CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Drive For Eco-Efficiency Shouldn't Overburden Shipping

Drive For Eco-Efficiency Shouldn't Overburden Shipping

by Ulrika Lomas, Tax-News.com, Brussels

03 October 2013


The global trade association for the shipping industry, the International Chamber of Shipping (ICS), has called for all future proposals for environmental regulation that impact ships to be subjected to a full and proper cost-benefit analysis before adoption by the International Maritime Organization (IMO).

The ICS has taken the opportunity of IMO World Maritime Day to explain its views on sustainable shipping, and has produced a special brochure for maritime policy makers. The brochure sets out how the shipping industry supports the goals agreed by world leaders at last year's United Nations Summit on Sustainable Development.

Secretary General of the ICS, Peter Hinchliffe, commented: "International shipping directly facilitates the growth of world trade, economic development, and the improvement of global living standards - including amongst the billion or more people that do not yet have access to electricity."

The ICS has highlighted that when it comes to environmental sustainability, shipping is the only major industry to already have a binding global deal in place - agreed by the IMO - to reduce its CO2 emissions. When it comes to social sustainability and decent working conditions for seafarers, shipping is the only industry to have a mandatory global framework in place which is as comprehensive as the new ILO Maritime Labour Convention.

But the economic sustainability of shipping is vital too. "Unless the industry is commercially viable it will not be able to deliver the investments in environmental and social improvements that are sought by regulators on behalf of society at large," Hinchliffe continued.

"The vital need to protect the environment and for ships to comply fully with all new environmental regulations is fully recognised by ICS. In order to maintain a fair and competitive industry, it is vital that all new IMO rules are properly enforced on a global basis. It is hoped, nevertheless, that one of the outcomes of IMO's new focus on sustainable development is that all proposals for any future IMO environmental regulation will be shown to meet existing IMO criteria for compelling need and be subjected to a full and proper cost-benefit analysis, in a similar manner to proposals relating to the improvement of maritime safety."

ICS members believe that the conduct by IMO of full and proper cost benefit analysis of all new regulatory proposals will help to ensure the delivery of sustainable development, consistent with the goals agreed by the United Nations. The ICS concluded: "While shipping's regulators have a responsibility to protect the environment and the interests of wider society, they also need to be practical and have an understanding of the impact that their actions can have on the industry's own long term sustainability, especially if the "compelling need" for potentially very expensive proposals has not been properly demonstrated."

TAGS: marine

To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »