ShippingWatch

EU: Time to stop talking and start acting

Global regulation on CO2 emissions is moving too slowly and therefore, the European Commission is working on an initiative which is meant to secure more action and less talk. Among other things, the draft initiative, seen by Reuters, points to financing being found in the shipping and aviation industries.

It has been way too difficult to make any final conclusion during the yearly climate summits under the UN. This has been proven by history time and time again, last time around in Doha where member states did not succeed in landing a global deal which could have an imminent effect on the emission of greenhouse gasses. That is why the European Commission is now working on an initiative which may result in an international price on aviation and shipping emissions, Reuters reports.

By 2015, a new UN agreement on emissions and climate change must replace the Kyoto protocol and according to the EU, the agreement will have to include all countries and be legally binding. In itself, this will prove to be a challenge but furthermore, it will be difficult to find the financing needed to help the poorer countries limiting their CO2 emissions. That is why the 2015 agreement will have to mobilise private and innovative financing and to secure this, a source could be an international price on shipping and aviation emissions, the initiative proposes, Reuters reports.

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