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SINGAPORE, Sept 25 (Reuters) \u2013 Commodities trader Trafigura on Friday proposed a carbon levy of $250-$300 per tonne of carbon-dioxide (CO2) equivalent on shipping fuels to make zero and low carbon fuels more economically viable and competitive.<\/p>\n
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The International Maritime Organisation (IMO) wants to halve the sector\u2019s greenhouse gas output by 2050 against 2008 levels. If left unchecked, it says, global emissions from shipping could balloon by up to 130% by 2050, compared to 2008 levels.<\/p>\n
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\u201cWe believe that only through the introduction of a significant levy on carbon-intensive fuels can sufficient progress be made towards the decarbonisation of the global shipping industry,\u201d Trafigura said in a research paper published on its website.<\/p>\n
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The revenue raised by the levy would be used to subsidise and incentivise low and zero carbon fuels, funding the research and development of alternative fuels and, in part, developing countries with the energy transition to mitigate the impact of climate change, Trafigura said.<\/p>\n
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Carbon emissions from shipping rose in the six-year period to 2018 and accounted for 2.89% of the world\u2019s CO2, amid growing pressure on the industry to bring levels down.<\/p>\n
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\u201cIt is now time to put a price on carbon emissions in the shipping industry in the form of a global, mandatory industry levy,\u201d the paper said.<\/p>\n
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Trafigura, which is responsible for more than 4,000 ship voyages per year, acknowledged that a carbon will have an immediate effect on shipping costs which companies would bear.<\/p>\n
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\u201cThis increase in operational costs will spur charterers to change behaviour to reduce emissions, charter more efficient ships and switch to lower carbon fuels,\u201d Trafigura said. (Reporting by Roslan Khasawneh; editing by David Evans)<\/p>\n
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(c) Copyright Thomson Reuters 2020.<\/em><\/p>\n gCaptain<\/p>\n","protected":false},"excerpt":{"rendered":" SINGAPORE, Sept 25 (Reuters) \u2013 Commodities trader Trafigura on Friday proposed a carbon levy of $250-$300 per tonne of carbon-dioxide (CO2) equivalent on shipping fuels to make zero and low carbon fuels more economically viable and competitive. The International Maritime Organisation (IMO) wants to halve the sector\u2019s greenhouse gas output by 2050 against 2008 levels. …<\/p>\n","protected":false},"author":1,"featured_media":18270,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[56],"tags":[1687,1582,1681,531,2640,3188,2394,4356,511],"class_list":["post-18269","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-marine-world","tag-carbon","tag-emissions","tag-fuels","tag-marine","tag-meet","tag-proposes","tag-targets","tag-tax","tag-trafigura"],"_links":{"self":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/18269","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/comments?post=18269"}],"version-history":[{"count":0,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/18269\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media\/18270"}],"wp:attachment":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media?parent=18269"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/categories?post=18269"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/tags?post=18269"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}