the NGO Carbon War Room, in an interview with ShippingWatch.

Photo: /ritzau/Marius Nyheim

Just a few years ago, the climate was probably one of the last things to be discussed when banks and carriers met to discuss loan terms and the funding of vessels. But change is underway, not least with the increasing pressure on the shipping industry to deliver on the issue of CO2 --  which will be the subject of a key meeting in the UN's International Maritime Organization (IMO) in April.

Dutch bank ABM Amro ranks its customers on a number of social and environmental criteria. One such criteria could be how carriers scrap their vessels. The Government Pension Fund Global (GPFG) of Norway, the country's sovereign oil wealth fund, blacklisted several carriers for scrapping vessels at beaching facilities in South Asia, while Nykredit recently joined an initiative on more transparent scrapping.

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